Vanchem Sale Update

Bushveld Minerals Limited

01 November 2024

 

Market Abuse Regulation ("MAR") Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

01 November 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Vanchem Sale Update

Bushveld Minerals (AIM: BMN), the AIM quoted, integrated primary vanadium producer, is pleased to announce that, further to the interim results announcement of 17 September 2024 and the proposed conditional disposal of Vanchem announcement of 07 May 2024, all conditions relating to the sale of the Vanchem vanadium processing plant, including Competition Tribunal approval, have now been met with final agreements being entered into on 31 October 2024. The transaction closed on the 31^st of October and will become effective on Thursday, 07 November 2024.

Craig Coltman, CEO of Bushveld Minerals Limited, commented: 

"With the Competition Tribunal's approval and all conditions now satisfied, the sale of Vanchem represents an important step in our efforts to create a more resilient business."

Financial Information relating to Vanchem

For the year ended 31 December 2023, Vanchem reported sales of ZAR 843.0 million (c. US$47.8 million) and recorded a loss before tax of ZAR638.1 million (c. US$36.2 million). The gross assets, of Vanchem, as at 31 December 2023 were approximately ZAR1,339 million (c. US$76.0 million).

Enquiries :  [e-mail]

Bushveld Minerals Limited		[phone]
Craig Coltman, Chief Executive Officer
SP Angel Corporate Finance LLP	Nominated Adviser & Joint Broker	[phone]
Richard Morrison / Charlie Bouverat
Grant Barker / Abigail Wayne
Hannam & Partners	Joint Broker	[phone]
Andrew Chubb / Matt Hasson / Jay Ashfield
Tavistock	Financial PR	[phone]
Gareth Tredway / Tara Vivian-Neal / James Whitaker

ENDS

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer. It is one of the world's three primary vanadium producers, offering compelling exposure to vanadium through its upstream asset.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com

 

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