Bushveld Minerals H1 losses more than double as production, sales fall

Mon, 27th Sep 2021

Vanadium producer Bushveld Minerals losses more than doubled in the first half of the year as lower production and sales offset higher vanadian prices. For the six months ended 30 June 2021, pre-tax losses jumped 112% to $22.7 million year-on-year, while revenue rose 9% to US$47.0 million. Average realised price increased to US$29.24 per kilogram (kgV) of vandium from US$24.20/kgV last year. Production in H1 2021 fell 5.2% to 1,574 metric tonnes (mtV) of vanadium as a result of 'unplanned stoppages,' the company said. Sales fell to 1,608 mtV1 from 1,765 mtV. Looking ahead, the company said it was on track to meet 2021 production guidance of between 3,400 mtV and 3,600 mtV. The company also expected to increase group production to a steady-state run rate of between 5,000 to 5,400 mtV by the end of 2022. Story provided by StockMarketWire.com

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