{"id":1097008,"date":"2019-01-30T14:55:49","date_gmt":"2019-01-30T14:55:49","guid":{"rendered":"http:\/\/www.mining.com\/?p=966477"},"modified":"2019-01-30T14:55:49","modified_gmt":"2019-01-30T14:55:49","slug":"near-record-high-vanadium-prices-boosts-bushveld-minerals-2018-results","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1097008","title":{"rendered":"Near-record high vanadium prices boosts Bushveld Minerals 2018 results"},"content":{"rendered":"

Vanadium producer\u00a0Bushveld Minerals\u2019 (LON:BMN) revenue and earnings soared in 2018, the company said Wednesday<\/a>, despite slightly missing production guidance due to repair work in the fourth quarter.<\/p>\n

Revenue for the miner, which owns the Vametco, Brits, and Mokopane projects in South Africa, jumped to $192.2 million, significantly more than the $79.2 million recorded in 2017.<\/p>\n

Profits from the miner\u2019s Vametco open pit operation alone quadrupled last year as prices of the silvery-grey metal more than double in 2018<\/a>. They were fuelled by a growing demand for the metal used to harden steel and in the making of so-called flow batteries, which are long-lasting, durable and can hold large amounts of energy.<\/p>\n

Profits from the miner\u2019s Vametco open pit operation alone quadrupled last year as vanadium prices more than double in 2018, fuelled by growing demand for the metal.<\/q><\/p>\n

Those properties have positioned them as an alternative to lithium-ion batteries produced by companies such as\u00a0Tesla\u00a0for the storage of intermittent renewable sources of energy.<\/p>\n

However, Bushveld’s 2018 production was 2,560 tonnes, down slightly from 2,649 the previous year. This was also short of guidance, which stood in the range of 2,600 tonnes to 2,650 tonnes.<\/p>\n

In an attempt to improve Vametco\u2019s operational performance, Bushveld hired an external consultant to carry out a detailed review of the mine plant and it has already begun to act on some of the recommendations.<\/p>\n

As a result, production should increase this year, and more detailed guidance will be given in the first quarter update in a couple of months\u2019 time.<\/p>\n

“We are benefiting from the high vanadium prices, nevertheless, we are mindful of the imperative to drive Vametco towards operational excellence and realise its true potential,\u201d Chief Executive Fortune Mojapelo\u00a0said in a statement.<\/p>\n

Vametco currently has a 142.4 million tonne resource, but results from a recently-completed 13-drill hole program have provided \u201cevidence of additional resources and reserves\u201d and an updated resource estimate will be published later this quarter.<\/p>\n

The post Near-record high vanadium prices boosts Bushveld Minerals 2018 results<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Repair work in the fourth quarter slightly impacted production, but that was more than offset by surging vanadium prices as demand for the metal grows.<\/p>\n

The post Near-record high vanadium prices boosts Bushveld Minerals 2018 results<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1266,405,404,369,410],"tags":[9,15],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097008"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1097008"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097008\/revisions"}],"predecessor-version":[{"id":1097083,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097008\/revisions\/1097083"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1097008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1097008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1097008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}