Vanadium producer has no plans to tap shareholders for its R1.73bn expansion plans, resorting to cash and debt
Vanadium producer has no plans to tap shareholders for its planned R1.73bn expansion, resorting to cash and debtBushveld Minerals, SA’s largest supplier of vanadium, hopes to complete a R1.73bn expansion programme to nearly triple output without calling on its shareholders to fund its plans.
At that level of production, Bushveld would supply a tenth of global vanadium, which is used primarily in steel production. It now supplies 3% of vanadium, which the US and Chinese governments consider a strategic mineral. The company was able to post an operating profit of $22m, a 77% decline from the previous year’s $95m, despite vanadium prices dropping three-quarters to $22/kg by the end of 2019.
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