Member Info for Pdub

I posted this on another platform today and I repeat it here:

IMO Fortune did a great job building this company from absolutely nothing. However it looks like the company outgrew the CEO.

Craig looking like a great choice to move things forward.

What FM hands on is a business with enormous potential in the right hands. Craig seems to offer that. He has my vote

As I am sure many others have been doing I have watched Craig’s progress through this first month with great interest. I have been increasingly impressed with his approach and today’s performance in Q/A was top notch.

Any reservations I may have had have been answered

Craig did an excellent job there. Hopefully a good response from the market.

Morning all. Not much to say but as this has my name on it thought I would join in!

Troajan thanks for bringing some courtesy and common sense to the bb. Very refreshing.

Wishing everyone a good day and don’t forget to play nice.

Faramog filtered.

Perhaps in future you might learn to respect the confidentiality of a private conversation. Nothing more to say to you.

And for anyone interested in this nonsense my earlier post was highlighting the fall in Vanchem production costs exactly as stated in the RNS and nothing else. Given how difficult it has been to get those costs down this was a positive feature of the RNS and definitely worth pointing out. I certainly did not suggest other costs were down.

Bearing in mind the disruptions to production at Vanchem in Q2 lowering the Rand costs was quite an achievement. If Craig can work his magic and further improve efficiency then higher and more reliable production may lead to further cost reductions.

Just my opinion. DYOR

How do you know they have decided to “close down their participation in the future of the company?”

In the notification received by the company yesterday they still had 2.63% of BMN. I doubt if any of us know what the current situation is nor will we as they are under 3%.

Faramog did you read my 07.53 post where I quote production costs in RAND as published in the relevant RNSs.

I am referring to reduction in production costs at Vanchem. Just relaying the facts.

Apologies if this has already been posted.

From the Update Annual 10-days (previously 30-days) planned maintenance shutdown to be conducted in Q3 2023.

Vanchem 25 day maintenance to be conducted in Q4 not Q3.

It would seem that Q3 will have far less planned shutdown at the plants than we previously expected.

Vametco 10 days Vanchem 0 days.

Let’s hope for better luck with unplanned shutdowns in the Q.

Just to further consider cost reductions at Vanchem. For comparison in Q3 and 4 2022 Vanchem produced 350 and 372 mtV respectively (ie very similar to Q2 2023) yet costs were $33.8 kgV.

And those cost reductions are not just down to Dollar Rand, which was also favourable.

Rand cost per kgV were 575 in Q3, 596 in Q4 605 in Q1 and 507 in Q2 2023. That is a significant fall in actual costs locally in Rand.

Also worth remember that the lower costs for Vanchem in Q2 include the higher processing costs for 44 mtV of high value chemicals.

If Craig can improve efficiency there then even better. This demonstrates that if production stability and be achieved and increased then further significant cost reductions are on the cards for this 100% BMN owned plant.

Obviously the production Update was not what we all hoped for. However one very important take away is the 19% drop in production costs per kgV at Vanchem. $27.4 kgV compared to average of $33.9 kgV over the previous 3 Q Updates.

That was achieved despite less than optimum production numbers. Bodes well for the future.

I have posted this info before but it is so important for the future profitability of Vanchem that it is worth repeating

Haven’t had time today to take a close look at the production numbers. The big disappointment was the drop in production at Vametco which in turn raised costs per kgV significantly.

Vanchem was also disappointing as I was expecting record numbers based upon what the company had previously released. However it must be pointed out that 355 mtV is the second highest Q production total since BMN took over. Seems worse due to high expectation.

What is VERY significant is that Vanchem costs at $27.2 kgV is way below the $33 to $34 per kgV of the three previous Quarters.

Something for Craig to work with.

This quote from today (BMN Share News button above) has a ‘small’ error that might cause some smiles. Can you spot it?

Also interesting positive spin on some numbers.

“ Bushveld Minerals Ltd - South Africa-focused iron ore and tin exploration and development company - Says for the three months ending June 30, production rose by 26% to 840 million tonnes from 668 million tonnes a year prior. Weighted average production costs for the second quarter of the year were down by 12% to USD27.4 per unit of volume from USD31.2 the year before. Adds sales in the period were 1.68 billion tonnes, more than doubled from 787 million tonnes in the second quarter of 2022.”

Good post Faramog.

Looks like problems were mostly one offs and being dealt with. Strong sales.

Just grabbed some more at 2.4p.

Very disappointing production numbers from Q2.

It would seem that a series of unforeseen issues have happened and whilst some are beyond their control Craig must make production his priority.

Only mitigating point is strong sales so revenue maintained.

Also small uptick in production of high value chemicals.

Otherwise not great.

… Dollar Rand up to 18.35 and AsianMetals showing a small number of Vanadium price rises.

https://www.asianmetal.com/VanadiumPrice/Vanadium.html

Alex don’t get spooked by the negativity being generated by a small group of posters and the wild claims like going bust.

Remember this. Orion, a multi national corporation specialising in mining finance, have agreed a refinancing package stretching over 3 years. They will have had access to all relevant operational and financial information. There is no way that agreement would have been reached if they had serious concerns about viability of the company. Expect to see an announcement of EGM for approval once all legals etc completed.

Then there is operational performance. Using all available evidence I am expecting good production numbers at the two plants and cost improvements

especially at Vanchem. Increased high value chemicals would certainly be a bonus. Of course one can never rule out unexpected interruptions to production but there has been no hint of that.

Soon we will see a new revenue stream from Belco, producing high value electrolyte and the minigrid will start to generate electricity at Vametco, functioning as a demo for Solar / VRFB projects.

Finally there is a new and vastly experienced CEO who made this comment in the RNS:

“Craig commented, "I am excited to join the Bushveld team and to continue working in the mining industry. I am passionate about this industry and its people." “

Doesn’t sound like a man with short term vision. He is putting his distinguished reputation on the line. Also:

“I'm very keen to put my safety boots on, get to the operations and understand the size of the opportunity,” Coltman told Mining Weekly.”

Very positive. And:

“Questioned on what he envisages for Bushveld, Coltman spoke of the need for sustainable throughput improvement at Vanchem, the Orion restructure, and, thereafter, evaluation of the next steps.”

And:

“On the company’s vertical integration positioning, Coltman said: “For now, it makes a lot of sense. I have no reason to do anything different to it. My focus is going to be on the mining side in the interim. Fortune is going to be supporting me on the other aspects.”

Coltman will be visiting Vametco’s minigrid on Monday: “Give me a couple of weeks with my feet on the ground as the CEO and we’ll give you a lot more substance,” he said.”

Expect more to come from him on the way forward but there has been not a hint of negativity in his comments

No doubt this post will attract a chorus of attempts to undermine my credibility. So be it. Doesn’t bother me (just green boxes) and doesn’t alter anything mentioned above.

Just my opinion. As always DO YOUR OWN RESEARCH !!!

Back up to 18.29 from a low of 17.27 on Saturday. Quite a sharp rise.

I wonder knuttie if admin understand how many have moved to X and Telegram because of the trolling that goes on. One of the 3 Telegram groups I follow has over 340 members many of whom have abandoned LSE. Must be hitting revenue? Does not seem to make commercial sense.

FB / knuttie you may be correct. Doesn’t really matter as I have quite a collection filtered. I neither know nor care what they are posting. Most I filtered for personal attacks and abuse, not negative opinions. If he / they can’t debate without targeting the messenger I am not interested in what they have to say.