RE: RNS7 Nov 2019 07:08
Today, Bushveld Minerals announced the successful completion of the Vanchem acquisition for a total consideration of US$53.5 million, reduced from the initially agreed US$68 million.
· Vametco's production for Q3 2019 was 561 mtV in the form of NitrovanTM from magnetite concentrate, a 24 per cent decrease relative to Q2 2019 (Q2 2019: 742 mtV) due to a planned maintenance programme, as previously announced.
· The maintenance programme was completed in 22 days, two days ahead of schedule. No further shutdowns are planned for the current financial year.
· Subsequent to the successful implementation of the maintenance programme and in line with the Transformational Programme, Vametco has completed the initiatives required to:
§ increase crusher and mill availability, and throughput rates;
§ increase kiln availability and hourly feed rate;
§ increase recoveries; and
§ improve leach plant recoveries.
Vametco's production for the nine months ended 30 September 2019 was 1,953 mtV a three per cent increase from the prior corresponding period (9M 2018: 1,897mtV).
· Vametco is on track to meet its production guidance of 2,800 mtV to 2,900 mtV for the 2019 financial year, underpinned by its improved operational performance.
· Unit production cost of US$18.90/KgV to US$19.50/KgV for the 2019 financial remains on track.
· On 21 October 2019, the Company announced that the Department of Mineral Resources and Energy ("DMRE") approved its mining right application in respect of the Mokopane Vanadium Project. The Company is currently finalising the required documentations in order to execute the mining right.