Vanadium producer Bushveld Minerals, which is listed on London's Aim market and operates in South Africa, has received a further R56.3-million, about $3-million, from Southern Point Resources (SPR) as a loan on an interest-free basis.
"The receipt of this cash enables the company to reduce creditor balances, while we continue to implement the necessary initiatives to improve operational performance at Vanchem and Vametco," says Bushveld CEO Craig Coltman.
Bushveld has now been loaned the full $12.5-million owing under its loan agreement with SPR.
The company's share price on the LSE rose by 13.79% on March 14.