Disposal of Interests in Lemur Holdings Limited

Bushveld Minerals Limited

18 October 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.

18 October 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Disposal of Interests in Lemur Holdings Limited ("Lemur")

Bushveld Minerals (AIM: BMN), the AIM quoted, integrated primary vanadium producer, further to the interim results announcement of 17 September 2024 which confirmed that the Company had received approval from the Development Bank of South Africa ("DBSA") for the disposal of Lemur (the "Disposal"), is pleased to announce that all other conditions to the Disposal have been met. As a result of the completion of the Disposal, Bushveld is no longer liable  for the outstanding c.US$2.5 million debt owed to DBSA. The total consideration paid to the Company for Lemur was US$100.

Craig Coltman, CEO of Bushveld Minerals Limited, commented: 

"The completion of the disposal of Lemur demonstrates steady progress in Bushveld's strategic intent to rationalise assets with the view of focusing on Vametco as the Company's core producing vanadium asset."

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 LEMUR

Lemur Holding Limited, a Mauritius-incorporated company, is developing an integrated thermal coal mining and independent power project (the Imaloto Project) in Madagascar.

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

 

END