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On 31 May 2024, Bushveld Minerals Limited announced that the Competition Commission of South Africa (CCSA) unconditionally approved the proposed sale of a 64% interest in Mokopane by SPR Fund I (SPRF). Mokopane is controlled by Bushveld Resources, which is wholly owned by Bushveld Minerals. Three conditions precedent remain outstanding, including confirmatory legal due diligence by SPRF, completion of the Vanchem acquisition by SPRF, and consent from the Minister of Mineral Resources and Energy.
| Date | 31 May 2024 |
| Time | 16:07:56 |
| Category | Corporate updates |
| ID | 7154Q |
31 May 2024
Bushveld Minerals Limited
("Bushveld" or the "Company")
Competition Commission Approval for the sale of a 64% interest in Mokopane
Further to the Company's announcement on 15 December 2023, Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the Competition Commission of South Africa ("CCSA") has unconditionally approved the proposed sale of Mokopane by SPR Fund I ("SPRF"), represented by its general partner SPR GP1. Mokopane is controlled by Bushveld Resources which is, in turn wholly owned by Bushveld Minerals. Mokopane is the holder of the sole and exclusive mining rights to extract minerals, including vanadium titanium. The CCSA is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market and the proposed transaction does not raise public interest concerns. The following conditions precedent remain outstanding:
· SPRF having conducted a satisfactory confirmatory legal due diligence;
· Completion of the Vanchem acquisition by SPRF;
· Consent of the Minister of Mineral Resources and Energy to the change of control of Mokopane in respect of each mining and prospecting licence.
Enquiries: [email protected]
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Bushveld Minerals Limited |
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+27 (0) 11 268 6555 |
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Craig Coltman, Chief Executive Officer |
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SP Angel Corporate Finance LLP |
Nominated Adviser & Joint Broker |
+44 (0) 20 3470 0470 |
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Richard Morrison / Charlie Bouverat |
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Grant Barker / Richard Parlons |
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Hannam and Partners |
Joint Broker |
+44 (0) 20 7653 4000 |
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Andrew Chubb, Matt Hasson, Jay Ashfield |
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Tavistock Communications |
Financial PR |
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Gareth Tredway / Tara Vivian-Neal / James Whitaker |
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+44 (0) 207 920 3150 883504883504 |
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ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced more than 3,800 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.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com