Member Info for mogwhy

Unlikely to be many if any shorts.
The major spreadbet platforms show that all clients are 100% long.

Pdub - it's not "my" valuation of Vanchem. It's just a debateable number which different players will assign their own value.
The current market cap values the whole company at £135m. It's pretty obvious that the market hasn't assigned $118m of that to Vanchem.

faramog - in fact one broker (SP Angel) has given a valuation of 58p per share to BM. So your assertion that "the market (and brokers) ascribe no value to the other elements (yet)" is cobblers (tongue out emoji).

faramog - why so aggressive? You have no idea how the market players value the BM assets. Analysts assign a value to various parts of a business to arrive at a total company valuation.
I stripped out the debt to arrive at the net cash position of circa £14m.

I shouldn't really have listed Belco as a seperate asset, as it falls under the Bushveld Energy umbrella.

Rough guide to the value of the assets.
Put your own numbers in to get to the current £135m market cap.

Cash.............................£14,000,000
AfriTin 8%.....................£1,247,888
Invinity 8.71%..............£7,332,069
Enerox..........................£0
Vametco 74%...............£57,500,000
Vanchem 100%............£25,000,000
Bushveld Energy 84%..£0
Brits 51%.....................£10,000,000
Mokopane 57.6%.........£15,000,000
Belco 55%....................£0
Lemur...........................£5,000,000

Total.............................£135,079,957

1. Q2 operational update
2. Enerox investment completion
3. Eskom BESS tender
4. Bushveld Energy update - remember FMs comment of how BE value would become apparent "sooner rather than later".

Libero - good list, but I don't think that the Colruyt Group are investing in vanadium batteries being used in electric vehicles.
Or can you provide a link.

We already know that Golden Summit sold 10,350,000 from April to the end of June from the published holdings data on the BM website.

The 40 MWh project for Hubei Zaoyang Phase 1 is now removed from the list as I've discovered that this has now been commissioned.

If all the major VRFB projects listed below were completed in the next 2 years, that would require an annual increase in vanadium supply of around 12% per annum.

Major VRFB projects (based on 4.5 tonnes per MWh)

1,000 MWh------- China - Jiangsu (4,500 tonnes)
---800 MWh------ China - Shijiazhuang (3,600 tonnes)
---800 MWh------ China - Dalian (3,600 tonnes in 2 stages)
---840 MWh------ South Africa - Eskom BESS phase 1 (3,780 tonnes)
---640 MWh------ South Africa - Eskom BESS phase 2 (2,880 tonnes)
---500 MWh------ China - Hubei Zaoyang Phase 2 (2,250 tonnes)
---400 MWh------ China - Yancheng (Shanghai Electric Group) (1,800 tonnes)
---400 MWh------ China - Wuhan (1,800 tonnes)
---200 MWh------ Australia - Port Augusta (CellCube) (900 tonnes)
-----51 MWh------Japan - Hokkaido (Sumitomo Electric) (230 tonnes)
-----40 MWh------ China - Hubei Zaoyang Phase 1 (180 tonnes)
-----40 MWh------ China - Wafangdian Zhenhai Wind Farm (180 tonnes)

Total of 25,700 tonnes of vanadium

Electrolyte production (based on 4.5 tonnes per MWh)

2mt electrolyte-- China - Fangchenggang (250,000 tonnes per year)
--------?------------- China - Ningde, Fujian (30,000 tonnes per year)
3,000 MWh pa -- Saudi Arabia, Dammam (13,500 tonnes per year)
---200 MWh pa - South Africa - Bushveld Energy Phase 1 (900 tonnes pa)
---200 MWh pa - USA - New York (Margaret Lake) ph 1 (900 tonnes pa)

Total of 295,300 tonnes of vanadium

According to this World Bank report from June 2020, it looks like the first tender is imminent.

Component B.2. Battery Storage Program (BSP).
This sub-component is co-financed by the Clean Technology Fund (CTF) under concessional loans managed by the World Bank (Eskom Renewables Support Project ((ERSP, P122329), with closing date of December 30, 2021.
Eskom has finalized the technical design and safeguards assessment for the 8 sites that comprise Phase 1 (840 MWh of storage capacity). Environmental approval has been granted - by Department of Environment, Forestry and Fisheries (DEFF) - for first site; environmental approvals for the remaining 7 sites are expected by end of June 2020.
The 8 battery sites have been split into several tender packages based on geographical location. The tender process for the first site is delayed and is now expected to be launched by end of June, while the other procurement packages under phase 1 are under preparation with the aim to be tendered by Q4 2020 to ensure full disbursement of EISP funds for this activity by the project closing date.

https://tinyurl.com/y35yhrj8

Sorry, ignore my last post.
It's actually 0.2%

VV - that one project will require 1% of current vanadium production.

Instead of double counting, I double pasted !

Major VRFB projects (based on 4.5 tonnes per MWh)

1,000 MWh------- China - Jiangsu (4,500 tonnes)
---800 MWh------ China - Shijiazhuang (3,600 tonnes)
---800 MWh------ China - Dalian (3,600 tonnes in 2 stages)
---800 MWh------ South Africa - Eskom BESS phase 1 (3,600 tonnes)
---640 MWh------ South Africa - Eskom BESS phase 2 (2,880 tonnes)
---500 MWh------ China - Hubei Zaoyang Phase 2 (2,250 tonnes)
---400 MWh------ China - Yancheng (Shanghai Electric Group) (1,800 tonnes)
---400 MWh------ China - Wuhan (1,800 tonnes)
---200 MWh------ Australia - Port Augusta (CellCube) (900 tonnes)
-----51 MWh------Japan - Hokkaido (Sumitomo Electric) (230 tonnes)
-----40 MWh------ China - Hubei Zaoyang Phase 1 (180 tonnes)
-----40 MWh------ China - Wafangdian Zhenhai Wind Farm (180 tonnes)

Total of 25,520 tonnes of vanadium

Electrolyte production (based on 4.5 tonnes per MWh)

2mt electrolyte-- China - Fangchenggang (250,000 tonnes per year)
--------?------------- China - Ningde, Fujian (30,000 tonnes per year)
3,000 MWh pa -- Saudi Arabia, Dammam (13,500 tonnes per year)
---200 MWh pa - South Africa - Bushveld Energy Phase 1 (900 tonnes pa)
---200 MWh pa - USA - New York (Margaret Lake) ph 1 (900 tonnes pa)

Total of 295,300 tonnes of vanadium

To avoid accusations of double counting, I've now seperated the list into VRFB projects and electrolyte production.
Please feel free to point out any projects of at least 40 KWh that should be added.

Major VRFB projects (based on 4.5 tonnes per MWh)

1,000 MWh------- China - Jiangsu (4,500 tonnes)
---800 MWh------ China - Shijiazhuang (3,600 tonnes)
---800 MWh------ China - Dalian (3,600 tonnes in 2 stages)
---800 MWh------ South Africa - Eskom BESS phase 1 (3,600 tonnes)
---640 MWh------ South Africa - Eskom BESS phase 2 (2,880 tonnes)
---500 MWh------ China - Hubei Zaoyang Phase 2 (2,250 tonnes)
---400 MWh------ China - Yancheng (Shanghai Electric Group) (1,800 tonnes)
---400 MWh------ China - Wuhan (1,800 tonnes)
---200 MWh------ Australia - Port Augusta (CellCube) (900 tonnes)
-----51 MWh------Japan - Hokkaido (Sumitomo Electric) (230 tonnes)
-----40 MWh------ China - Hubei Zaoyang Phase 1 (180 tonnes)
-----40 MWh------ China - Wafangdian Zhenhai Wind Farm (180 tonnes)

Total of 25,520 tonnes of vanadium

Electrolyte production (based on 4.5 tonnes per MWh)

2mt electrolyte-- China - Fangchenggang (250,000 tonnes per year)
--------?------------- China - Ningde, Fujian (30,000 tonnes per year)
3,000 MWh pa -- Saudi Arabia, Dammam (13,500 tonnes per year)
---200 MWh pa - South Africa - Bushveld Energy Phase 1 (900 tonnes pa)
---200 MWh pa - USA - New York (Margaret Lake) ph 1 (900 tonnes pa)

Total of 295,300 tonnes of vanadium

Major VRFB projects (based on 4.5 tonnes per MWh)

1,000 MWh------- China - Jiangsu (4,500 tonnes)
---800 MWh------ China - Shijiazhuang (3,600 tonnes)
---800 MWh------ China - Dalian (3,600 tonnes in 2 stages)
---800 MWh------ South Africa - Eskom BESS phase 1 (3,600 tonnes)
---640 MWh------ South Africa - Eskom BESS phase 2 (2,880 tonnes)
---500 MWh------ China - Hubei Zaoyang Phase 2 (2,250 tonnes)
---400 MWh------ China - Yancheng (Shanghai Electric Group) (1,800 tonnes)
---400 MWh------ China - Wuhan (1,800 tonnes)
---200 MWh------ Australia - Port Augusta (CellCube) (900 tonnes)
-----51 MWh------Japan - Hokkaido (Sumitomo Electric) (230 tonnes)
-----40 MWh------ China - Hubei Zaoyang Phase 1 (180 tonnes)
-----40 MWh------ China - Wafangdian Zhenhai Wind Farm (180 tonnes)

Total of 25,520 tonnes of vanadium

Electrolyte production (based on 4.5 tonnes per MWh)

2mt electrolyte-- China - Fangchenggang (250,000 tonnes per year)
--------?------------- China - Ningde, Fujian (30,000 tonnes per year)
3,000 MWh pa -- Saudi Arabia, Dammam (13,500 tonnes per year)
---200 MWh pa - South Africa - Bushveld Energy Phase 1 (900 tonnes pa)
---200 MWh pa - USA - New York (Margaret Lake) ph 1 (900 tonnes pa)

Total of 295,300 tonnes of vanadium

51 MWh project in Japan requiring 230 tonnes of vanadium.

https://sei.co.jp/company/press/2020/07/prs078.html

The 2 key clauses regarding the CLNs are

Convertible at the holder's option in two tranches of up to US$11.5 million each, after the first and second anniversary of Transaction Closure respectively, at a 5% discount to the prevailing 10-day volume weighted average Bushveld Minerals share price leading up to conversion;

Early redemption of the Loan Notes at the election of Bushveld Minerals, subject to the condition that the holder will have an option of converting up to 50% of the early redemption amounts into Bushveld Minerals shares on the same terms set out above;

Two questions please.
Can you ask him to give some detail on the 250 MWh project pipeline that is mentioned on the Bushveld Energy website.
At the moment Bushveld have a 55% stake in the electrolyte plant that is being built. Is there any provision in the agreement with the IDC for this to be increased in the future.