Unprotected Industrial Action

RNS Number : 8675V

Bushveld Minerals Limited

19 April 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.

19 April 2021

  Bushveld Minerals Limited

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

Unprotected Industrial Action

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, ("Bushveld"), reports that an unprotected industrial action at its Vametco operation has temporarily stopped production with effect from the morning of 16 April 2021.

It is understood that the unprotected industrial action is in relation to expectations of payments under the Employee Participation Plan ("EPP") at Vametco, however, the Company is yet to receive a formal notice from organised labour.

The Company recently concluded an EPP with the recognised labour union. The Plan is designed to provide a framework whereby employees, excluding Senior Management, can share in the favourable performance of the Company. This is in addition to production related bonuses employees receive during the ordinary course of the year. The expectations for payments are not in keeping with the EPP recently signed.

In keeping with the Company's active employee and stakeholder engagement policy, the Senior Management team has held a series of meetings with representatives of the recognised trade union at Vametco, the Association of Mineworkers and Construction Union ("AMCU"), during which it was agreed that all reasonable steps would be taken to urge employees to safely return to work. The Company continues to engage with representatives of AMCU to resolve the unprotected industrial action. 

The Company will update the market as required and appropriate.

ENDS

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
Charles Vivian / Gareth Tredway / Edward Lee		[phone]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. 

The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld's vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company's energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

The Company's approach to project development recognises that, whilst attractive project economics are imperative, they may be insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.

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

 

END

 

 

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