TIDMBMN
RNS Number : 3109V
Bushveld Minerals Limited
08 August 2022
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
8 August 2022
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Issue of Equity and Total Voting Rights
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage solutions provider
with ownership of high-grade assets in South Africa, confirms that
in full satisfaction of awards that were granted under the 2020
Short-term Incentives ("STI") scheme, the Company is issuing a
total of 814,522 new ordinary shares of 1 pence each in the Company
("Ordinary Shares"). This represents the remaining 50% of the Bonus
Awards that were due to vest 18 months after the 2020 award period.
The Ordinary Shares are being issued to senior employees who are
not deemed persons discharging managerial responsibilities
("PDMRs").
The Company confirms that a further announcement will be made
once Ordinary Shares are issued to PDMRs in respect of awards
granted under the 2020 STI scheme (as announced on 6 August 2021)
once all vesting conditions have been met.
Admission to AIM and Total Voting Rights
Application will be made for admission of the 814,522 new
Ordinary Shares to trading on AIM ("Admission"). It is expected
that Admission will take place on or around 12 August 2022.
Following Admission, there will be a total of 1,266,941,344
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 1,266,271,344 as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the voting rights of the Company, under the FCA's
Disclosure and Transparency Rules.
ENDS
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals Limited 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor Relations
Nominated Adviser +44 (0) 20 3470
SP Angel Corporate Finance LLP & Broker 0470
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
+44 (0) 20 7653
RBC Capital Markets Joint Broker 4000
Jonathan Hardy / Caitlin Leopold
Tavistock Financial PR
Gareth Tredway / Tara Vivian-Neal/ +44 (0) 207 920
Adam Baynes 3150
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, vertically integrated primary
vanadium producer. It is one of only three operating primary
vanadium producers, owning 2 of the world's 4 operating primary
vanadium processing facilities. In 2021, the Company produced 3,592
mtV, representing approximately 3% of the global vanadium market.
With a diversified vanadium product portfolio serving the needs of
the steel, energy and chemical sectors, the Company participates in
the entire vanadium value chain through its two main pillars:
Bushveld Vanadium, which mines and processes vanadium ore; and
Bushveld Energy, an energy storage solutions provider. Bushveld
Vanadium is targeting to materially grow its vanadium production
and achieve an annualised steady state production run rate of
between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022. Growth
plans to expand to 8,000 mtVp.a. will be pursued, subject to
funding and market conditions.
Bushveld Energy is focused on developing and promoting the role
of vanadium in the growing global energy storage market through the
advancement of vanadium-based energy storage systems, specifically
Vanadium Redox Flow Batteries ("VRFBs")
Detailed information on the Company and progress to date can be
accessed on the website www.bushveldminerals.com
About Vametco
Vametco is located near Brits on the Western Limb of the
Bushveld Complex. The integrated operation comprises a vanadium ore
mine and a processing plant that produces mostly Nitro Vanadium.
The mine lies adjacent to the Brits Vanadium Project, which will in
future serve as an alternative source of near surface run of mine
("ROM") ore feed to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods
to mine a well-defined orebody. The deposit is continuous with
limited faulting and dips in a northerly direction at approximately
19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing
circuit, followed by milling and magnetic separation to produce
magnetite concentrates. The magnetite concentrate is fed into the
extraction process which consists of a rotary kiln for roasting
followed by leaching and precipitation. Thereafter the precipitated
vanadium as ammonium metavanadate is converted to modified vanadium
oxide ("MVO") in a rotary calciner. MVO is fed into the mix plant
and finally into the shaft furnaces to produce Nitro Vanadium.
About Vanchem
Vanchem is situated at Ferrobank Industrial Park in Emalahleni
Local Municipality, Mpumalanga Province in the Republic of South
Africa. Vanchem is a primary vanadium producing facility with a
beneficiation plant capable of producing various vanadium oxides,
ferrovanadium and vanadium chemicals. Vanchem uses the salt roast
beneficiation process, similar to the one used at Vametco. The
plant comprises: a core salt-roast processing plant, including 3
roasting kilns, an electric smelting ferrovanadium converter, an
alumino-thermic smelting facility, also located at Highveld, a
vanadium chemical plant; and a rail siding linking the plant with
Bushveld deposits and additional potential supply sources through
the national rail network.
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END
IOEEASPPELLAEFA
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August 08, 2022 11:45 ET (15:45 GMT)
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