Bushveld Minerals to take control of Vametco vanadium project through partner buy-out

Shareholders will need to approve a reverse takeover that will see Bushveld pay US$11.1mln in cash and shares for Yellow Dragon’s 55% of their BVL joint venture.

This will give it an indirect interest in the Vametco vanadium mine of 59.1%, compared to 26.6% currently, and enable it to consolidate the results into its financial numbers.

Fortune Mojapelo, Bushveld’s chief executive, said the acquisition completed the miner’s transition into a vanadium producer.

The price of vanadium has soared on predictions that in the future the metal will be an electrolyte in batteries used for electricity storage at power stations.

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