RE: The finiancials probably suck (but we don't know)19 Nov 2024 10:13
Craig Coltman , CEO of Bushveld Minerals commented:
"This was not an easy decision to take or one that was done lightly, however, in the current circumstances, it is the only course of action that the Board could take in the interest of all stakeholders.
The principal conditions that have led the Board to this decision are the depressed vanadium market that has resulted in us operating at a loss for an extended period of time; the lack of cash availability that restricted the amount of maintenance and repairs that could be done at Vametco, resulting in heightened levels of plant breakdowns and production loss; historically high, long outstanding creditor balances; and failure to procure suitable funding from existing stakeholders or third parties despite efforts to do so.
Matuson & Associates have significant experience in turnaround situations and share our belief that there is reasonable cause for business recovery."