Bushveld Minerals Limited “a furtther important milestone” Fortune Mojapelo, CEO

Fortune Mojapelo, CEO of Bushveld Minerals, commented: “The signing of the DSU with Gingko is an important step in the completion of the Jaxson-Avacap agreement and, as such, a further important milestone towards the completion of our acquisition of SMC. We look forward to providing further updates as we conclude the outstanding conditions.”

Bushveld Minerals Limited (LON:BMN), a diversified mineral development company with projects in Southern Africa, is pleased to announce that, further to the announcement made on 22 February 2017, it has signed a Deed of Settlement and Undertaking with Gingko Trading Proprietary Limited and Oakleaf Investments Holdings 115 Proprietary Limited regarding the settlement, by Bushveld, of all demonstrable funding (and accumulated interest thereon) that Gingko advanced to Oakleaf 115 as part of its acquisition in 2014 (as a participant in the Avacap Proprietary Limited consortium of a 10% shareholding in Vametco Holdings Proprietary Limited. Oakleaf 115 holds its 10% shareholding in Vametco through its 100% shareholding in Business Ventures Investments Holdings No 1833 Proprietary Limited.

The DSU has been agreed as part of the broader acquisition by Jaxson 640 Proprietary Limited (“Jaxson”) of the Avacap Consortium’s interest in Vametco, as announced on 22 February 2017, in which Jaxson, a qualifying BEE company in accordance with the Broad Based Economic Empowerment Act of South Africa, has agreed conditionally to acquire an effective 21.2% interest in Vametco (the “Jaxson-Avacap Transaction”).

As a consequence of the implementation of the DSU, Bushveld shall be a lender alongside other lenders to Oakleaf. The DSU and Jaxson-Avacap Transaction are inter-conditional.

As announced on 22 February 2016, the Jaxson-Avacap Transaction is subject to several conditions precedent:

— Bushveld entering into the above mentioned DSU, whereby Bushveld will provide vendor financing for the settlement of all amounts owing to Gingko (“Gingko Funding Amount”) in respect of the BEE shareholding held by BVI 1833 including a share in all upside realised by Avacap Consortium under the Jaxson-Avacap Transaction. The Gingko Funding Amount comprises all demonstrable funding advanced by Gingko in respect of the acquisition of the BEE shareholding by the Avacap Consortium in BVI 1833. The total settlement is estimated at ZAR 7.55 million;

— The completion and implementation of Bushveld Vametco’s acquisition of SMC, a condition that cannot be waivered without the consent of Evraz Group SA;

— Consent to the transaction from Nedbank Limited, one of the funders of the Avacap Consortium’s acquisition of an interest in Vametco in 2014;

— Regulatory consent to the transaction from the Department of Mineral Resources in terms of Section 11 of the Mineral and Petroleum Resources Development Act.

The signing of the DSU fulfills a key part of the conditions to the completion of the Jaxson-Avacap Transaction.

 

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Bushveld Minerals

    More articles like this

    Bushveld Minerals

    Redox Flow Batteries: technologies and market overview

    This webinar, presented by IDTechEx Technology Analyst Daniele Gatti, will provide an introduction to Redox Flow Batteries (RFBs), addressing some of the technologies developed, and giving an overview of the flow battery market.  The increased adoption

    Bushveld Minerals

    Bushveld eyes delayed JSE debut within 12 months

    Bushveld Minerals, SA’s largest supplier of vanadium, hopes to complete a R1.73bn expansion programme to nearly triple output without calling on its shareholders to fund its plans. Bushveld had delayed its listing on the JSE due

    Bushveld Minerals

    China now a net importer of vanadium

    China is now a net importer of vanadium, a situation which is expected to persist, Bushveld Minerals CEO Fortune Mojapelo said on Tuesday. Speaking at question-and-answer time after presenting a solid set of financial results for 2019, Mojapelo

    Bushveld Minerals

    The coming vanadium battery revolution

    Vanadium: an important role in renewable energy Flow batteries look set to play an important part in the development of the global renewables market, which itself is expected to reach a size of $1.5 trillion by

    Bushveld Minerals

    What is Bespoke Storage

    Bespoke solutions are the largest BESS’s, typically over 20 MW/ 100 MWh, either built into existing buildings, or in purpose built “Storage Stations”. Typical examples of such Storage Stations are the 15MW/ 60MWh system built by

    Bushveld Minerals

    What is a Standalone BESS

    Standalone BESS solutions can be dynamically sized to suit any long-duration storage requirement, typically sized from 100kW/ 400kWh to 40MW/ 160MWh. Standalone solutions are usually made up of multiple containerised units and can stand in any

    Bushveld Minerals

    Hybrid-Mini-Grid

    What is a Hybrid-Mini-Grid A Hybrid-Mini-Grid system comprises of several different sources of energy supply, such as wind or solar, plus diesel back up, plus possibly grid supply, or any other energy resource coupled to a

    Bushveld Minerals

    VRFB Technology

    The VRFB is the simplest and most developed flow battery in mass commercial operations The flow battery was first developed by the National Aeronautics and Space Administration (NASA) in the 1970s and unlike conventional batteries, the

    Bushveld Minerals

    Vanadium flowing in 2020

    2020 was touted by many as the year of the vanadium redox flow battery (VRFB).  In spite of the impact of the global pandemic, this prediction is beginning to bear fruit and the year is only