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January 12, 2023,
The Business Research Company's Vanadium Ore Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

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JOHANNESBURG, Jan 11 (Reuters) - South African power cuts worsened on Wednesday as struggling state utility Eskom said it would extend its worst-ever outages until further notice.

The "Stage 6" power cuts mean six to eight hours a day without power for most South Africans and require up to 6,000 megawatts (MW) of capacity to be shed from the national grid.

They are a major source of public frustration with the governing African National Congress party, whose support among voters is sliding, and a brake on economic growth in Africa's most industrialised nation.

Eskom has a nominal generation capacity of roughly 46,000 MW, but on Wednesday more than 23,000 MW of that was offline because of breakdowns or planned repairs.

Eskom said in a statement that 11 of its generators had suffered breakdowns since Tuesday morning.

The beleaguered utility supplies the vast majority of South Africa's electricity, relying mainly on an ageing fleet of coal-fired power stations that are unreliable and prone to faults.

The country witnessed more than 200 days of power cuts in 2022, the most in a calendar year, and the situation could get even worse in 2023.

Since taking office in 2018, South African President Cyril Ramaphosa has been trying to reform debt-laden Eskom to make it more efficient but progress has been slow.

Eskom CEO André de Ruyter submitted his resignation last month, making him the 11th boss to leave the company in just over a decade.

https://www.reuters.com/business/energy/south-african-power-cuts-worsen-eskom-extends-worst-ever-outages-2023-01-11/

@ Phimx yep sorry for the obvious typo. 8 million is the per annum installed capacity that FM has stated will take the plant several years to ramp up to producing.

It has not got the capacity to produce 32 million litres of electrolyte they have simply installed the concrete foundations to enable the production of such a capacity if ever that kind of demand came on stream in future years.

Stop telling lies.

They have installed the capacity to produce 800 litres of electrolyte per annum - and FM has publicly stated that he expects even ramping the plant up to that kind of volume will take several years.

They also do not have the anything like the capacity to supply the volumes of V required for processing to electrolyte on top of supplying their existing customers in the steel industry.

For the foreseeable future they have openly stated that their policy is to bring a halt to the Vanadium processing expansion, the priority now to strengthen the balance sheet. Which, with the Debt repayment dare due later this year, is vitally required.

Also your recent ramping claim:-
“Australian renewables developer North Harbour Clean Energy will team with European battery energy storage systems supplier CellCube to establish a vanadium redox flow battery manufacturing and assembly facility in Australia with a projected capacity of up to 1 GW/8 GWh per annum.”

That is not the truth, CellCube have merely agreed to doing a feasibility study into the concept - that is all.

Stop telling lies.

@ Phimx, the difference between a full blown VRFB manufacturing facility and just a battery assembly plant - perhaps?

Both options are (or were!) - mentioned as being explored for S.A. The outcome of the joint BMN/IDC feasibility exercise - after invites were sent out to all the main major players in the industry - was expected to be available around this time last year. Nothing heard since.

“ South Korean flow battery company H2 has raised $18m and is constructing a 330MWh VRFB factory”

Great to have ambition, but think they’ll need to raise a few hundred million $ more to complete the project. Pretty much as Enerox will have to - if they’re going to follow through with plans to increase to a 150MWh manufacturing capacity. But with Enerox - maybe to start with- a 30MWh annual manufacturing capacity - set up in S.A. would be sufficient to supply several mini- grid projects!?

Enerox wants to later expand to “at least” 150MW / 600MWh – 1,200MWh by 2025, in a market which has been earmarked for significant growth by others including another vanadium producer Largo Resources which said earlier this year that it wants to launch its own VRFB products within 18 months and that demand for vanadium is rising on the back of “growing interest” from the battery sector. 

https://www.energy-storage.news/vanadium-producer-bushveld-invests-in-scale-up-of-enerox-flow-battery-manufacturing/

And maybe springing from that - increased capacity could be afforded to build a capacity to enable a VRFB supply to some of the other - over 50 countries that make up the African continent - that are also desperate for renewable energy/BESS solutions.

All on the back of vastly reduced shipping costs! Maybe why the ELZ electrolyte plant is located right next door to the port!

Also still waiting to hear the results of this exercise which seems to have disappeared from the agenda!
https://www.bushveldminerals.com/cool_timeline/idc-agreement/

There are loads of Litho so- called gigafactories- but they are EV battery manufacturers - NOT VRFB factories.

The BMN consortium injected $30 million to expand Enerox’s CellCube manufacturing capacity to 30MWh. That expansion was supposed to be completed by now, although in line with normal BMN practise nothing has been announced.
Dunno what the existing capacity of Enerox was before that $30 million investment, but whatever batteries they produced could only have been small stand alone’s. They also announced, at the time, that they hoped to eventually step up to around 150MWh manufacturing capacity. Going on how much it costs to get to a paltry 30MWh capacity…. something seems to be a tad out of true!

The V rises in 2018 were more to to do with perceptions that new higher quality standards of steel production the Chinese government were implementing - would result in a catastrophic world wide shortage of Vanadium. It never happened, and so the normal range of V prices eventually resumed. Alongside that - Golden Summit bought 65 million BMN shares and there was an assumption that other major II’s were also going to jump on the BMN/rising tide band wagon big time - and also BMN announcing they were going to announce a dividend policy for dividend payments - were the topic of the day!

Much like now with the announcement that an announcement of BE being hived off would be announced - nothing much changes for the better as far as BMN’ comms strategy is concerned.

In line with the drop off in V prices - neither happened, no world wide shortage, no dividend and in fact Golden Summit bailed out completely. We’ll have to wait and see if the BE carve off goes down a different road. Due to BE selling out to MUST and the rto maturity date now extended to end of March - and it could even trundle on to much later in the year - it could be a while longer yet before we know what the future structure of the company looks like.

https://twitter.com/tsepomojapelo/status/1608476993942593545?s=20&t=38Il37Ht4_sWSIapI9afpw

Ben, good to see you still posting!

Maybe, but for such a unique commodity such as this, imo, that order will be placed with a supplier and source that’s already in production with a fully tested, proven validated, certificated and insurable product - that you know doesn’t have potential to activate severe financial penalty clauses for late or even non-delivery to your BESS development.

It will come, but imo, only after all the testing, validation and insurance certification procedures that guarantee the product will last for 20 plus years- have been completed.

When comes to considering electrolyte profits there is also the little matter of IDC being a 45% owner of the plant to be taken into account, not to mention the plant is scheduled to migrate both in operation and ownership from BE to BMN. There are currently so many unknowns that speculative hyping it to the stars - does the company no favours at all.

Yep … and given the bulk, volumes and weight required even for a small battery, I doubt they make the stuff and stick it on the shelf in a bottle hoping someone will come along wanting to buy a wee dram! It’ll be produced to specific orders and shipped to comply to a BESS projects planned timescales.

1MW.h of energy storage is said to use between 4-4.5 Metric Tonnes of Vanadium (MTV) maybe as much as 5 MTV.

1 MTV = 1.78 MT of V2O5.

1 MTV = 8 MT of Vanadium Electrolyte. I doubt they’ll be storing that bulk on the shelf for a rainy day!

There will be no offtake agreement that leaves a $multi- million renewable hybrid storage energy project’s timescales at risk and dependent on a product that is not only not yet in production but untested, unvalidated and uninsured, also with its company publicly claiming that it’ll take several years for it to ramp up to its initial projected annual capacity.

“Would like to know what the value is of 8 MILLION litres of vanadium electrolyte”

It’s a projected annul figure that FM himself - has stated will take the plant several years to ramp up to.

No BESS project manager will risk a multi- million project being severely delayed with all the possible attendant financial penalty clauses- by placing a forward order from a plant that hasn’t even started production yet - let alone had its product validated for insurance purposes!

Yep, well put SF.

Because FM has publicly stated that the it will take “several years” to ramp the ELZ plant up to even it’s projected initial ANNUAL capacity - there is no possibility of the market adding any revenue whatsoever to the electrolyte story.

The product has to be fully validated to last for 20 plus years for insurance purposes before any developer will touch it with a barge pole, and so there will be no orders until it is.

For the foreseeable future BMN’s revenue rests entirely with the mining business.

Over the years, it’s not the company, it’s ramping post such as yours that have left this company opened to ridicule and FM trying to hold back the tide of expectations, you do this company no favours whatsoever.

SHAREHOLDER NUMBER OF ORDINARY SHARES % OF ISSUED CAPITAL
1 Hargreaves Lansdown Asset Mgt 273 284 007 21.23
2 Interactive Investor 250 613 817 19.47
3 Halifax Share Dealing 138 984 957 10.80
4 Orange Trust 72 322 657 5.62
5 A J Bell Securities 71 906 717 5.59
6 Barclays Wealth 46 301 187 3.60
7 Acacia Resources 45 547 618 3.54
Bushveld Minerals Ltd Director & Related Holding(s) 15 568 422 1.21

https://www.bushveldminerals.com/capital-structure-shareholder-information/

@HippyDays.

Does that mean you rely on bb ‘cheerleaders’ posts for your share buying info?

It’s a matter of public record that the company approved a personal loan for the ceo in order to settle a tax bill. Why didn’t you know that?

Maybe try to keep up and do your own research before investing just in case those who you call ‘cheerleaders’ are as poorly researched as you seem to be!

A positive comment is not in anyway correct or superior to a negative comment … and vice versa!

Nor is it of any consequence if a factual ‘presumed negative’ fact issued by the company is ignored by bb ‘cheerleaders’. It’s down to you to keep up to date on what’s happening!

The only superior comment, no- matter if it was positive or negative, is the one that events eventually prove to be the correct one!

The best advice - is to presume and presume nothing - and trust no- one on any bb.

DYOR and stay well out of the AIM swamp until you’re a vastly experienced stocks and shares investor. Until then invest with/use fund managers who do the research for you!

Mojopelo owes the company (shareholders!!! ) close to half a million $ - he’s not going to be buying any personal shares till that loan is paid back!