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.£76m
Last close8.68p
High / Low (52 weeks)10.0p / 2.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *3.5(9)186.7

* % Relative to local index

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Company news

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 212.3
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 08/12/2017

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 ZAR189.5m (US$14.2m or £11.1m) in the first nine months of 2017. Initial output of c 3,000tpa vanadium is being expanded to 5,000tpa over the next three years and it has confirmed the deployment of its first vanadium redox flow battery with Eskom. In the meantime, Bushveld’s coal division (Lemur) is working towards the development of the 60MW Imaloto independent coal power plant in Madagascar, while its tin interests have been spun out as AfriTin.

Last updated on 13/12/2017

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 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 batteries.

Last updated on 13/12/2017

Key management

Fortune Mojapelo , CEO
Geoff Spoule , CFO

Company address

Bushveld Minerals Limited of Suite 3A
#5 Fricker Road
South Africa
+27 11 268 6555
View website