https://www.miningweekly.com

Bushveld subsidiary pays final $1m owed to Barak Fund

8th June 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals’ Bushveld Vametco subsidiary has repaid the final $1-million due to Barak Fund under an $11-million bridge loan.

Bushveld Vametco had entered into the bridge loan with Barak as part of its acquisition of a 78.8% shareholding interest in Strategic Minerals Corporation from Evraz Group.

It had already repaid $8.8-million and $1.2-million in May and earlier this month respectively.

As previously reported, Bushveld Vametco will pay further outstanding fees and interest due to Barak by June 30.

“We are delighted to have fully settled the bridge loan in such a timely fashion as promised. We have worked well with the Barak team on the acquisition and are grateful for their support,” commented Bushveld Minerals CEO Fortune Mojapelo.

Analysts at SP Angel commented in a note on Thursday that the rapid repayment of the bridge loan highlighted the strength of cash flow coming from the Vametco plant. 

"Shareholders can now look forward to reports on strong cash generation and on the further improvement of the business through increasing production, improved cost efficiencies and innovative new product generation," the analysts added.

Edited by Creamer Media Reporter

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.092 0.129s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: