{"id":1148697,"date":"2019-11-07T17:24:03","date_gmt":"2019-11-07T23:24:03","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006344"},"modified":"2019-11-07T17:24:03","modified_gmt":"2019-11-07T23:24:03","slug":"bushveld-minerals-closes-vanchem-vanadium-acquisition-for-53m","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1148697","title":{"rendered":"Bushveld Minerals closes Vanchem Vanadium acquisition for $53m"},"content":{"rendered":"<p>Vanadium producer Bushveld Minerals (AIM: BMN) said Thursday\u00a0that all outstanding conditions relating to the Vanchem\u00a0acquisition,<a rel=\"noreferrer noopener\" aria-label=\" first announced\u00a0in May (opens in a new tab)\" href=\"https:\/\/polaris.brighterir.com\/public\/bushveld_minerals\/news\/rns\/story\/x2qeqlx\" > first announced\u00a0in May<\/a> have been completed.\u00a0\u00a0<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Bushveld has\u00a0acquired, through its wholly owned South African subsidiary, Bushveld Vanchem Proprietary,\u00a0the Vanchem Plant from Vanchem Vanadium Products,\u00a0 a subsidiary of Duferco Vanadium Investment Holding S.A.; South African Japan Vanadium Proprietary, through Bushveld Minerals Limited, and 100% of the issued shares in Ivanti Resources from\u00a0Duferco Participations Holding S.A.\u00a0\u00a0<\/p>\n<p>The company has taken over VVP&#8217;s existing senior production team, which will provide operational stability while Vanchem is integrated into Bushveld Minerals. Andr\u00e9 Strydom has been appointed General Manager of Vanchem, Bushveld said.&nbsp;&nbsp;<\/p>\n<p>The total consideration for the acquisition was reduced from $68 million to $53.5 million, of which $30.5 million was payable in cash, $30 million on closing and $500,000 after two years. The balance, $23 million will be paid through the issue of convertible loan notes.\u00a0<\/p>\n<p>Revenue for the miner, which also owns the Vametco, Brits, and Mokopane projects in South Africa, jumped to $192.2 million in 2018, significantly more than the $79.2 million recorded in 2017. <\/p>\n<p>Though Bushveld&#8217;s <a rel=\"noreferrer noopener\" aria-label=\"revenue and earnings soared in 2018 (opens in a new tab)\" href=\"https:\/\/www.mining.com\/near-record-high-vanadium-prices-boosts-bushveld-minerals-2018-results\/\" >revenue and earnings soared in 2018<\/a> on near-record high vanadium prices, this year <a href=\"https:\/\/www.vanadiumprice.com\/\"  rel=\"noreferrer noopener\" aria-label=\"has been tough. (opens in a new tab)\">has been tough.<\/a> <\/p>\n<p>Bushveld\u2019s shares closed the day down over 6% on the LSE at $22. The 52 week high is $50.19, and 52 week low is $19.50. The company has a $253 million market capitalization.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total consideration for the acquisition was reduced from $68 million.<\/p>\n","protected":false},"author":47,"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":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148697"}],"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\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1148697"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148697\/revisions"}],"predecessor-version":[{"id":1148925,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148697\/revisions\/1148925"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}