JOHANNESBURG (miningweekly.com) – Aim-listed diversified miner Bushveld Minerals will issue seven-million Bushveld shares to Sable Metals and Minerals to settle the outstanding R3-million payable for the acquisition of the Brits vanadium project.
Bushveld in November 2015 announced that it would acquire the Brits project for $600 000, or about R9-million.
It had already paid Sable R6-million of the purchase consideration.
Bushveld this week said the Brits project complemented Bushveld’s strategy to consolidate quality vanadium resources located on the the Bushveld Complex and develop brownfield processing opportunities for its vanadium platform.
The project is adjacent to the Vametco Alloys operation, in which Bushveld is acquiring a 78.8% controlling stake from Evraz for $17.2-million. The operation includes a vanadium mine and processing plant.