https://newsletter.en.creamermedia.com
Financial
Financial
financial

Bushveld greenlighted on Vametco deal

Vametco plant

Vametco plant

19th December 2023

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

Font size: - +

In its pusuit of acquiring full ownership of the Vametco vanadium mine and production facility (Vametco), Aim-listed integrated primary vanadium producer Bushveld Minerals has met all the necessary conditions and received final approval from the South African Reserve Bank (SARB), thereby allowing the company to increase its ownership to 100% of Vametco.

Accordingly, Bushveld has acquired the 26% minority interest in Bushveld Vametco Holdings (BVH) from the black economic empowerment (BEE) consortium in return for, among others, the issue of 232.84-million new ordinary shares of 1 pence apiece in Bushveld.

Going forward, Bushveld will own 100% of the Vametco mine and vanadium plant, thereby acquiring full operational, management and financial control of Vametco.

This gives the Bushveld group complete control over Vametco's cash flows previously restricted by the minority interest, and is immediately value accretive to Bushveld shareholders with an expected enhancement in earnings a share going forward.

Bushveld CEO Craig Coltman says the approval of this important transaction by SARB strengthens and confirms the direction of the company strategy. “This allows us to consolidate the ownership of a valuable vanadium-producing asset, solely under one entity - Bushveld Minerals."

Edited by Creamer Media Reporter

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Weir
Weir

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:1.055 1.172s - 254pq - 2rq
Subscribe Now