TIDMBMN
RNS Number : 5593W
Bushveld Minerals Limited
13 December 2023
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
13 December 2023
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld", the "Group" or the
"Company")
Corporate Update
Bushveld Minerals Limited (AIM: BMN), the integrated primary
vanadium producer, announces a corporate update ahead of an
investor presentation by Craig Coltman, the Company's Chief
Executive Officer, on the Investor Meet Company platform today.
Group Head Office Restructuring
The Company has been implementing various strategic cost
curtailment measures aimed at ensuring the long-term
competitiveness and financial stability of the Group as well as
rightsizing headcount at the Group's head office, given Bushveld's
renewed focus on its core operational assets.
The Company's focus, in the short term, is on reducing costs and
the strategic allocation of capital to drive enduring and
profitable production. In line with South Africa's Section 189 of
the Labour Relations Act of 1995, notices have been issued to
impacted Group Head Office employees.
This decision is driven partly by global market conditions, but
also by the recent decision to focus on our core operating assets,
Vametco and Vanchem, while disposing of other assets, including our
downstream energy assets and the Mokopane development project.
Approximately 40% of head office positions will be impacted.
This strategic move is expected to result in an annual saving of
approximately US$1.5 million per annum.
The wellbeing of all employees remains the Company's top
priority and the Section 189 process will be conducted with
transparency and adherence to the Company's values. Bushveld
Minerals is committed to supporting affected employees through this
challenging transition.
Despite these difficult decisions, Bushveld Minerals is
confident that these measures are essential for navigating the
current market conditions and ensuring the Company's continued
competitiveness throughout the commodity cycle.
Operational update
Bushveld remains on track to meet its 2023 Group production
forecast of 3,700 - 3,900 mtV, however, due to repeated refractory
failures at Vanchem in December, the decision was taken to bring
forward 12 days of the 2024 kiln reline programme, which will
impact Vanchem's production for the month of December 2023.
Craig Coltman, CEO of Bushveld Minerals Limited, commented:
"Over the past months, Bushveld Minerals has initiated several
cost-saving initiatives, including a strategic ore sourcing
programme and a moratorium on recruitment across the business. The
challenges posed by global market conditions and the need for
sustained operational stability have compelled us to take further
strategic measures, including a reduction in our Group Head Office
staff. Our priority remains the safety and wellbeing of our
employees, and we are committed to supporting them through this
process. As we navigate these challenges, we are confident that
these measures will fortify Bushveld Minerals for long-term
resilience and continued success in the dynamic commodity
landscape."
Investor Meet Company details
Bushveld Minerals' Chief Executive Officer, Craig Coltman, will
provide a live presentation, today, Wednesday 13th December 2023 at
12:00pm GMT. The presentation is open to all existing and potential
shareholders.
Investors can sign up to Investor Meet Company for free and add
to meet Bushveld Minerals Limited via:
https://www.investormeetcompany.com/bushveld-minerals-limited/register-investor
Investors who already follow Bushveld Minerals on the Investor
Meet Company platform will automatically be invited.
Enquiries : info@Bushveldminerals.com
Bushveld Minerals Limited +27 (0) 11 268 6555
Craig Coltman, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance Nominated Adviser,
LLP Joint Broker +44 (0) 20 3470 0470
Richard Morrison / Charlie
Bouverat
Grant Barker / Richard Parlons
Hannam & Partners Joint Broker +44 (0) 20 7907 8500
Andrew Chubb / Matt Hasson
/
Jay Ashfield
Tavistock Financial PR +44 (0) 207 920 3150
Gareth Tredway / Tara Vivian-Neal
/ James Whitaker
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a vertically integrated primary vanadium
producer, it is one of only three operating primary vanadium
producers. In 2022, the Company produced 3,842 mtV, representing
more than 3% of the global vanadium market. With a diversified
vanadium product portfolio serving the needs of the steel, energy
and chemical sectors.
Detailed information on the Company and progress to date can be
accessed on the website www.Bushveldminerals.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDGBDDIDBDGXD
(END) Dow Jones Newswires
December 13, 2023 02:00 ET (07:00 GMT)
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
