Date: Feb 11, 2019

Bushveld Minerals Ltd increased annual revenues from vanadium mining by 142.7% in 2018 to $192.2 million on higher vanadium prices, the integrated South African producer announced on Wednesday January 30.

However, the notably lower 32.9% increase between the third and fourth quarters, for fourth quarter revenues of $60.2 million, reflected vanadium prices coming off of a historic peak.

But that same price was most recently assessed at $77-79.10 per kg on January 30, reflecting a correction that occurred at the end of last year despite strong market fundamentals.

That correction also saw the US spot price for ferro-vanadium, 70-80% V, in-warehouse Pittsburgh, fall to $40-42 per lb on January 24. This is down from a peak of $55.50-57 per lb on November 15, 2018.

Annual production of Nitrovan from Bushveld’s Vametco operation in South Africa was lower than anticipated in 2018 at 2,560 tonnes, compared with the previously announced guidance of 2,600-2,650 tonnes.

Unplanned maintenance and repairs at the operation during the fourth quarter were the reasons behind the lower output, the holding company said. 

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