https://www.miningweekly.com
Africa|Energy|Storage|Solutions
Africa|Energy|Storage|Solutions
africa|energy|storage|solutions

Bushveld to take full ownership of Vametco

Bushveld Minerals CEO Craig Coltman

Bushveld Minerals CEO Craig Coltman

30th October 2023

By: Creamer Media Reporter

     

Font size: - +

Integrated primary vanadium producer and energy storage solutions provider Bushveld Minerals has entered into a conditional agreement to buy the 26% interest in the Vametco mine and production facility, in South Africa’s North West province, that is held by a black economic empowerment (BEE) consortium.

In exchange, the consortium will receive 232.84-million shares in Bushveld, representing 13% of Bushveld’s enlarged share capital.

"This is an important transaction as it consolidates the ownership of this valuable vanadium producing asset under a single entity – Bushveld Minerals.

“As South Africa navigates its way beyond the original BEE ownership requirements at asset level as set in law, we see it fit to now transfer this interest to a stake at the top level of the company, providing see-through value in a listed stock and access to Bushveld's future growth plans across the group.

“For Bushveld, it allows us to consolidate the structure and take full control of the asset,” says Bushveld CEO Craig Coltman.

Aim-listed Bushveld states that the transaction will give it complete control over Vametco’s cash flows and that it is expected to enhance earnings a share going forward.

The transaction is subject to approval by the South African Reserve Bank.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

 

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

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:0.127 0.159s - 144pq - 2rq
Subscribe Now