RE: RNS21 Oct 2019 18:55
The mining right allows for the extraction of several other minerals over the entire Mokopane project resource area, including, titanium, phosphate, platinum group metals, gold, cobalt, copper, nickel and chrome.
As previously announced, MSA has been appointed by Bushveld Minerals to undertake the definitive feasibility study ("DFS") to mine the MML and provide a resources and reserves assessment. The DFS will be focused on Mokopane being the primary feedstock supplier to Vanchem and does not include the development of Mokopane into an integrated mine and processing plant. The Company has appointed an owner's team to oversee the DFS. The DFS is expected to be completed during the second half of 2020.
Mokopane is positioned to become a primary source of feedstock for Vanchem, creating a fully integrated vanadium producing business in a shorter time frame and at a lower cost, as opposed to a standalone operation. The expedited Mokopane development, as a possible primary feedstock supply to Vanchem, does not remove the optionality of supplying ore to other primary or secondary producers worldwide, and/or to develop Mokopane into an integrated mine and processing plant.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"The granting of a mining right application is a significant milestone in the development of the Mokopane Vanadium Project. It comes at an important time as the Company executes its growth strategy. The Mokopane Project is one of the best and most developed greenfield primary vanadium projects that is well-positioned to support the Company's growth strategy as primary supply to Vanchem, potential supply of ore to other third party processing facilities, all the while retaining the option to develop downstream primary processing capacity as the market develops and grows.
The Company will be executing, and the Department of Mineral Resources and Energy will be issuing the mining right in due course.
"I wish to thank everyone who has been involved in securing this important milestone which brings the Mokopane project much closer to production with significant job creation and overall economic benefits for the company and all its associated stakeholders."
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