Bushveld Minerals subsidiary snaps up South African vanadium project

Commodity mineral development Bushveld Minerals said one of its subsidiaries has acquired the Brits vanadium project in South Africa.

The London-listed company said Lemur Resources, in which it holds a 63% stake, has reached an agreement to acquire the project, which comprises three greenfield properties in South Africa’s North West province, from Sable Metals and Minerals for $600,000 (£395,444).

The site is located in the proximity of an existing mining and processing operation and other potential processing facilities, Bushveld said.

"The Brits project is in a geographic location that is well serviced with logistics infrastructure, in close proximity to several existing vanadium processing facilities,” said group chief executive Fortune Mojapelo.

“This addresses two important aspects of our vanadium platform strategy: consolidating quality vanadium resources and, more importantly, developing brownfield vanadium processing infrastructure.”

Bushveld shares were up 1.56% to 3.10p at 1602 GMT on Friday.