BUSHVELD MINERALS LIMITED Annual Report and
Financial Results
December 2020
Building on our solid foundation to meet the growing vanadium demand
This report is also available at www.bushveldminerals.com/financial-reports
In this Annual Report, the terms 'Bushveld Minerals Group', 'Bushveld', 'Company', 'Business','Group', 'we', 'us', 'our' and 'ourselves' are used to refer to Bushveld Minerals Limited. The terms 'Vametco Mine and Processing Plant', 'Vametco Vanadium Mine' and 'Vametco' are used to refer to 'Bushveld Vametco Alloys (Proprietary) Limited'. The terms 'Vanchem Plant' and 'Vanchem' are used to refer to 'Bushveld Vanchem Proprietary Limited'. The term 'Cellcube' refers to 'Enerox GmbH'.
Cross-references refer to sections of the Annual Report, unless stated otherwise.
Contents
Business Overview
02Who We Are
- Bushveld Minerals' Key Achievements
- Our Core Business
- Investment Case
- Chairman's Statement
- Chief Executive Officer's Review
- Business Model
- Vanadium Market Overview
- Energy Storage Overview
- Bushveld Minerals' Performance and Objectives
- Finance Director's report
- Details of Operating Assets and Operational Review
- Principal Risks
- COVID-19Response
- Sustainability
- Our People
Governance
62Board of Directors
- Executive Management Team
- Technical Advisers
- Corporate Governance Report
- Report of the Audit Committee
- 2020 Remuneration Report
- Directors' Report
- Statement of Directors' Responsibilities
Financial Statements
95Independent Auditor's Report
- Consolidated Statement of Profit or Loss and Other Comprehensive Income
- Consolidated Statement of Financial Position
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
- Notes to the Consolidated Financial Statements
Supplementary Information
- Mineral Resources and Reserves
- Acronyms
- Glossary
- Notice of Annual General Meeting
- Company Information
Business
Overview
Governance
Financial
Statements
Supplementary Information
Annual Report and Financial Results 2020 | Bushveld Minerals | 01 |
Who We Are
Bushveld Minerals is a low- cost, vertically-integrated primary vanadium producer
Bushveld owns two of the world's four operating vanadium processing facilities and is one of only three operating primary producers globally. In 2020, the Company produced more than 3,600 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider.
Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a. by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a. in the long term. Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").
02 | Bushveld Minerals | Annual Report and Financial Results 2020 |
Bushveld Minerals' Key Achievements
Business Overview
Governance
Vametco
Acquired a 26.6 per cent effective shareholding in Vametco, a vanadium mine and primary processing facility.
Bushveld Energy
Implemented its first rental contract with Avalon Battery Corporation.
Mokopane
Executed a
30-year mining right.
Bushveld Minerals | 2 |
Bushveld Minerals | |
0 | |
admitted to | |
1 | |
trading on AIM | |
2 | |
on 26 March 2012. | |
3 1 0 2 | |
Mokopane | 2 |
Licence extension for | 0 |
Mokopane | |
1 | |
Prospecting | 4 |
Right approved. | |
Bushveld Energy | 2 |
Official launch of | 1 0 |
Bushveld Energy. | |
6 | |
Vametco | 2 |
Increased its effective | |
0 | |
shareholding | |
1 | |
in Vametco to | |
7 | |
59.1 per cent. | |
8 1 0 2 | |
Bushveld Energy | 2 |
Received Environmental | 1 0 |
Authorisation for a 200 | |
MWh (~1,100 mtVp.a) | 9 |
capacity vanadium | |
electrolyte facility. | |
Bushveld Energy | 2 |
Vanadium rental | 0 |
partnership with Invinity | |
2 | |
and Pivot Power (part of | |
0 | |
EDF Renewables). | |
Bushveld Energy | 2 |
Monetised Invinity | 0 |
Investment and | |
2 | |
realised US$13 million. | |
1 | |
Bushveld Minerals
Bushveld Vanadium Project platform established on an initial resource of 52Mt.
Bushveld Energy
Co-cooperation Agreement signed with Industrial Development Corporation to determine the economic viability of VRFBs for use and manufacture in South Africa.
Vametco | Bushveld Energy |
Increased its effective | Started development |
shareholding in Vametco | of first commercial |
to 74 per cent through | photovoltaic and |
a series of transactions. | vanadium redox flow |
battery mini-grid. |
Bushveld Energy | Vanchem |
8.71 per cent investment | Acquired 100 per |
into AIM-listed Invinity | cent of Vanchem, |
Energy Systems ("Invinity"). | a primary vanadium |
processing facility. |
Bushveld Energy | Bushveld Energy |
Acquired Cellcube as | Established the |
part of an investment | Bushveld Electrolyte |
consortium. | Company ("BELCO"). |
Bushveld Energy | Bushveld Energy |
Secured indirect interest | Commenced |
of 25.25 per cent in | construction of |
Cellcube. | BELCO. |
Financial
Statements
Supplementary Information
Annual Report and Financial Results 2020 | Bushveld Minerals | 03 |
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Bushveld Minerals Limited published this content on 30 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2021 20:07:37 UTC.
