$6.8m was to be paid by the end of April and the balance between the start of August and the end of October
Vanchem produces about 960 metric tonnes of vanadium a year, but once it is refurbished and has fresh sources of ore from another Bushveld asset, this could be lifted to 4,200 tonnes.
Bushveld will use its existing cash and future cash to fund the three expenses as well as drawing down on debt facilities it is negotiating. “This substantially reduces the capital required to bring the Mokopane Project into production, while also bringing it online in a much shorter time frame than if we were to construct a new plant,” he said.
The combined total of $133m was about 45% of the estimated cost of building a mine and processing plant at Mokopane, with an accelerated feed of concentrate from the mine to Vanchem in 12 months, said SP Angel analyst John Meyer.
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