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Hows this for a headline. ‘Vanitec Hosts Successful Technical Seminar In Beijing On Implementation Of China’s New Rebar Standard’ The seminar ; ‘brought together over 140 representatives from Chinese rebar producers, government departments, universities and research institutes’ So the Chinese are reaching out to the global Vanadium body in order to ensure its producers are able to implement its new policy. A global body with BMN at its heart and some 140 or so soon to be Vanadium hungry companies to go at. I have no doubt that it was explained along the way that Nitrovan is the most cost effective product for strengthening said steel. The big question is why does China need Vanitec involved, why not keep it insular and away from the globe. Is because they simply do not have enough Vanadium supply to implement these new regs. I would say most definitely yes. Read more: http://m.digitaljournal.com/pr/3783772#ixzz5GFumw9lc http://m.digitaljournal.com/pr/3783772

@Loudspeaker yes I noted that too. These are just snippets of insights but they can be quite telling at times. I agree with Daisan, I had a mind that a pullback to circa $55 would be a fantastic result. If the worm turns from here then it will be an interesting few months as Q2 is reported. Let's see what the vanadium news is over the next week or so but one thing is for sure, I have not seen a single indication anywhere that there has been a positive move on the supply side. It's all been about a lack of buyers and/or steel mills refusing to accept the higher prices. But that simply can't last so we are really only discussing the when and not the if.

It has been a good month for miners in SA as the Rand has weakened substantially against the dollar. As of today the yearly average stands at 12.07 and I feel confident it will come in slightly above that for H1, as the Rand should short term at least, continue to weaken. Of course the increased production from Vametco also kicks in shortly meaning H2 carries more weight from an exchange rate point of view. With under 2 weeks to go until H1 figures can be confirmed, we still sit at a mid price average of over $61 per kg. Even a marked drop in the last 2 weeks will not push that figure much lower because it has to be averaged out over 13 weeks. I am very much looking forward to seeing where this latest pull back in V prices will stop. The last pullback way back in Oct 2017 achieved about $35, but this pullback will be way above that. Asianmetal is already showing small gains on China FeV50, if they gain traction then the new higher low would be a significant signal of what is likely to come. Whatever the case we are looking at a very strong Q2 result and an all round really good H1. I look forward to the markets pending reaction.

@Daisan sometimes it’s difficult to cover all points/thoughts in a post. I did not wish to sound flippant regarding the finance or indeed the EIA, but whatever they bring, for me, they pale into insignificance compared to the PPA and the concession, because without them there is no finance discussion to have and no spin off. My take on the Lemur project has always been that I would like it to add £30-40m to the overall valuation of BMN. Anything else is a bonus because by the time it is achieved Lemur will have been cut free of BMN, such that the decision will either be out of my hands or I can sell against that valuation. The concession and the BFS in my mind give me that. I like you fully expect a spin off to take place post BFS but it needed that concession. I got the tin floatation valuation wrong. But I feel with Lemur that £30m is achievable post BFS because I have monitored KIBO closely these last 2-3 years for that exact reason. That’s what I am looking for and that is what today’s news combined with the pending BFS have achieved. I would like to see some additional value from private enterprise PPA agreements, but they really are a bonus. It’s job done for me with the Jirama PPA and the concession. Very happy.

That is an absolutely fantastic RNS it really is. Time and again BMN and their teams deliver what they say they will, when they say they will. The two most difficult things they had to achieve have been ticked off and that should not be underestimated here. To achieve both a PPA and the concession inside Q2 2018, in Madagascar, is quite something. BMN and Lemur can control the BFS, the finance, the build, but they cannot control what is at best a disorganized government. Just ask KIBO shareholders what they would give to be where Lemur is today, and we are talking here about a BMN side show. But as shareholders we should not underestimate the value that is being unlocked through these achievements. In addition, the fact that the full feasibility study is signposted to be delivered inside the next 5 weeks, means the project’s value is about really show itself. Whether they sell it or spin it off is to be debated, but one thing is for sure, it isn’t staying within the BMN stable, because it doesn’t sit well with their revised image. Whatever the case as of right now there is zero value attributed to Lemur and as of the end of June, for me, with this concession, there is minimum £30-40m and rising because the majority of the remaining targets are under the control of Lemur and their partners, and not an unknown influence with no defined timeline. Great RNS and well done the Lemur team for getting it over the line.

@Cozza99 haha very good and in part very true.

@Sanchez throw in the fact he’s a business man who made his billions in SA mining, and it gets clearer and clearer.

@Alfacomp agreed. BMN fits every tune the ANC is currently singing.

@Knuttie good memory but not quite, the twins came later. I started following this board as far back as May 2013 but didn’t join the debate until later. The twins arrived in March 2016. I can say that much of my longest work was written with one finger for reasons that are self explanatory.

@Alastair kind words and I thank you. It’s important to place the words into the context of who said them and how he came to be the CEO of Eskom. Ramaphosa wants economic growth, he wants investment and he wants jobs. The very first thing he did when he took over the running of the country was replace the Eskom board, so it’s a high priority item. Eskom needs revenues, it needs an answer to its shortfalls in sales driven by the cost of its electricity. It’s on a losing road which is only going to get worse. Energy storage manufactured locally can answer, at least in part, those problems. The Eskom CEO is signaling that he recognizes that, that it can be exported to Africa, that there is money to be made and jobs to be created. If the Eskom CEO has a good handle on energy storage, then you can bet your bottom dollar that Ramahosa also knows about it, because he is his man. And that’s without the influence of the IDC. So yes very much the right place at the right time. The updated IRP die for release in August is a key moment in all of this but with these sort of comments I expect to see energy storage added to the mix. If so then it’s go go go.

@Wolfman yes that may well be but the question is why focus in on those goals given the market is yet to understand what 2 of them truly mean, which strongly indicates just how important these items are and there is more to tell. This is preparation for the 121 Mining conference where BMN states it wishes to raise awareness of the company and attract more institutional investment. In doing so the company has focused in on something we as investors, cannot currently measure, which means just one thing. The explanation is coming.

It is for me rather telling that BMN have chosen to list the equity placing goals as a main item in their 121 Mining profile. It sits shoulder to shoulder with the battery deployment, the expansion of Vametco, and the December buyout of YD. Yet we have not heard a thing about how they plan to do this. Intriguing to say the least. https://www.weare121.com/121mininginvestment-london/client/bushveld-minerals/ https://www.weare121.com/121mininginvestment-london/client/bushveld-minerals/

“Ideas form a good basis for growth and development, but in the end only the execution of these ideas will bring about growth” said acting Eskom CEO Phakamani Hadebe said at the opening of the 18th Africa Utility Week in Cape Town on Tuesday. He concluded his speech by saying ; "SA wants to play a bigger role in African energy. Energy storage technology can allow SA to play such an even bigger role to manage our own energy and align with global trends," Join the dots as you wish but for me the message is clear and the green light is lit. https://m.fin24.com/Economy/Eskom/ideas-good-but-execution-vital-for-sa-energy-sector-says-eskoms-hadebe-20180515

@SOTTR I have a pretty good handle on who they are and what they are about. I remember our exchanges here well. My point was to place such ill thought out schemes into the context of what they really are these days. These actions are no longer the threat they once were. Their goal may well simply be to achieve a 15-20% gain by driving a retrace based on the averages, and if it succeeds then I applaud their guts and determination if not their investment strategy, because this share is way beyond the days of capitulation. BMN can and will experience retraces, it's normal, but they are merely detours on a path to far greater things than these hard fought minor gains. Many AIM junior miners spend their time shouting loud about how strong the prices are for their proposed resources, and how great the disconnect is between their NPVs and their current valuations. We have done it here. But the reality is they haven't actually mined anything yet and don't truly know if those prices will ever really be realised. BMN on the other hand is mining and is enjoying those prices as we speak. The only thing one need do is establish just how much they are being enjoyed, and there lies the advantage. The fact that Vanadium is a speciality mineral means the vast majority of investors do not have the inclination to do the maths that will actually make them a lot of money. They prefer to follow minerals where it's all done for you and with it the profit making as well. With BMN and vanadium a little research goes a long way such that these flimsy attempts to discredit the story are demonstrated to be exactly what they are, a fast attempt at a fast buck. BMN doesn't need any of that, because it's a strong enough story without it. $61 per Kg for H1 is happening. It's not a dream, it's not 4 years from now, it's not even next month. It's May 2018 and eventually it's affect is going to come out in the numbers and the 15-20% players better hope they have cashed in their chips when it does.

@Nickd yes I appreciate that but for Q1 the lag is significant in that it delivers a $54 average. But I am in no way knocking it because we are at such elevated averages that it does not matter. Add the thus far consistent prices over the course of 2018, and we effectively have our plus $60 average for the full H1. Like I say it’s become such a norm here that the reality likely hasn’t yet set in, but it will. We spend much time trying to calculate a net profit from all of this but the real excitement is what BMN can achieve with all that cash flow. That’s what is really being delivered here, the firepower

And of course I am deliberately ignoring the US prices despite 50% plus product from Vametco being sold there. That’s simply because I am waiting to see concrete evidence of what I suspect, and that is that the company employs Pittsburgh Ryan Notes pricing. If that true then things will get very interesting indeed.

Thank you for that Nickd. I noted some chatter on twitter regarding the pullback in Vanadium prices and it’s apparent negative affect on BMNs position. Such comments fail to recognize the success that has already taken place here this year and what it means for the future. I will ignore the fact that we are talking about this far a mere 5% pullback from the yearly highs. The company is on record as stating that there is currently a 4 week or so gap between prices and point of sale. Therefore, after today’s report on prices to 4th May we currently sit at an average (mid price only) of $69 for Q2 and $61.50 for H1. With the 4 week lag in mind we have just 3 weeks to go until H1 can be effectively booked in full. Current prices are mid price $66.70. Even if the remaining 3 weeks come in at an average of just $65 per kg, then we are looking at a very significant $61 per kg for H1. That sort of pricing level has now been around for so long that it’s become normal, but the reality is that it isnt normal at all, and a vanadium producer operating at such a low cost positikn, is enjoying free cash flows which are going to make the market signup and take notice when they come out.

Agreed all round and I have the utmost respect for your opinion Sanchez, you talk sense. It just good to chew the fat sometimes.

@Sanchez it’s all about stepping stones in my view. BMN will leave the Largos of this world behind in good time, just as they did the junior explorers when they became a producer. In the mercantile for me they remain valid.

To add to my last thought process, the company have begun the process of building their level of institutional investor base, which given that Mokopone supposedly has a large capex (facts to date) is a strong show of support for the value case. But imagine what a business with 2 or even 3 to 4 revenue streams will achieve, in terms of attracting institutional risk averse investment, or indeed what it will mean for those institutional investors who are now here but hold just 2-3%. That’s why I say that that next leg up can start any time l, that this BB and it’s thoughts whilst valid, holds far less sway with the BMN investment community, and it’s really about who blinks first. That’s because a move by just 1 of those investors from say to say 5%, means a demand for 30m plus more shares. And they don’t worry about the odd 0.1p here or there.