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.£75.4m
Last close9.34p
High / Low (52 weeks)10.0p / 1.2p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.72.0568.5
Relative *2.62.5505.5

* % Relative to local index

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Company news

Proactive Mining News Highlights: Lionsgold, Bushveld Minerals, Ariana ...

Sat, 18 Nov 2017 09:00:00 GMT

Bushveld Minerals announces revised mineral resource and reserve estimates for ...

Thu, 16 Nov 2017 15:56:15 GMT

Bushveld coal subsidiary makes key hires for Imaloto power project study

Fri, 17 Nov 2017 09:22:30 GMT

Bushveld Minerals completes tin division spin off

Thu, 09 Nov 2017 08:10:09 GMT

Proactive news snapshot: Greatland Gold, Galantas Gold, Bushveld Minerals ...

Fri, 17 Nov 2017 15:33:45 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 228.5
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 25/10/2017

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. In the meantime, Bushveld’s coal division (Lemur) is working towards the development of a 60MW independent coal power plant in Madagascar, while its tin interests (including Uis) are to be spun out shortly as AfriTin in a 1:1 ratio with Bushveld shares.

Last updated on 02/11/2017

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 02/11/2017

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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