Bushveld Minerals to take control of Vametco vanadium project through partner buy-out

Date: Dec 1, 2017
Bushveld Minerals Ltd (LON:BMN) is to take control of the Vametco vanadium project in South Africa through the buy-out of partner Yellow Dragon.

Shareholders will need to approve a reverse takeover that will see Bushveld pay US$11.1mln in cash and shares for Yellow Dragon’s 55% of their BVL joint venture.

This will give it an indirect interest in the Vametco vanadium mine of 59.1%, compared to 26.6% currently, and enable it to consolidate the results into its financial numbers.

Fortune Mojapelo, Bushveld’s chief executive, said the acquisition completed the miner’s transition into a vanadium producer.

The price of vanadium has soared on predictions that in the future the metal will be an electrolyte in batteries used for electricity storage at power stations.

To read full article please click here