BEIJING (Asian Metal) 6 May 19 – On May 1, AIM-listed Bushveld Minerals Limited announced that it has entered into a Business and Share Purchase Agreement (the “Agreement”) with Vanchem Vanadium Products (Pty) Limited (“VVP”), a subsidiary of Duferco Vanadium Investment Holding S.A. (“Duferco”), South African Japan Vanadium Proprietary Limited (“SAJV”), a wholly owned subsidiary of VVP and Duferco Participations Holding S.A. to conditionally acquire vanadium production assets in South Africa (the “Transaction”) for an aggregate cash consideration of US$68 million (the “Consideration”), which is to be settled in two stages.

The vanadium production assets to be acquired are as follows:

(i) the vanadium production business of VVP as a going concern (“Vanchem Plant”);

(ii) the ferrovanadium production business of SAJV as a going concern (“SAJV Business”); and

(iii) 100 per cent of the outstanding shares of Ivanti Resources (Pty) Limited (“Ivanti”), a subsidiary of Duferco Participations Holding S.A, which has economic rights to certain secondary vanadium units treated within the Vanchem Plant.