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. |
