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@NickD I am not so surprised, the market is seemingly waiting for news and a significant signal that this is moving to the next level. The Q2 production, H1 figures and the Q3 report will be more than enough to get a reaction, sandwiching a number of further catalysts that will only add to the overall affect.

@NickD I don’t believe I could have written a more positive Vanadium price report than what I have just read there today. “Everyone trying to get back in before it goes up even further,” “They might be too late because, at this point, I’m not offering under $72,” “Prices have continued to climb with each passing day, with many participants refusing to offer below the current Metal Bulletin high mark“ “The offers from China have basically all dried up, so nothing is really coming from there.” “the market is suddenly looking very tight,” So it’s likely that the first official week of BMNs Q3 could end at around $72 mid price, meaning the to date largest production quarter in Vametco’s history will start at year high and the highest price since 2008. It was in February of that year that European FeV prices peaked at $93 per kg. But that was a spike lasting just a month or so, with prices in the previous 2 years only ever reaching a maximum of $49 per kg. I fact if we go one step further the average price in January 2008, so 1 month prior, was just $40 per kg. Today’s market is much different with a sustained period of prices well above $60, that’s significant, because it’s show a much stronger issue is in play, thus making that $93 all the more attainable and likely for a longer period.

Further to my posts of earlier today those European FeV prices have indeed rocketed and are already trading back above $70 per kg mid price. A rise of $3.70 in just 3 trading days. The year�s highs are in striking distance. https://www.vanadiumprice.com/european-ferrovanadium-prices-rocketed-up/

As a demonstration of just how strong a position BMN is now in, see the following; At the end of the first week of BMNs actual H1, that being 8th Dec 2017, the European FeV mid price stood at $42 per kg. At the end of the first week of BMN’s actual H2, that being tomorrow 8th June 2018, the European mid price will by my calculations stand at north of $69 per kg. An increase of some 64%. Note the actual Q3 will include at least 2 months of increased production through the 24% increase in production generated through the phase 2 expansion. Even from this ‘low’ point H1 was still able to achieve a $61.50 per kg average. So what can H2 bring when it’s starting position is some $8 per kg north of this point.

@Knuttie I had a very strong feeling this morning that today would be a very good day here. I trust I won’t be disappointed. PS it is absolutely clear to me that this stock is heavily undervalued at 19p. That’s perhaps difficult for some here to appreciate, i am but an investor and it of course comes across as ramping. However, as far as I can clearly communicate my position, my research and my knowledge, I say it loud and clear. There isn’t even a discussion to be had over fair value until this reaches at least £500m MC. Then we can perhaps start talking about targets and outcomes. The fundamentals and the possibilities are just too damn strong for anything less.

It is a most interesting article for sure although I am surprised that so much detail has been provided by the company before the market is made aware of it, which is why I take the information with a pinch of salt. That aside, I repeat the quote from my post yesterday. RNS 26th March 2018 “Support Bushveld's vanadium expansion programme: Expansion of the vanadium reserves and resources at the Vametco mine and Brits Project for future production and support Vametco's expansion plans to increase production to more than 5,000mtV and beyond (US$5.6m) (�4.0 million).“ 5,000 mtv and beyond. If the article is to be believed and the decision is yet to be made, then it is only because the timing isn’t yet quite right and the market of course must be told prior to a reporter. With the assumption that the decision will come, the goal of firstly removing Sojitz from the picture becomes all the more clear. With Sojitz out of the picture the revenues from Vametco can be better leveraged towards this estimated $100m new goal. But also the picture between Vametco and Brits becomes all the more clear. I have always said that it makes no sense to build processing at Mokopone, which is in the middle of nowhere, when the company has an alternative location right next door to an operating facility. The cost and time savings are so clear that one does not need to see any figures to know it is the right decision. The services are all there, the labour, the buildings, the roads etc etc, which is why perhaps a $100m figure is being quoted and not the $220m that is needed to build the processor at Mokopone. Whether they expand into Brits or merely increase the size of the Vametco plant doesn’t really matter, the site is effectively one mine but for the ownership levels. BMN central must right now be literally creaking at the seams with developments crying to be released to the world.

As Ferroalloy so neatly put it, “European Ferrovanadium prices rocketed up” yesterday. It’s a sea of green and just look at those US prices. Bouncing hard from $69 per kg. I love it when a plan comes together. http://www.asianmetal.com/VanadiumPrice/Vanadium.html

@MrRealistic No the figure is/was 25% and we are talking about a pure 1% increase instigated by BMN as part of their takeover of Vametco through the purchase of Evraz's share in SMC.

@LadyJennifer if you are referring to the BEE share of Vametco then the two entities are completely separate from one another. BMN through their 78.8% interest in SMC, which in turn holds 75% of the ownership of Vametco. The BEE component holds the other 25% (debatably 26%). BMN shares are exactly that, a share of the public company, which owns100% of BVL, the holding company for the SMC shares.

@NickyP you and me both because every presentation since has included the ownership chart with 25%. That said the RNS should take precedent. We will have to see what comes of the Mining Charter first and foremost and move forward from there.

Just for clarity regarding the current position at Vametco, BEE ownership stands at 25% with local communities currently holding 4.45% through their 29.69% ownership in Business Ventures Investments. The landowners percentage was increased as part of the assisted BMN buyout from 25% to 29.69%. The 1% uplift to the required 26% still hasn’t been implemented, which says a lot about the timelines allowed for these things. Let’s see what the details say next week but BMN is better prepared than most given that they introduced and supported the BEE partner at Vametco, and they are near as damn it local landowner compliant already. The 1% is declared as being attributable to the above company, which would take the land owners very close to that 5%. It is therefore a question of how the 5% is issued to workers and how it affects total ownership.

The fundamental pressures are building relentlessly, so this is going to pop. It’s just a case of when. https://www.vanadiumprice.com/ferrovanadium-suppliers-show-reluctance-of-selling-at-lows/ https://www.vanadiumprice.com/chinese-ferrovanadium-prices-up-rapidly/

Yes Knuttie and the fact that FM is now focusing in on these part of the business in his interviews, means it coming to the fore soon. We may only get the first chapter, but that should at least demonstrate the business case, the profitability. Couple that with the test battery and the start of an EPC process for an electrolyte plant, and it’s a very strong spring out of the traps indeed.

@Daisan a single customer is a risky strategy which is why it is certainly not BE’s decided course. It is also why BE has agreed full access to the battery for their potential clients. It’s also why FM mentioned battery projects in Africa in his latest interview and not just Eskom. I was merely pointing out the ludicrously strong position that BE finds itself in with Eskom alone. And you know what it is so crystal clear right now what is coming, that when the market finally wakes up to it, this conversation will be repeated at that time, again and again , and those that knew will merely nod in knowing appreciation.

Final final point. I would encourage investors to read the Eskom presentation thoroughly and then spend some time digesting the size of MW numbers involved. Eskom may only be one avenue of custom for BE, but quite frankly they not need another. Eskom will contract large scale energy storage batteries from someone, they plan to and have too. So it’s not about will they it’s who will they choose. BE has set a target of 1000MWh per annum in energy storage solutions. Now that may not mean they are directly involved in all 100”MWh. But if they were then with an eager Eskom on board, that 1000MWh is a walk in the park to the point they will likely do it perhaps once and then that figure could be rapidly be revised much higher.

One final point I would like to add. Note the point regarding “retaining customers in the medium term.” I see that as follows. Eskom recognizes that it faces competition so either it seizes the opportunity with energy storage or it will see its market share diminish as others do so instead. By further including energy storage with future IPPs Eskom can generate cheaper renewable energy for longer periods throughout the day, thus at least in part reducing its prices and perhaps retaining more customers, because right now Eskom power is just too expensive and getting more expensive by the day. Hence why I expect energy storage to be included in the next round of IPPs.

I am not sure if this has been previously posted here, but it is a very exciting document given what BE is about to achieve at Eskom. “by 2030 Eskom will need to be able to accommodate fluctuations of as much as 16.8GW during the day and also meet a daily peak load of upto 12GW.” “A network of large batteries could be the solution to Eskoms needs for increased flexibility” “Eskom must determine the REAL performance of these batteries prior to widespread installation, especially in view of the current costs. Comparative testing is therefore essential.” Enter BE’s VRFB at Rosherville. . . Future of Energy Storage in Eskom 1. “Invest in Energy Storage technology in support of long-term commitment to renewables” 2. “Investigate opportunities associated with storage options in both diversifying the business and retaining customers in the medium term.” 3. “Identifying areas where battery storage can be deployed across the grid – grid strengthening” A VRFB is best in class at answeing a good many of the issues being tested by Eskom at Rosherville. This particular VRFB is being produced by a local company that is backed by The IDC of SA. That local company is promising that it will mine, process and beneficiate local minerals to supply the electrolyte that goes into the batteries it is proposing Eskom should choose. In addition, that local company is promising to go one step further and manufacture those batteries locally, adding even more jobs and local supply contracts to this new industry. The IDC on its website states that “energy storage has the potential to spur economic growth” That’s why Fortune Mojapelo is today sharing a stage with Bertie Styrdom The IDCs New Industries senior project development manager at the Junior Indiana, discussing the “future of African battery metals” That partnership is concrete. Now the question one need only ask oneself is how likely is it that Eskom, given their needs, given the overriding qualities of VRFBs, given the partners and given the local content, that BE and their partner aren’t going to be given a chance to roll out a seriously large number of MWh batteries. No wonder FM is looking forward to presenting to the market the value proposition for BE moving forward. https://www.idc.co.za/images/2017/eskom/Energy%20Storage%20from%20an%20Eskoms%20Perspective.pdf PS for clarity that Eskom document is available on The IDCs website. Enough said.

Whilst I appreciate this particular comment is perhaps made in jest, there is a common theme running through the B.B. that the Mokopone Mining right is key. It certainly has the ability to impact the SP significantly simply because Vanadium projects right now are receiving much increased attention, and a mining right for such a high quality asset, will be perhaps one of the strongest pieces of news to hit the sector this year. However, in terms of the things that BMN has going on and the upcoming news flow, it is but one piece of a very large jigsaw. That is what makes the BMN investment case so strong, that a mining right for such a large high quality resource can take as long as it takes, and the SP will still appreciate greatly over the course of this year, driven by any number of other key announcements. For the likes of AV, Prophecy, etc, such an announcement is key to their future progress. But not here not BMN. So whilst it should by no means forgotten that the Mokopone Mining right could come any day, it also should not be such a focus or placed on too high a pedestal.

@Daisan a couple of points to add to your post. It should be remembered that the original plan for Brits was to drill 20 boreholes on Uitvolgrond portion 2 and 3. We know this plan was still active because slide 13 of the May presentation shows us as much. Whether this is enough for the maiden resource estimate or not isn’t clear, but as FM stated the drilling is complete. I disagree regarding the resource estimate being RNS’d because BMN have always issued these for the Mokopone project, which is visible in the RNSs from 2014 onwards. I am also fairly certain that it is a requirement of AIM that resource companies declare changes to their resources in terms of size and quality. That aside I have every confidence that the estimate will be with us fairly soon and that FMs use of the wording ‘during the course of this year’ is just his typical way of avoiding saying a date, though it is poorly executed from a wording point of view. But that for me is minor compared to the confirmation that the drilling campaign is finished. Thatvasidecitvis also important that we do not forget, that the company raised some £4m for the expansion of the Vametco/Brits resource. That’s a lot of money and indicates strongly that it is designed to deliver a lot more than just a maiden resource estimate. I believe it is designed to deliver a measured resource that can be employed as a basis for the mine plan, whatever form that takes on. That it was a one stop hit in terms of an equity raise, in order to take Brits through to that stage in the drilling side of things. And all of that is designed to help take Vametco to its initial goal of 5,000 mtv ‘and beyond’ and that is key here, that plans are afoot not just for 5,000 mtv but more, and that drilling campaign at Brits starts the bell rolling.

That is a very good interview indeed because it demonstrates severel very important things. 1. That the BE figures are coming soon. As I posted just a few days ago, before BMN embarks upon the EPC for the electrolyte plant the company needs to release the feasibility study and the business plan. What this interview says is BMN are very much aware of this and they wish to demonstrate just how much value BE can add. When we then add in the heavily hinted at VFRB mandates then that’s more fuel on the fire. Very exciting. 2. The Chinese are still heavily involved in Lemur and leading the BFS as planned. That means the possibility of a major investment (as stated by the company) or indeed a buyout still looms very large. Great. 3. The Brits drilling is complete and a resource statement is coming. I am going to pluck for sooner rather than later. 4. Vametco is ticking along nicely and so is the expansion, so expect close out as planned by end of June. And all at a time when V prices are pushing north of $66 per kg. Stand by your beds.