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Bushveld Minerals, Izingwe Capital reduce stake in Mokopane vanadium project

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Bushveld Minerals, Izingwe Capital reduce stake in Mokopane vanadium project

South Africa's Department of Mineral Resources and Energy granted a mining right to Pamish Investments No. 39 (Pty.) Ltd. regarding the five farms which comprise the Mokopane Vanadium project, owned by Bushveld Minerals Ltd. and Izingwe Capital (Pty.) Ltd., in South Africa.

The farms are known as Vliegekraal 783 LR, Vogelstruisfontein 765 LR, Vriesland 781 LR, Schoonoord 786 LR and Bellevue 808 LR.

Bushveld Minerals said Oct. 21 that it will finalize financial provision requirements and concurrently implement an agreed revised shareholding structure, in accordance with Mining Charter III, that will see it and Izingwe Capital sell 5% of the equity in Pamish Investments to the Bakenberg Community Trust, a trust established for the benefit of the local communities.

The 5% will be vendor-financed and repaid from future proceeds from the mine.

Bushveld Minerals' stake in the project will accordingly reduce to 60.8% from 64%, while Izingwe Capital's stake will reduce to 34.2% from 36%.

Pamish Investments also committed to allocate an additional 5% to an employee share ownership scheme once the mine is operational, which will result in Bushveld Minerals holding 57.6% and Izingwe Capital holding 32.4%.

The mining right allows for the extraction of several other minerals from the project resource area, including titanium, phosphate, platinum group metals, gold, cobalt, copper, nickel and chrome.

The execution date and issuance of the mining right is yet to be advised by the Department of Mineral Resources and Energy regional office.

Bushveld Minerals closed Oct. 21 at 26.75 British pence per share, up by 18.89%.