Bushveld Minerals (BMN)

Business description

Bushveld Minerals is an AIM-listed diversified commodity explorer in South Africa. Other than the Vametco deal, projects include an iron-titanium-vanadium deposit on the Bushveld complex’s northern limb as well as tin and coal assets.

Stock data

Market cap.£74.6m
Last close9.25p
High / Low (52 weeks)10.4p / 1.2p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.00.3585.2
Relative *0.82.5541.2

* % Relative to local index

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Company news

Bushveld Minerals Limited details expanded working capital facility with Wogen ...

Thu, 24 Aug 2017 06:51:24 GMT

Bushveld Minerals pushes ahead with tin float

Tue, 15 Aug 2017 12:56:09 GMT

Bushveld Minerals closes long awaited transformational Vametco acquisition

Fri, 07 Apr 2017 06:41:15 GMT

Bushveld Minerals agrees deal that will support financing of Strategic ...

Mon, 20 Mar 2017 07:37:34 GMT

Bushveld Minerals shares soar as plans come together

Wed, 09 Aug 2017 13:05:44 GMT

Y/E Feb Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 0.0 (1.5) (1.8) (0.4) N/A N/A
2017A 0.0 (1.5) (1.7) (0.3) N/A 226.3
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 30/08/2017

Investment summary

Bushveld’s US$16.4m acquisition of Vametco has transformed it from a junior explorer into a profitable producer. Vametco EBITDA (in which Bushveld has a c 27% interest) was ZAR85.5m, or US$6.4m, in H117. Initial output of its proprietary vanadium product, Nitrovan, is c 2,750t pa and is being expanded to 5,000t pa over the next three years. Apart from Vametco, Bushveld has completed its acquisition of a 42.075% effective interest in the Uis tin project in Namibia, while its coal division (Lemur) is working towards the development of a 60MW independent coal power plant in Madagascar.

Last updated on 06/09/2017

Industry outlook

Bushveld's Vametco acquisition will provide a fundamental underpinning to its share price, while we estimate that its other assets could be worth up to an aggregate c US$0.28/share. Hitherto, vanadium has been predominantly used as a steel-hardening micro-alloy. However, Bushveld intends to reconfigure the plant towards the production of vanadium electrolyte for use in vanadium redox flow-batteries.

Last updated on 06/09/2017

Key management

Fortune Mojapelo , CEO
Geoff Spoule , CFO

Company address

Bushveld Minerals Limited of Suite 3A
#5 Fricker Road
Illovo
Johannesburg
2116
South Africa
+27 11 268 6555
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