Date: Aug 23, 2018

Aim-listed Bushveld Minerals’ earnings before interest, taxes, depreciation and amortisation (Ebitda) for the six months to June 30 increased by 439% year-on-year to R521-million. Sales revenue increased by 139% to R1-billion, compared with R439-million in the first half of 2017, primarily owing to higher vanadium prices.

Bushveld pointed out on Wednesday that the Metal Bulletin ferrovanadium mid-average price for the first half of the year was $65.50/kg, an increase of about 150% compared with the average price of $26.20/kg in the first half of 2017.

Bushveld’s vanadium platform comprises the Bushveld Vametco, Mokopane and Brits Vanadium projects.

Phase 2 of the Vametco expansion project has been completed within budget and on time. It comprised the commissioning of a third primary mill and secondary crusher. This phase increased yearly production capacity to 3 750 t/y of vanadium, from the 3 000 t/y of vanadium achieved in Phase 1.

Vanadium production for the second quarter was 629 t in the form of Nitrovan from magnetite concentrate, compared with 794 t in the second quarter of 2017 and 731 t in the first quarter of this year.

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