Bushveld receives approval to acquire Vanchem assets

29th August 2019 By: Simone Liedtke - Creamer Media Social Media Editor & Senior Writer

Aim-listed Bushveld Minerals says it has received approval from the Competition Commission of South Africa to acquire the Vanchem assets, without conditions.

The transaction currently remains on track to be completed by October 31, and the company is progressing the negotiations with local banks for a debt facility to supplement existing cash resources.

Bushveld CEO Fortune Mojapelo cited the commission’s approval as another key milestone for the company in closing the transaction.

He averred that the company remained on track to complete the transaction within the targeted timeframe, at which point Bushveld would have significantly increased its processing capacity.

This, he added, would give Bushveld “the ability to unlock even more of our . . . high-grade resource base and produce a diverse array of products for the steel market, the chemicals industry and the energy storage sector”.

The vanadium producer in May announced that it would acquire the primary vanadium processing assets of the Vanchem vanadium processing plant, the ferrovanadium production business of South African Japan Vanadium as a going concern, as well as 100% of the outstanding shares of Ivanti Resources.