Bushveld Minerals Announces Acquisition Of Minority Interests In Vametco
Bushveld Minerals Announces Acquisition Of Minority Interests In Vametco. Bushveld Minerals Limited, the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, is pleased to announce that it has entered into a conditional agreement which will result in the Company increasing its ownership to 100% of the Vametco vanadium mine and production facility.
BVI 973 is owned 25% by the Vametco Community Trust and 75% Marble Gold 208 (Pty) Limited, a wholly owned subsidiary of Jaxson 640 (Pty) Ltd (“Jaxson 640”). Jaxson 640 is owned 70% by Mr Billy Chipane, a South African entrepreneur and director of BVH, and 30% by the Peo Matlafatso Trust, a trust owned by the local Mothotlung communities. BVI 1833 is 100% owned by Oakleaf Investments 115 (Pty) Ltd, which in turn is 100% owned by Jaxson 640.
Craig Coltman, CEO of Bushveld Minerals Limited, commented: “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 Black Economic Empowerment 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.”
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced 3,842 mtV, representing more than 3% of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider.
Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries (“VRFBs”).
