Bushveld Minerals Ltd on Wednesday said that it has secured ZAR375 million, around GBP19.4 million, in debt facilities from Nedbank Ltd to support the company’s vanadium and energy project.

“We are pleased to announce the successful conclusion of the debt facility discussions. The funding provides additional flexibility for our business as we advance strategic initiatives at Bushveld Vanadium and Bushveld Energy,” said Chief Executive Fortune Mojapelo.

The South Africa focused vanadium producer’s unit Bushveld Vametco Alloys Proprietary Ltd has secured the debt facility in the form of a ZAR250 million loan and a ZAR125 million revolving credit facility.

Bushveld Minerals shares closed at 23 pence each in London on Wednesday, down 3.2%.

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