TIDMBMN
RNS Number : 5453H
Bushveld Minerals Limited
28 July 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.
28 July 2023
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Enerox Update
Bushveld Minerals Limited (AIM: BMN), the integrated primary
vanadium producer and energy storage solutions provider, announces
that VRFB Holdings Limited ("VRFB-H") has received notice from
Garnet Commerce Limited ("Garnet") regarding its option in Enerox
Holdings Limited ("EHL"), which wholly owns Enerox GmbH
(Enerox).
Transaction details
Garnet has given notice to VRFB-H that it is exercising the
option set out in the RNS dated 12 April 2023(1) , to pay to EHL,
or directly to its subsidiary, Enerox, US$3,250,000(2) , in return
for shares in EHL that will result in Garnet holding 60% of the
issued share capital of Enerox and VRFB-H holding the remaining
40%.
1. Subject to obtaining approval from the Austrian Minister of
Labour and Economic Affairs under the Austrian Investment Control
Act and notification, if required, to the Austrian competition
authorities
2. less the amount of any interim funding provided by Garnet to
Enerox prior to completion of the option
Until completion of the option Garnet will have certain limited
rights to direct the affairs of EHL and Enerox. The parties have
also agreed to amend their existing joint venture agreement in
relation to EHL, in particular so that:
On the basis that Garnet will own 60% of the issued share
capital of EHL, it shall have the right to appoint a majority of
board members to EHL.
Any further funding required by EHL or Enerox, if not available
from third parties, shall be made by Garnet and VRFB-H pro rata to
their shareholdings, save that if one party is not able or willing
to participate in such funding then it will be diluted
accordingly.
Garnet and VRFB-H will procure that EHL and Enerox will continue
to deal with Bushveld Energy Limited ("BEL") whose assets are in
the process of being carved out from Bushveld Minerals Limited
("BMN") and shall agree to terms on which:
For six months BEL will retain its rights of first refusal to
supply electrolyte to Enerox projects subject to offering best
pricing, after which BEL will instead be provided with the right to
bid on any such projects and Enerox will not grant a right of first
refusal to any other third party; and
Enerox will support BEL in completing installation and provide
ongoing contracted support for the Bushveld Minigrid.
ENDS
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited +27 (0) 11 268 6555
Craig Coltman, Chief Executive
Officer
Chika Edeh, Head of Investor Relations
Nominated Adviser
SP Angel Corporate Finance LLP & Broker +44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
RBC Capital Markets Joint Broker +44 (0) 20 7653 4000
Sahil Suleman / Jamil Miah
Tavistock Financial PR
Gareth Tredway / Tara Vivian-Neal/
Adam Baynes +44 (0) 207 920 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 more
than 3,800 mtV, representing approximately three per cent 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 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
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