RE: RNS23 Jun 2020 10:03
23/06/2020 8:58am
UK Regulatory (RNS & others)
Bushveld Minerals (LSE:BMN)
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Tuesday 23 June 2020
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TIDMBMN
RNS Number : 7756Q
Bushveld Minerals Limited
23 June 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
23 June 2020
Bushveld Minerals Limited
("Bushveld" or the "Company")
Full Year Results for the Period Ended 31 December 2019 & 2020 Guidance Update
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, is pleased to announce its full year results for the year ended 31 December 2019.
FY2019 Operational and Financial Highlights
-- A sound safety record with no fatalities and a 19 per cent year-on-year improvement in its Total Injury Frequency Rate at our operations.
-- Acquisition of the Vanchem processing plant (100 per cent interest) completed in November 2019 for a fair value consideration of US$55.8 million.
-- Group vanadium production was up 15 per cent year on year, to 2,931 mtV (on a 100 per cent basis) (2018: 2,559 mtV) as a result of an 11 per cent increase at Vametco and incorporation of Vanchem's two months of production.
-- Revenue of US$116.5 million (2018: US$192.1 million) a decline of 39 per cent relative to the prior year, largely due to a 34 per cent reduction in the average realised vanadium price.
-- Vametco's production cash cost was down five per cent year on year, to US$18.11/kgV (2018: US$19.0/kgV)
-- Group EBITDA of US$32.6 million (2018: US$101.2 million). A 68 per cent decrease relative to the prior year due to a decline in the vanadium price, partly offset by a reduction in cost of sales.
-- Gain recognised on bargain purchase of US$60.6 million for the Vanchem acquisition, completed at fair value consideration of US$55.8 million.
-- Profit after tax of US$69.2 million (2018: US$49.0 million).
-- Basic Earnings per share of 5.51c (2018: 2.90c).
-- Underlying earnings per share excluding gain on bargain purchase of 0.12c (2018: 2.90c).
-- Cash and cash equivalents of US$34.0 million as at 31 December 2019 (2018: US$42.0 million) with bank debt of US$18.6 million (31 December 2018: nil) after drawdown of the term loan.
o Secured ZAR375 million in debt facilities from Nedbank, in the form of a ZAR250 million term loan and a ZAR125 million revolving credit facility, which have been fully drawn post year end to provide financial flexibility.
o unaudited gross cash and cash equivalent balance as at 31 March 2020 of US$34.4 million including the entire ZAR375 million debt facilities.
-- Significant progress at Bushveld Energy, having launched the Vanadium
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