Name of the Project
Mokopane vanadium project.

Location
Limpopo, South Africa.

Client
The project is 64%-owned by Bushveld Minerals Limited (BML) through its wholly owned subsidiary, Bushveld Resources Limited, which, in turn, holds 64 % of Pamish Investments No 39.

Project Description
Mokopane has an ore reserve of 28.56-million tonnes delineated from a resource of 298-million tonnes.

The prefeasibility study (PFS) indicates a mine life of 30 years based on less than 10% of the total project resource.

The study has confirmed the emergence of the project as a market-leading vanadium project.

The PFS envisages a one-million-tonne-a-year run-of-mine operation producing on average 9 525 t/y of vanadium pentoxide (V2O5) flakes at 99.5% weighted purity.

BML proposes to develop the project using openpit mining to supply the concentrator and salt roast plant.

The ore will be crushed and milled on site, concentrated using magnetic separation and beneficiated in a salt roast plant to produce V2O5 in flakes.

The salt roast plant will be a separate entity held in the name of SaltCo, a new company to be registered.

Jobs to be Created
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 9% discount rate, of $418.04-million and an internal rate of return of 24.8%, with a payback of four years.

Value
Not stated.

Duration
Not stated.

Latest Developments
The Department of Mineral Resources has granted Bushveld Minerals an integrated environmental authorisation (IEA) for the Mokopane vanadium project.

Bushveld compiled an environmental-impact assessment as part of its mining right application (MRA).

The next step in the MRA process is the receipt of the approval of the company's mine works programme and social and labour plan.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
BML, tel +27 11 268 6555, fax +27 11 268 5170 or email info@bushveldminerals.com.