Close Video


Bushveld Minerals (AIM: BMN) is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. The Company’s flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld’s vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company’s energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that electricity in Africa intersects paramount potential for social transformation with an immense commercial opportunity.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries. Its near term strategy is to deploy several VRFB systems as part of its longer term vision to become a significant electricity storage provider in Africa, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium.


  • Michael Kirkwood (Snr. Ind NE Chair): Chairs Ondra LLP & NED of AngloGold Ashanti
  • Ian Watson (Ind NE Chair.): ex MD Northam Platinum, ex CEO Platmin, ex CEO International Ferro Metals (SA)
  • Fortune Mojapelo (CEO): Founder of VM Investment Company. Involved in establishment and project development of several African junior miners
  • Tanya Chikanza (FD): 30 yrs equity and debt capital marketsexperience. Spent 9 yrs at Lonmin Plc
  • Jeremy Friedlander (Ind NED): involved in several natural resource projects in Africa
  • Anthony Viljoen (NED): Founder of VM Investment Company
  • Dolly Mokgatle (Ind NED): Ex Dep. Chair. of National Energy Regulator of SA, Chairs Total South Africa Pty Ltd, & NED of Rothschild (SA)


P&L31 Dec 2020
31 Dec 2019
(Cost of Sales)(91,261)(47,829)
Gross Profit/ (Loss)(1,273)
Profit/ (Loss) after tax

P&L31 Dec 2020
31 Dec 2019
Propert, plant & Equipment167,580185,269
Total Non-Current Assets234,480252,178
Cash & cash equivalents
Total Current Assets121,42682,572
Total Liabilities(141,906)(93,748)
Total Equity & Liabilities

Peer Group

  • Largo Resources (TSX: LGO): Vanadium production in Brazil
  • TNG Ltd (ASX: TNG): Vanadium & Titanium development project in Australia
  • Australian Vanadium Limited (ASX: AVL): Vanadium production in Western Australia
  • VanadiumCorp Resource Inc (TSX-V: VRB): Mining & clean energy storage co in Canada

Major Shareholders


  • Fortune Mojapelo – 1.12%
  • Anthony Viljoen – 1.11%


  • Hargreaves Lansdown Asset Mgt – 18.39%
  • interactive investor – 11.12%
  • Halifax Share Dealing – 10.46%
  • Orange Trust – 6.13%
  • Acacia Resources – 5.76%

Macro Indicators

SP Angel note (July 2020)

  • China’s new high-strength rebar standard introduced in late 2018 was designed to limit the use of inferior steels in construction.
  • China’s use of vanadium rose last year to 0.054kgV/t of steel in 2019 from 0.052kgV/tonne of steel in 2

Technavio: Global Vanadium Redox Battery Market 2020-2024 (Sep 2020): “The vanadium redox battery market and it is poised to grow by USD 37.84 mn during 2020-2024, progressing at a CAGR of almost 6% during the forecast period”

Media Coverage “Bushveld Minerals advances plans to support VRFB development” (Aug 2020)

“AIM-listed Bushveld Minerals has advanced the acquisition of Austrian group Enerox by acquiring a further 65.1% of the investment vehicle’s share capital through Enerox Holdings Limited (EHL).”

Investors: Chronicle : “Bushveld – production up, prices down” (June 2020)

Broker Coverage

SP Angel (July 2020: House Broker)

“Bushveld looks well placed to benefit from our forecast substantial upturn in demand for structural steel for government and regional construction programs. News on new Chinese infrastructure and housing construction continues to emerge while some
$15.9tn of stimulus spending has been announced around the world.”

    Submit your details to be kept up to date with announcements regarding Bushveld Minerals Limited

    We have a strict data protection policy and will not share your details with external parties.