Aim-listed integrated primary vanadium producer Bushveld Minerals reports that the magnetite grade of the upper seam of its Brits-based Vametco vanadium mine increased from 26.8% in 2020, to 49.4% in 2021, reflecting actual performance in 2021.
MSA Group carried out the resource and reserve estimation in accordance with the terminology and definitions given in the Joint Ore Reserves Committee Code of 2012.
The combined inferred and indicated mineral resource comprises three seams – the lower, intermediate and upper seams.
Bushveld notes that the resource stands at 182.7-million tonnes at an average grade of 1.98% of vanadium pentoxide (V2O5) in magnetite, with an average magnetite content of 35% (in whole rock) for 703 900 t of contained vanadium, down from 709 800 t of 2020.
Within this, the ore reserve in the probable category comprises the same three seams and is reported as 45.3-million tonnes at an average grade of 2.02% of V2O5 in magnetite, with an average magnetite content of 28.6% (in whole rock) for 146 900 t of vanadium.
The lower seam is the main ore seam and the thickest, ranging from 13.8 m to 52 m in thickness, comprising a probable reserve of 38.4-million tonnes at an average grade of 2.05% of V2O5 (in magnetite), with an average magnetite content of 29.2% (in whole rock) for 128 900 t of vanadium.
However, Bushveld notes that an adjustment was made to the modifying factors to reflect more accurate ore reserve grades for the individual seams.
As such, the ore reserve modifying factors (mining loss and dilution) were adjusted based on pit to plant reconciliation production data supplied by Bushveld Vametco Alloys.
Meanwhile, in total, the Vametco resource was depleted 0.81% in 2021 as a result of mining seams over the past 12 months.
As such, the ore reserve as at December 31, 2021, was 262 000 t of V2O5 in magnetite at a grade of 2.02% V2O5, down from the 267 200 t at the end of 2020.
Bushveld CEO Fortune Mojapelo says the Vametco orebody continues to deliver consistently, in line with the reserves and resources estimates it is based upon.
“This gives us the confidence to pursue further growth in the years ahead, knowing that we have decades of mine life in front of us.
“It is updates like this that remind us what a unique and world-class asset we possess and that we must ensure it gets developed to its full potential over time,” he says.
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