Announcement on Litigation

RNS Number : 1929F

Bushveld Minerals Limited

14 July 2021

 

 14 July 2021

Market Abuse Regulation ("MAR") Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Announcement on Litigation

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, advises that a claim form has been issued in the English High court by Garnet Commerce Limited ("Garnet") against VRFB Holdings Limited ("VRFB-H") and Enerox Holdings Limited ("EHL"). EHL owns a 100 per cent interest in Enerox GmbH ("Enerox"), a Vanadium Redox Flow Battery manufacturer, providing grid scale and micro-grid energy storage solutions.

Garnet's claim form seeks declarations against VRFB-H concerning an alleged breach of the joint venture agreement in relation to EHL, in respect of the indirect investment into EHL through VRFB-H by Mustang Energy Plc, as announced on 27 April 2021. VRFB intends to robustly defend the claims. The Company will update the market accordingly of any developments.

As previously announced, Bushveld Energy Limited has an indirect interest in Enerox of 25.25 per cent, through VRFB-H, which owns 50 per cent interest in EHL. Garnet owns an interest in Enerox through its holding in EHL.

ENDS

For further information please contact:

Enquiries: [e-mail]

Bushveld Minerals Limited		[phone]
Fortune Mojapelo, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser & Broker	[phone]
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
Peel Hunt Limited	Joint Broker	[phone]
Ross Allister / Alexander Allen
Tavistock	Financial PR	[phone]
Gareth Tredway / Annabel de Morgan / Tara Vivian-Neal

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning two of the world's four operating primary vanadium processing facilities. In 2020, the Company produced more than 3,600 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a in the long term.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").

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

 

END

 

 

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