TIDMBMN
RNS Number : 6164X
Bushveld Minerals Limited
27 April 2023
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.
27 April 2023
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Q1 2023 Operational Update, Vametco Mineral Reserve and Resource
and Lemur Mineral Resource.
Bushveld Minerals Limited (AIM: BMN), the integrated primary
vanadium producer and energy storage solutions provider, today
provides an operational update for the three months ending 31 March
2023.
Group Highlights
-- Production for Q1 2023 of 943 mtV (Q1 2022: 973 mtV).
-- Weighted average production cash cost(1) (C1) for Q1 2023 of
US$25.9/kgV (Q1 2022: US$26.6/kgV).
-- Increase in sales for Q1 2023 of 1,028 mtV (Q1 2022: 857
mtV), owing to increased sales out of inventory.
-- Secured a third-party low-silica feed for Vanchem to support
more stable production rates at no additional cost.
-- Completed construction and cold commissioning of the BELCO
electrolyte plant.
1. Weighted average production cash cost (C1): is the blended
weighted average production cash cost (C1) of Vametco and Vanchem,
divided by group production.
2023 Group Guidance
-- Group production guidance for 2023 maintained at between
4,200 mtV and 4,500 mtV.
-- Maintained Group weighted average production cash cost (C1)
guidance of between US$26.1kgV and US$27.0/kgV, (ZAR447/kgV and
438/kgV).
- Vametco production cash cost (C1) guidance of between
US$23.6kgV and US$24.0/kgV, (ZAR396/kgV and R402kgV).
- Vanchem production cash cost1 (C1) guidance of between
US$29.7kgV and US$30.8kgV, (ZAR498/kgV and ZAR517kgV).
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"We are on track to meet annual group production and cost
guidance. Vanchem's power curtailment solution with the local
municipality announced recently, has so far provided a more
reliable feed of electricity contributing to improved operational
stability in the months of March and April. In addition, securing
third party, low silica feed for Vanchem will support more stable
production going forward. Vametco performed consistently against
the comparable period in 2022, albeit there was disruption as a
result of high rainfall and work to replace the secondary
crusher.
I'm pleased to report our sales volumes increased by 20% in the
quarter after we decided to drawdown on Vanchem's inventory from
2022 , during this drawdown phase we undertook a two- week
maintenance at the facility. "
Conference call
Bushveld Minerals Chief Executive Officer, Fortune Mojapelo will
host a conference call at 1:00pm UK time (2:00 pm SAST) today to
discuss the quarterly update with analysts and investors.
Participants may join the call by dialling:
Tel: United Kingdom: +44 (0) 330 551 0200; South Africa: Toll
Free: 0 800 980 512, USA Local: +1 786 697 3501
Password: Quote Bushveld Q1 Results when prompted by the
operator.
A replay of the conference call will be available on the
Company's website post the call.
BUSHVELD VANADIUM
Q1 2023 Q1 2023
Group(1) Unit Q1 2023 vs vs
Q1 2022 Q4 2022
- 20.3
Production mtV(2) 9 43 - 3.0 % %
--------- ---------- --------- ---------
Weighted average
production cash
cost1 (C1) US$/KgV 25.9 -2.6% 3.2%
--------- ---------- --------- ---------
Sales(3) mtV(2) 1,028 20.0% 13.5%
--------- ---------- --------- ---------
1. Based on provisional, unaudited figures.
2. mtV = metric tonnes of vanadium.
3. Reported as final sales to customers.
VAMETCO
Operational highlights for Vametco (on a 100% basis)(1)
Description Unit Q1 2023 Q1 2023 Q1 2023
vs vs
Q 1 2022 Q4 2022
--------
Ore mined Tonnes 336 089 -21.1% -20.8%
-------- --------- --------
Total mined (ore + waste) Tonnes 1 296 854 47.0% 0.5%
-------- --------- --------
% V(2)
Ore grade (in Whole Rock) O(5) 0.71 -11.3% -18.4%
-------- --------- --------
Concentrate produced Tonnes 83 175 -16.5% 16.5%
-------- --------- --------
Concentrate grade % V 1.05 0% 5.0%
-------- --------- --------
Recovery from Kiln to
MVO % 73.7 3.3% 4.2%
-------- --------- --------
Production (Nitro Vanadium) mtV(2) 682 -8.9% -16.1%
-------- --------- --------
Production cash cost
(C1) (3) ZAR/KgV 404.7 20.1% 8.7%
-------- --------- --------
Production cash cost
(C1) (3) US$/KgV 22.8 3.2% 8.1%
-------- --------- --------
Foreign exchange rate ZAR: USD 17.8 16.8% 0.7%
-------- --------- --------
1. Based on provisional, unaudited figures. Bushveld's net
attributable interest of the above figures is approximately 74%.
Production cash cost is based on vanadium produced.
2. mtV = metric tonnes of vanadium.
3. Excludes depreciation, royalties and selling, general &
administrative expenses. Production cash cost is based on vanadium
produced. Production cash cost (C1) measure does not have any
standardized meaning prescribed by IFRS and differs from measures
determined in accordance with IFRS. This measure is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. This measure is not necessarily indicative
of net earnings or cash flow from operating activities as
determined under IFRS.
Production
-- Q1 2023 production of 682 mtV (Q1 2022: 749 mtV), (Q4 2022:
812 mtV) impacted by 10-days of high rainfall and a one-week
maintenance shutdown to replace the secondary crusher.
-- Annual 30-day planned maintenance shutdown is now expected
during Q3 2023, previously Q2 2023 due to increased confidence in
the Kiln's current performance levels.
Costs
-- Q1 2023 production cash cost (C1) of US$22.8/kgV (Q1 2022:
US$22.1/kgV) (Q4 2022: US$21.1/kgV), mainly due to lower production
volumes during the quarter.
VANCHEM
Operational highlights for Vanchem(1)
Description Unit Q1 2023 Q1 2023 Q1 2023
vs Q1 2022 vs Q4 2022
Ore Milled Tonnes 82 790 80.3% -8.7%
------------------ ------------- -------- ------------ ------------
Ore Grade
(in Whole
Rock) % V(2) O(5) 1.40 3.7% 8.6%
------------------ ------------- -------- ------------ ------------
Milled ore
to Kiln Tonnes 64 848 94.3% 4.9%
------------------ ------------- -------- ------------ ------------
Milled Ore
Grade % V 0.95 -1.8% -0.7%
------------------ ------------- -------- ------------ ------------
Recovery:
Kiln to
Final Product % 71.5 18.0% 16.0%
------------------ ------------- -------- ------------ ------------
Chemicals mtV(2) 23 -36.2% -58.4%
------------- -------- ------------ ------------
Flake mtV (2) 15 118.3% 100.0%
------------- -------- ------------ ------------
FeV mtV (2) 223 23.7% 112.5%
------------- -------- ------------ ------------
Total production mtV (2) 261 16.9% -29.7%
------------- -------- ------------ ------------
Production
cash cost
(C1)(3) ZAR/kgV 605.5 3.0% 1.5%
------------- -------- ------------ ------------
Production
cash cost
(C1)(3) US$/kgV 34.1 -11.6% 0.8%
------------- -------- ------------ ------------
Foreign
exchange ZAR: USD 17.8 16.6% 0.7%
------------- -------- ------------ ------------
1. Based on provisional, unaudited figures.
2. mtV = metric tonnes of vanadium
3. Excludes depreciation, royalties and selling, general &
administrative expenses. Production cash cost is based on vanadium
produced. Production cash cost (C1) measure does not have any
standardized meaning prescribed by IFRS and differs from measures
determined in accordance with IFRS. This measure is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. This measure is not necessarily indicative
of net earnings or cash flow from operating activities as
determined under IFRS.
Production
-- Q1 2023 production of 261 mtV (Q1 2022: 224 mtV) supported by
improved Kiln-3 availability, and the electricity curtailment
solution introduced in November 2022.
- 121 mtV produced during the months of January and February collectively.
- 141 mtV produced during the month of March with 117 mtV as at
24 April, supported by improved operational stability.
-- Q1 2023 production of 261 mtV (Q4 2022: 372 mtV) is below Q4
2022 as an opportunity was identified to drawdown on inventory from
2022 and a two-week maintenance was undertaken during this drawdown
phase.
-- A new supply agreement for lower-silica ore than the Upper
seam ore, has been agreed at Vanchem with a third party, and it is
anticipated to allow for higher recoveries, resulting in a more
stable production rates at no additional costs.
-- Annual 25-day maintenance planned for Q3 2023.
Costs
-- Q1 2023 production cash cost (C1) of US$34.1/kgV (Q1 2022:
US$38.6/kgV) supported by a weaker ZAR:USD exchange rate and higher
production volumes.
-- Q1 2023 production cash cost (C1) of US$34.1/kgV (Q4 2022:
US$33.8/kgV) mainly due to lower production volume.
- Costs are expected to decrease during the course of the year and be in line with guidance.
BELCO
Construction and cold commissioning of the BELCO electrolyte
manufacturing plant was completed during the quarter and hot
commissioning commenced during the period. The plant has a targeted
annual capacity of 8 million litres of vanadium electrolyte.
Discussions are ongoing with the end users in relation to sales and
off-take agreements. BELCO is 55% owned by Bushveld Energy, and 45%
by the Industrial Development Corporation.
VAMETCO MINI GRID
The project's 1 MW/4 MWh VRFB supplied by CellCube, a VRFB
original equipment manufacturer arrived on site at the Vametco mine
during Q1 2023. The construction and commissioning of the 3.5 MW
solar PV and 1MW / 4 MWh Mini grid project is due for completion
mid-2023. The hybrid mini grid will supply just under 10 percent of
the mine's electricity needs.
HEALTH AND SAFETY
-- Q1 2023 Total Recordable Injury Frequency Rate of 3.67 (Q1
2022 : 7.62) a 51% improvement as a result of continued focus on
the safety improvement program from safety diagnostic
assessment.
VANADIUM PRICE AND OUTLOOK
-- Q1 2023 Ferrovanadium prices across all markets averaged:
London Metal Bulletin US$39.4/kgV, (Q1 2022: US$46.1/kgV). CRU
Ryan's notes and Asian Metals averaged US$42.5/kgV and US$37.8/kgV
(Q2 2022: US$49.6kgV; US$38.0/kgV) respectively.
-- Sales into the higher value markets (aerospace application,
speciality alloy and chemicals) and higher price markets (Nitro
Vanadium in North America) continue to be prioritised to maximise
income. The respective returns are continually evaluated with
changes in pricing in the various regions to ensure optimal
revenue.
-- Demand for our entire range of products remains strong and
sales equal production volumes. We continue to market our products
across the globe to ensure our continued presence in all major
regions to optimise our sales volumes.
-- The previous logistical challenges experienced have abated
somewhat although transit times are still extended on an arbitrary
basis.
MINERAL RESOURCES AND RESERVES UPDATE
Vametco Updated Minerals Reserve and Resource.
Vametco's resource and reserve estimates are based on the
Competent Person's statements prepared by an independent
consultancy company, the MSA Group (Pty) Ltd as at 31 December 2022
in accordance with the terminology and definitions given in the
JORC Code (2012).
Key Highlights
-- The Ore Reserves are reported as at 31 December 2022 at
264,600 tonnes V(2) O(5) in magnetite at a grade of 1.99 per cent
V(2) O(5) (in magnetite), following mining depletion during the 12
month period (31 December 2021 is 262,000 tonnes V (2) O (5) ).
-- The combined Inferred and Indicated Mineral Resource
comprises 3 Seams (The Lower, Intermediate, and Upper Seams) and is
reported at 181.5 Mt at an average grade of 1.98 per cent V(2) O(5)
(in magnetite) as at 31 December 2022 ( 182.7 Mt at an average
grade of 1.98 per cent V (2) O (5) (in magnetite) as at 31 December
2021 ) , with an average magnetite content of 35.0 per cent (in
whole rock) for 699.0 thousand tonnes of contained vanadium. (703.9
thousand tonnes of contained vanadium as at December 2021).
-- Within this, the Ore Reserve in the Probable Category
comprises 3 Seams (The Lower, Intermediate, and Upper Seams) and is
reported as 46.4 Mt at an average grade of 1.99 per cent V(2) O(5)
(in magnetite), with an average magnetite content of 28.7 per cent
(in whole rock) for 148,200 tonnes of vanadium.
-- The decrease in the total 2022 Mineral Resource is attributed
to mining of the seams over the 12 months between the 31 December
2021 estimate. No Mineral Resource exploration was carried out over
the period.
-- The increase in the total 2022 Ore Reserves from 45.3 Mt to
46.4 Mt as at 31 December 2022 is mainly due to the impact of the
revised Vametco pit design (September 2022) which incorporated
additional Upper and Intermediate Seam tonnage. The additional
tonnage was offset by the Ore Reserve depletion which was
calculated to be 1.2 Mt for the combined Seams, mined over the
12-month period.
-- An adjustment was made to the modifying factors to reflect
more accurate Ore Reserve grades for the individual seams. The Ore
Reserve modifying factors (mining loss and dilution) were adjusted
based on pit to plant reconciliation production data supplied by
Bushveld Vametco Alloys (Pty) Ltd. The impact of the revised Pit
Design and adjustment to modifying factors is an additional 2.3
Mt.
The full report of the mineral resources and reserves is
available on the Company website:
https://www.bushveldminerals.com/technical-reports/
Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite,
as at 31 December 2022 - Gross Basis
V(2) Magnetite V(2) O(5) Tonnes V(2) Tonnes V
Class Seam Name Tonnes O(5) grade of grade in O(5) in in magnetite
grade whole rock magnetite magnetite (Thousands)
(Millions) of % % (Thousands)
whole
rock
%
--------------- --------------- ------- ------------- ------------- ---------------- -----------------
Upper 5.4 1.44 65.9 1.78 62.7 35.1
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Intermediate 27.6 0.67 32.9 1.91 173.1 97.0
Indicated Lower 105.9 0.72 32.4 2.03 697.2 390.4
--------------- --------------- ------- ------------- ------------- ---------------- -----------------
Total 139.0 0.74 33.8 2.00 933.0 522.5
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Upper 10.2 1.46 63.6 1.75 113.3 63.5
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Intermediate 7.0 0.67 32.1 1.92 43.4 24.3
Inferred Lower 25.4 0.74 31.3 2.00 158.4 88.7
--------------- --------------- ------- ------------- ------------- ---------------- -----------------
Total 42.6 0.90 39.1 1.93 315.2 176.5
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Upper 15.5 1.45 64.4 1.76 176.0 98.6
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Indicated
and Intermediate 34.7 0.67 32.7 1.91 216.5 121.3
--------------- --------------- ------- ------------- ------------- ---------------- -----------------
Inferred Lower 131.3 0.72 32.1 2.03 855.6 479.2
--------------- --------------- ------- ------------- ------------- ---------------- -----------------
Total 181.5 0.77 35.0 1.98 1,248.2 699.0
----------------------------- --------------- ------- ------------- ------------- ---------------- -----------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of
magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade,
differences will occur between whole rock V 2 O 5 grades
back-calculated from concentrate, versus those derived from whole
rock assays.
6. Depleted using the January 2023 pit survey.
7. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 74%.
Table 2: Vametco Mineral Resource at a cut-off grade of 20%
magnetite, as at 31 December 2022 - Attributable Basis
V(2) Magnetite V(2) O(5) Tonnes Tonnes
Class Seam Name Tonnes O(5) grade of grade in V(2) O(5) V in
grade whole rock magnetite in magnetite
(Millions) of % % magnetite (Thousands)
whole (Thousands)
rock
%
--------------- --------------- ------- -------------- ------------- --------------- ---------------
Upper 4.0 1.44 65.9 1.78 46.4 26.0
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Intermediate 20.5 0.67 32.9 1.91 128.1 71.8
Indicated Lower 78.4 0.72 32.4 2.03 515.9 288.9
--------------- --------------- ------- -------------- ------------- --------------- ---------------
Total 102.8 0.74 33.8 2.00 690.4 386.6
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Upper 7.5 1.46 63.6 1.75 83.9 47.0
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Intermediate 5.2 0.67 32.1 1.92 32.1 18.0
Inferred Lower 18.8 0.74 31.3 2.00 117.2 65.7
--------------- --------------- ------- -------------- ------------- --------------- ---------------
Total 31.5 0.90 39.1 1.93 233.2 130.6
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Upper 11.5 1.45 64.4 1.76 130.3 73.0
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Indicated
and Intermediate 25.7 0.67 32.7 1.91 160.2 89.7
--------------- --------------- ------- -------------- ------------- --------------- ---------------
Inferred Lower 97.2 0.72 32.1 2.03 633.2 354.6
--------------- --------------- ------- -------------- ------------- --------------- ---------------
Total 134.3 0.77 35.0 1.98 923.7 517.3
----------------------------- --------------- ------- -------------- ------------- --------------- ---------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of
magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade,
differences will occur between whole rock V 2 O 5 grades
back-calculated from concentrate, versus those derived from whole
rock assays.
6. Depleted using the January 2023 pit survey.
7. Reported on an Attributable Basis. Bushveld Minerals
shareholding in Bushveld Vametco Alloys is 74%.
Table 3: Vametco Ore Reserves, 31 December 2022 - Gross Basis
V(2) Magnetite V 2 O 5 Tonnes Tonnes
Tonnes O(5) grade of grade in V 2 O 5 V in magnetite
grade whole magnetite in
of rock magnetite
whole
rock
--------------- ------------- --------- ------------- ------------- --------------- -------------------
Class Seam Name (Millions) % % % (Thousands) (Thousands)
--------------- ------------- --------- ------------- ------------- --------------- -------------------
Upper 1.9 1.07 50.2 1.77 16.7 9.3
--------------------------- ------------- --------- ------------- ------------- --------------- -------------------
Intermediate 8.3 0.57 26.7 1.87 41.3 23.1
--------------------------- ------------- --------- ------------- ------------- --------------- -------------------
Lower 36.2 0.62 28.1 2.03 206.7 115.7
--------------------------- ------------- --------- ------------- ------------- --------------- -------------------
Probable Total 46.4 0.63 28.7 1.99 264.6 148.2
--------------- ------------- --------- ------------- ------------- --------------- -------------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry run of mine
(ROM) (plant feed) basis after mining modifying factors have been
applied but before beneficiation down-stream recoveries/losses have
been applied.
3. Reporting was prepared on a Mineral Resource model developed by MSA.
4. Ore Reserves depleted as at 31 December 2022 using 31 December 2022 pit survey.
5. Ore Reserve estimate was based on a revised pit design completed in September 2022.
6. Ore Reserve modifying factors adjusted by seam based on
analysis of pit to plant production information.
7. Ore Reserve estimate depleted using Datamine Studio 5DP Open
Pit software and latest topography supplied by Vametco as of 31
December 2022.
8. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 74%.
Table 4: Vametco Ore Reserves, 31 December 2022 - Attributable
Basis
V(2) Magnetite V(2) O(5) Tonnes Tonnes
Tonnes O(5) grade of grade in V(2) O(5) V in magnetite
grade whole magnetite in
of rock magnetite
whole
rock
--------------- ------------- -------- ------------ ------------- --------------- --------------------
Class Seam Name (Millions) % % % (Thousands) (Thousands)
--------------- ------------- -------- ------------ ------------- --------------- --------------------
Upper 1.4 1.07 50.2 1.77 12.4 6.9
--------------------------- ------------- -------- ------------ ------------- --------------- --------------------
Intermediate 6.1 0.57 26.7 1.87 30.5 17.1
--------------------------- ------------- -------- ------------ ------------- --------------- --------------------
Lower 26.8 0.62 28.1 2.03 152.9 85.6
--------------------------- ------------- -------- ------------ ------------- --------------- --------------------
Probable Total 34.3 0.63 28.7 1.99 195.8 109.7
--------------- ------------- -------- ------------ ------------- --------------- --------------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry run of mine
(ROM) (plant feed) basis after mining modifying factors have been
applied but before beneficiation down-stream recoveries/losses have
been applied.
3. Reporting was prepared on a Mineral Resource model developed by MSA.
4. Ore Reserves depleted as at 31 December 2022 using 31 December 2022 pit survey.
5. Ore Reserve estimate was based on a revised pit design completed in September 2022
6. Ore Reserve modifying factors adjusted by seam based on
analysis of pit to plant production information.
7. Ore Reserve estimate depleted using Datamine Studio 5DP Open
Pit software and latest topography supplied by Vametco as of 31
December 2022.
8. Reported on an Attributable Basis. Bushveld Minerals
shareholding in Bushveld Vametco Alloys is 74%.
Lemur Holdings Limited
The Mineral Resource estimates are based on the competent
person's report prepared by Sumsare Consulting Group CC.
Key highlights
-- An updated gross tonnage in-situ (GTIS) of 140 387 has been
reported in the three seams: main, upper, and top seams. This
represents a 3% increase from the GTIS of 135 737 reported in
2019.
-- The increase in the resource estimate is attributed to new
data made available from the 10 new diamond drillholes drilled in
2021.
-- The updated coal resource estimate contained in 3 main coal
seams amounts to a mineable tonnage in situ (MTIS) of 116.411
million tons (Mt). Of this 76.500 Mt is estimated to be at a
measured status with the balance of 33.274 Mt and 6.637 Mt at
indicated and inferred levels of confidence, respectively.
-- Reporting of Mineable tons in-situ (MTIS) is in response to
the new reporting guidelines of SAMREC (2016), SANS 10320 (2016)
which is unique for the systematic evaluation of coal resources and
coal reserves.
The full report of the mineral resources and reserves is
available on the Company website:
https://www.bushveldminerals.com/technical-reports/
Table 1: Resource for the Imaloto coal project
Category Gross Mineable (SAMREC Operator
2016) Nett attributable
(99 %)
Raw Coal Raw Coal Raw Coal
Quality (ADB) MTIS Quality (ADB) MTIS Quality (ADB)
Tonnes Tonnes
(Mt) (Mt)
--------- ------------------ ---------- ------------------ ---------- ------------------ ---------
GTIS Ash CV (MJ/kg) Ash CV (MJ/kg) Ash CV (MJ/kg)
Tonnes (%) (%) (%)
(Mt)
--------- ----- ----------- ---------- ----- ----------- ---------- ----- ----------- ---------
Coal Resources
per asset
--------- ----- ----------- ---------- ----- ----------- ---------- ----- ----------- ---------
Measured 90.448 33.5 19.26 76.500 33.5 19.26 75.735 33.5 19.26
--------- ----- ----------- ---------- ----- ----------- ---------- ----- -----------
Indicated 41.206 37.0 17.66 33.274 37.0 17.66 32.941 37.0 17.66
--------- ----- ----------- ---------- ----- ----------- ---------- ----- -----------
Inferred 8.733 36.6 18.42 6.637 36.6 18.42 6.571 36.6 18.42
--------- ----- ----------- ---------- ----- ----------- ---------- ----- -----------
Sub-Total 49.939 36.9 17.79 39.911 36.9 17.79 39.512 36.9 17.79
--------- ----- ----------- ---------- ----- ----------- ---------- ----- -----------
Lemur
Holdings
Total 140.387 34.7 18.74 116.411 34.7 18.75 115.247 34.7 18.75 (Ltd).
--------- ----- ----------- ---------- ----- ----------- ---------- ----- ----------- ---------
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies", the information contained within the announcement
has been reviewed and approved by Troth Saindi, the Group Geologist
for Bushveld Minerals SA (Pty) Ltd. Troth has 17 years' experience
in economic geology and mineral resource management. His experience
extends through several commodities including precious metals, PGEs
and base metals. He is a member of the South African Council for
Natural Scientific Professions (SACNASP - 400171/13), as well as a
Fellow of the Geological Society of South Africa (FGSSA - 965810)
in good standing. One of his major achievements in the exploration
industry was the involvement in the target generation and discovery
of the new Waterberg Platinum PGE deposit for Platinum Group Metals
RSA (Pty) Ltd in the Northern Limb of the Bushveld Igneous Complex
in South Africa. Troth has 9 years' experience in Fe-V-Ti Mineral
Resources, which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012). Troth Saindi consents to the inclusion in this
announcement of the matters based on his information in the form
and context in which it appears.
S
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 2022, the Company produced 3,842
mtV, representing more than 3% of the global vanadium market.
Bushveld Vanadium is targeting to grow its vanadium production and
achieve an annualised steady state production run rate of between
5,000 mtVp.a. and 5,400 mtVp.a in the near term from existing
capacity. Growth plans to expand to 8,000 mtVp.a. will be pursued,
subject to funding and market conditions. 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 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.
Glossary of Technical Terms
Cut-off grade The lowest grade, or quality, of mineralised
material that qualifies as economically mineable
and available in a given deposit. May be
defined on the basis of economic evaluation,
or on physical or chemical attributes that
define an acceptable product specification.
Indicated Mineral Indicated Mineral Resource or Indicated Resource
Resources or Indicated is that part of a Mineral Resource for which
Resources quantity, grade or quality, densities, shape
and physical Glossary of Technical Terms
Cut-off grade
The lowest grade, or quality, of mineralised
material that qualifies as economically mineable
and available in a given deposit. May be
defined on the basis of economic evaluation,
or on physical or chemical attributes that
define an acceptable product specification.
Indicated Mineral Resources or Indicated
Resources
Indicated Mineral Resource or Indicated Resource
is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape
and physical characteristics, can be estimated
with a level of confidence sufficient to
allow the appropriate application of technical
and economic parameters, to support mine
planning and evaluation of the economic viability
of the deposit. The estimate is based on
detailed and reliable exploration and testing
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes
that are spaced closely enough for geological
and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources
An Inferred Mineral Resource or Inferred
Resource is that part of a Mineral Resource
for which quantity and grade (or quality)
are estimated on the basis of limited geological
evidence and sampling. Geological evidence
is sufficient to imply but not verify geological
and grade (or quality) continuity. It is
based on exploration, sampling and testing
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
JORC Code
The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
(the "JORC Code"), a professional code of
practice that sets minimum standards for
Public Reporting of minerals Exploration
Results, Mineral Resources and Ore Reserves.
Magnetite
Naturally occurring form of iron ore with
the formula Fe3O4.
Mt
Millions of tonnes
mt or mtV
Metric tonne or Metric tonne of Vanadium
Ore or Mineral Reserves
Ore or Mineral Reserves are sub-divided into
two categories. The "Proved" category - the
highest level of Reserves or the level with
the most confidence and the "Probable" category
- the lower level of confidence of the Reserves.
Reserves are distinguished from resources
as all the technical and economic parameters
have been applied and the estimated grade
and tonnage of the resources should closely
approximate the actual results of mining.
The guidelines state: "Mineral Reserves are
inclusive of the diluting material that will
be mined in conjunction with the Mineral
Reserve and delivered to the treatment plant
or equivalent facility." The guidelines also
state that:
"The term 'Mineral Reserve' need not necessarily
signify that extraction facilities are in
place or operative or that all government
approvals have been received. It does signify
that there are reasonable expectations of
such approvals."
Seam
A bed or a distinct layer of vein of rock
in other layers of rock
Vanadium
Vanadium is a chemical element with the symbol
V and atomic number 23.
Vanadium Oxide
Vanadium(V) oxide is the inorganic compound
with the formula V (2) O (5) .
characteristics, can be estimated with a
level of confidence sufficient to allow the
appropriate application of technical and
economic parameters, to support mine planning
and evaluation of the economic viability
of the deposit. The estimate is based on
detailed and reliable exploration and testing
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes
that are spaced closely enough for geological
and grade continuity to be reasonably assumed
----------------------------------------------------
Inferred Mineral An Inferred Mineral Resource or Inferred
Resources or Inferred Resource is that part of a Mineral Resource
Resources for which quantity and grade (or quality)
are estimated on the basis of limited geological
evidence and sampling. Geological evidence
is sufficient to imply but not verify geological
and grade (or quality) continuity. It is
based on exploration, sampling and testing
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
----------------------------------------------------
JORC Code The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
(the "JORC Code"), a professional code of
practice that sets minimum standards for
Public Reporting of minerals Exploration
Results, Mineral Resources and Ore Reserves.
----------------------------------------------------
Magnetite Naturally occurring form of iron ore with
the formula Fe3O4.
----------------------------------------------------
Mt Millions of tonnes
----------------------------------------------------
mt or mtV Metric tonne or Metric tonne of Vanadium
----------------------------------------------------
Ore or Mineral Ore or Mineral Reserves are sub-divided into
Reserves two categories. The "Proved" category - the
highest level of Reserves or the level with
the most confidence and the "Probable" category
- the lower level of confidence of the Reserves.
Reserves are distinguished from resources
as all the technical and economic parameters
have been applied and the estimated grade
and tonnage of the resources should closely
approximate the actual results of mining.
The guidelines state: "Mineral Reserves are
inclusive of the diluting material that will
be mined in conjunction with the Mineral
Reserve and delivered to the treatment plant
or equivalent facility." The guidelines also
state that:
"The term 'Mineral Reserve' need not necessarily
signify that extraction facilities are in
place or operative or that all government
approvals have been received. It does signify
that there are reasonable expectations of
such approvals."
----------------------------------------------------
Seam A bed or a distinct layer of vein of rock
in other layers of rock
----------------------------------------------------
Vanadium Vanadium is a chemical element with the symbol
V and atomic number 23.
----------------------------------------------------
Vanadium Oxide Vanadium(V) oxide is the inorganic compound
with the formula V (2) O (5) .
----------------------------------------------------
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(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
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