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Bushveld Minerals Limited
Vametco production rates trending back up

Bushveld’s consolidated vanadium production increased by close to 30% in Q2 2021, underpinned by improved operational stability at Vametco following a maintenance shutdown that adversely impacted output in the preceding quarter. If maintained across the second half, current rates at both Vametco and Vanchem put the group well on course to meet its recently revised full-year production target of 3,400-3,600t. With vanadium prices having recovered strongly from last year’s lows, we are optimistic

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  • 21 Jul 21
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Central Asia Metals Plc
Q2 and H1 2021 production results

Q2 production keeps CAML well on course to hit its full-year target for copper, and if rates rise through H2, full-year zinc and lead output could also reach guidance (albeit perhaps at the lower end). Assuming costs broadly in line with recent years, this will yield material free cash flow growth given the rally in base metal prices, which should prompt higher dividends. Our upwardly revised 2021 EBITDA and DPS estimates put CAML on an undemanding EV/EBITDA multiple of just 4x and a compelling

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  • 08 Jul 21
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Bushveld Minerals Limited
Challenging 2020, but growth thesis remains intact

Bushveld’s 2020 results reflect a challenging year during which the group suffered operational interruptions and weak vanadium pricing. The latter more than offset higher production volumes as revenue fell 23% year-on-year. Despite an improvement in unit costs given the higher volumes, this pushed EBITDA negative. Maintenance downtime and industrial action at Vametco in the first half of this year and a delay in receipt of materials for the ongoing refurbishment of Vanchem are unfortunately like

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  • 01 Jul 21
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Mkango Resources Ltd.
Vertical integration ambitions gather momentum

Formalisation of plans to develop downstream processing in Europe is a major milestone for Mkango as it advances its vertically-integrated ‘mine-refine-recycle’ strategy. Development of the proposed REE separation facility in Poland will enable Mkango to add value to the purified mixed REE-enriched carbonate that it plans to produce from its Songwe Hill mining project in Malawi, increasing margins and enhancing marketing flexibility through the production of separated oxides attractive to a broa

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  • 07 Jun 21
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Bushveld Minerals Limited
Q1 operational update

Planned maintenance downtime at Vametco offset a solid performance at Vanchem as Q1 2021 vanadium production fell by 22% and 29% versus Q1 and Q4 of 2020, to 688t. Vametco is showing better stability post restart, but mindful of ongoing workstreams to maintain this, and of ramp-up risks attached to the Vanchem refurbishment, Bushveld now expects full-year production to come in towards the lower end of its 4,100-4,350t guidance range. We still envisage overall improved output this year, which in

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  • 14 May 21
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Central Asia Metals Plc
Q1 production results broadly as expected

CAML’s Q1 2021 production rates of copper, zinc and lead were down slightly versus Q1 2020, but we believe output of all three metals remains on course to meet group guidance for 2021. The latter is in-line with production levels over recent years, which if achieved we believe would result in material earnings (and potentially dividend) growth this year given the rally in base metals prices over recent months relative to 2020 average levels. Our 2021 forecasts would put CAML on an EV/EBITDA mult

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  • 13 Apr 21
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Vertical integration ambitions gather momentum

Formalisation of plans to develop downstream processing in Europe is a major milestone for Mkango as it advances its vertically-integrated ‘mine-refine-recycle’ strategy. Development of the proposed REE separation facility in Poland will enable Mkango to add value to the purified mixed REE-enriched carbonate that it plans to produce from its Songwe Hill mining project in Malawi, increasing margins and enhancing marketing flexibility through the production of separated oxides attractive to a broader range of potential customers. The site benefits from excellent existing infrastructure, a skilled local workforce and direct access to key processing reagents from its Polish partner’s existing chemicals facility. This should ensure favourable operating costs, while the central European location provides good access to international markets. The latter is of great strategic significance given growing demand for diversified (non-China) secure supply chains from REE-dependent developers of ‘green’ technologies and other strategic applications. Complementing both Songwe Hill and Mkango’s rare-earth magnet recycling initiatives in the UK, development of the plant will thus uniquely position Mkango as a supplier of sustainably sourced REE products across the full REE life cycle.

Mkango Resources Ltd.

  • 07 Jun 21
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