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Capablanca I used $17 kgV based upon CY 2017 production cost figures of $16.6 kgV (see slide 11 of 121 presentation) I am grateful that you questioned my figure as I have now looked into it more closely. Rand Dollar $0.079 on 18.05.18 2018 Q1 Production costs ZAR 226.7 (from RNS 27 April 2018) At current Rand Dollar rate = $17.9 kgV. However we have been discussing the current price and Ebitda. You are questioning Alfa's approximate figure of $53,000. So let's take a look. Slide 11 of 121 Presentation: "CY18 production cost expected to decrease by 7% from ZAR221/KgV to 205/KgV, mainly due to economies of scale." ZAR221 = $17.459 (Rand Dollar $0.079 on 18.05.18) ZAR205 = $16.195 (Rand Dollar $0.079 on 18.05.18) So this is from the latest info from the company. They expect costs to fall for 2018 from $17.459 kgV to $16.195 kgV for CY 2018 (Rand Dollar $0.079 on 18.05.18) Makes Alfa's / my assumption of $17 look quite reasonable I am sure you must agree. In fact at current exchange rates costs in US$ may be less than $17 kgV, so thank you for provoking me into examine this more closely. And remember Capablanca I specifically stated that fluctuations in currency may alter the figure. To quote your words I think my case is "irrefutable". Don't you love it when facts do the talking? Or perhaps you don't. So to wind this discussion up, Alfa's original post was pretty much on the money, of course subject to production cost changes, fluctuations in the price of Vanadium and currency exchange rates. Your intervention would seem to be a little unnecessary but in fairness it has stimulated some interesting research and use of facts. But we end up back where we started. It does emphasise what a great company we have invested in and just how profitable Vametco is proving to be, wouldn't you agree?

Capablanca please read my posts correctly. I stated operating profit. Ie Ebitda. Never claimed anything else. However you are simply evading the point that there is a direct link between market price and realised price, albeit a delay of one month. Whichever way you try to spin it Vametco is a very profitable plant and as we own 59% then that is very good news for BMN. Perhaps you can at least concede that?

So you would agree Capablanca that the price of Vametco FeV for sales in May is likely to be higher that the market price today as the market price has fallen slightly and realised prices are based upon the average for the previous month (which is higher!) You would also agree then that the realised price for Vametco FeV is therefore around $70,000 mt FeV as Alfa said, and therefore you would have to agree that his $53,000 mt V operating profit is likely. And of course you would have to agree that there is a direct link between market price and realised price, albeit delayed by one month because it is stated in the RNS. Good glad that is sorted. Now try to treat other poster's opinions with respect and you may find your opinions are respected more, even though some may disagree with you.

Interesting to note that in 2018 Vametco is expected to produce 3,680 mtV comprising of 3,050 mt Nitrovan and 630 mt FeV. So what prices are they achieving? Well surely the clue is in the RNS of 27 April 2018. It states: "2. The vanadium price is based on the FeV mid average price for the period, published by Metal Bulletin. Vametco realised price is based on an average one month prior to sale. " So clearly the price realised for Vametco's 630 mt FeV is the average market price, albeit for the month prior to the sale. This is not my opinion - it is in black and white in the guidance in the RNS. So a direct link between the market price and realised price! Nitrovan is understood to achieve a 5% premium to this price. As the average market price for FeV for April was around $70 kg FeV then prices achieved for sales in May can be expected to be around $70 kg FeV. Nitrovan perhaps 5% more. The above is just my opinion but is based upon RNS information and guidance from BMN and market prices. Others may have a different opinion but let's hope that facts are used to support them. In conclusion I agree with Alfa that it is quite possible for May sales to be achieving $53,000 mt FeV operating profit, based upon costs of $17 kgV. Any variation to operating costs (eg cost reductions, currency fluctuations) will impact upon the numbers. Just my opinion. DYOR.

Re-post of some useful numbers for potential investors. Since the RNS on 21 Dec 2017 announcing completion of the acquisition, BMN owns 59.1% of Vametco mine and vanadium production plant. That makes BMN one of only 3 primary producers of Vanadium outside of China. Vametco production cost 2017: $16.6 kg V or $16,600 per metric tonne vanadium (mtV) Price Vanadium (end January 2018): $60 kgV or $60,000 mtV Current production rate: 3,035 mtV pa Expected production costs decrease: 7% through economies of scale Production rate by June 2018: 3,750 mtV pa Production guidance for 2018: 3,680 mtV (3,050 mtV Nitrovan, 630mtV FeV) At a vanadium price of $60 kgV (ed. $60,000 mtV) the CEO recently stated that the Vametco plant is capable of generating an Ebitda of $150 million in 2018 !!!!!!!!!! Remember 59% owned by BMN Bushveld Minerals. Since CEO made that statement I believe the price of vanadium risen to around $65 to $70 kgV. ($65,000 to $70,000 mtV). That suggests that Ebitda could be significantly higher than the CEO assumed due to the higher price of vanadium. Production rate by 2019: 5,000 mtV or more pa (that is a nearly 40% increase in production from the start of 2018 and 33% increase beyond the June 2018 target rate!) One further point. It is my understanding that Vametco's patented product Nitrovan attracts a 5% premium to the price of vanadium. The sources of this information are either RNS, BMN Presentation or Interview. Opinions are just my own. Links to sources: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BMN&ArticleCode=2v3qf6kj&ArticleHeadline=Q4_Operational_Update http://www.bushveldminerals.com/wp-content/uploads/2018/02/BMN-121-Presentation7861.pd http://webcasting.brrmedia.co.uk/broadcast/5a7dbf0ecb5fd9447f49d716 We also have Michael Kirkwood recently appointed to the BoD, a highly experienced former international banker. Read about him here: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BMN&ArticleCode=gqc67f3l&ArticleHeadline=Appointment_of_Michael_Kirkwood And we now have experienced ii's on board via the recent placing for �15 million. So the company is well funded to move this very exciting vanadium story forward. There is some speculation that BMN may be negotiating to acquire Sojitz' 15% of Vametco, which if true would take BMN share to 74%. 2018 may also bring news on the Mokopane vanadium project, the Brits vanadium project, electrolyte production plant, a brown field development and further progress on the Madagascar coal to power project. In my opinion a great time to be in BMN as the market appears to be awakening to the idea that BMN is very very undervalued.

Alfa the company says that Vametco is expected to produce 3,680 mtV this year. Let's assume then around 300 mtV per month. Using your figure of $53,000 per tonne profit then Vametco would be making about $16 million operating profit per month!!! Very nice.

Alan your post at 23.21 is brilliant in its clarity. Even non technical folks (most readers I would imagine) should be able to understand it. This is an example of you at your very best. Thank you. I have an average near 30p and need new investors to help the sp rise. Informative technical explanations like this must surely help. I hope to see more like that from you.

Are you sure that 500k trade was a sell? Certainly presented in such a way as to look like that. However think on this. Earlier this morning HL were quoting 21.81 on bid, 21.70 on ask. I checked with dummy trades over a period of several minutes and each time got the same result. Then a short time later a large trade pops up at 21.70. Perhaps this was a buy order at 21.70 and the mm's upped the bid to draw in a few muppets to give away their BMN shares and cover the buy order. Nice one mm's. Sympathy to those taken in. Could of course be completely wrong. Just my opinion. Makes no difference to true LTHs like myself who don't trade / sell any shares, but just sit back and enjoy the stress free ride. I wonder how many are left in this bb?

Capa you cheeky so and so. My views on Fortune are well known. Everything I think about the man and have expressed on this bb has been correct as far as I am aware. Perhaps unlike you I have met him several times, and most of the BoD (not recent appointment) and Prof Viljoen. I may be in a better position to judge the man and how he operates than you are. I stand firmly by my previous post. Disagree if you wish. And if being 721% up on my investment here qualifies me as naive then I will wear that badge gladly. Goodnight.

Definitely Alfa.

Capablanca I can only assume that you do not know Fortune very well. Whatever he had in mind it would be totally within the rules. That is how he does business. In fact he is a stickler for the rules, so don't worry ... he will not expose himself to accusations of market abuse.

Pboo / Alan can I suggest that you both take a deep breath and stop. You are conducting a completely dead end argument over what is or isn't in a box. Agree to differ and leave it there. Please. If not for your sakes then for everyone else. You each make great contributions to this bb but in different ways. No need for this punch up.

Haha or spelling mistakes? "... there are ..."!

I remember seeing JGs salary etc listed somewhere (I assume 2015 and 2016 accounts) as being a US $ 7 figure sum. Can't find the figure in the 2016 accounts now. Too embarrasing? RP employee benefits 2016 Salaries etc - $3,788,000 Pensions - $110,000 2017 Salaries etc - $3,858,000 Pensions - $42,000 I believe the company listed 19 employees for 2017? That would be US $203,052 per employee. Well assuming that they are not employing the highest paid cleaners, PAs, etc in the universe then logic suggests that someone at the top is still taking a fat wedge of beer vouchers! So no need to do much really except keep taking those big fat juicy employee benefits, presumably funded by placing and / or payments from Recordati. Plenty of incentive to do very little? Disgraceful in my opinion. Ironically on the AAStocks website where I looked up the RNS for the 2017 accounts there was an advert for retiring comfortably. Haha I should think JG will. Apologies if their are any factual errors in the above. Happy to be corrected. All opinions are just my own.

Hello Captain. Still moaning I see, although perhaps with some justification at the moment. No longer invested here but you did ask "where are all those who lambasted me for being negative after every bit of bad news that has ground this share to shyte?" I think I probably qualify so it would be rude not to answer! When the RNS announced delisting from NEX I sold all my DOR holding (price 9p). Didn't want to be in an ASX listed share. On HL that is tricky and costly to trade. I was taken by surprise by the announcement and made a snap decision, but I believe a wise one. I used the cash to top up my main investment in BMN where I have been invested for 4.5 years and is turning out to be a once in a lifetime opportunity for me. The top up cost 8.5p and at close yesterday was 17.75p. I am well on the way to recovering all my DOR losses just with that top up and expect that to be complete in the next few weeks/months. So rather than whinging and moaning I took decisive action and have been all the better for it. Now I seem to recall that when I was invested in DOR, instead of moaning and complaint, I frequently stated that everything would depend on oil flow. Remember? That was not under the control of DOR. Unfortunately UKOG did not deliver oil at BB and ANGS over promised and under delivered at Brockham and Lydsey in respect of two wells producing by the summer 2017. So I was correct. The absence of any revenue from oil had a disastrous effect on the sp of all 3 companies and that is where they remain today. Had those two operators delivered good results then I suspect the DOR sp and the mood amongst its shareholders would be somewhat different! That of course may still happen if / when Brockham and HH get into production, and I sincerely wish that existing holders get to benefit from that. One final point Captain. I don't recall you predicting that DL would remove DOR from UK exchanges (I apologise if you did). I certainly didn't see that coming and I doubt it would have happened if news from ANGS and UKOG had been very different. So Captain now you know the answer to your question as far as it concerns me. I haven't posted since leaving as I don't believe in posting about shares that I am not invested in. However you did ask! Your negativity did irritate me but more importantly I don't like investors losing money so I do hope things eventually turn out well for you. Good luck.

Bignose you and Pom have this bb alive as far as I am concerned. Very sorry to hear of your health issues and can only wish you get these sorted out successfully. Makes concern over money seem rather light weight in comparison to health. My very best wishes to you. Kind regards. Pdub

Apologies for the negativity and definitely not my usual style. Just had to say something. Very appreciative of the hard work by the regulars on the bb.

After 4 years and about 70% down on my investment it almost makes me physically sick to think how much is taken out of this company by the boss (if I have read Director's remuneration correctly). Please do something ... anything ... to restore some value to your long suffering shareholders.

I can agree with that post Pom. Sadly with the incentives you describe that points in the incompetent and / or lazy direction. As I said I hope my opinions are completely wrong but unless someone has a more plausible explanation .....

For a company with what appears to be a great product to turn in such a dismal performance for its shareholders over such a long period of time must surely require extraordinarily high levels of incompetence by the management. Still I suppose if that management were to receive significant remuneration then not much incentive to do anything. All just my opinion but really cannot think of any other explanation for this situation other than greed and incompetence. I hope that my opinions are completely wrong. Regards. Pdub.