Bushveld Minerals eyeing £100m magic figure as builds momentum
| Date: Dec 11, 2017 |
| IT’S been an important year for Bushveld Minerals, the UK-listed company which recently spun off an investment in South African and Namibian tin into AfriTin, also listed in London.
Shares in Bushveld have increased from £1.57/share a year ago to £8.55/share today – its highest level in more than three years, and values the company at £70m. In South African terms, that’s a valuation of R1.3bn which would make it worth more than Wescoal Holdings or Coal of Africa (renamed MC Mining). According to Anthony Viljoen, a shareholder in Bushveld Minerals and CEO of AfriTin, the magic number is $100m since at that market capitalisation, it’s possible to attract more institutional support. Currently, about 80% of the share is held in retail hands. There is some institutional support – such as Barclays Wealth and Investment Management (UK) which owns about 4% as of August 31 – but there’s not enough of the larger institutions, said Viljoen. “We have a lot of retail shareholders so the share is volatile,” he said. Still, the share is on the up and up. |
