Vanadium production fell to 925 tonnes in the fourth quarter of 2023, compared with 1,000 tonnes in the previous quarter.
Weighted average production costs for vanadium were $27.30/kg, compared with $26.50/kg in the previous quarter.
However, sales during the reporting period increased by 1,106 tonnes from the previous quarter to 849 tonnes.
Vanadium production reached 3,714 tonnes in the 12 months to December 31, in line with forecasts, compared with 3,842 tonnes in 2022.
The weighted average production cost of vanadium was US$26.60/kg, compared with US$27.70/kg last year.
Bushveld sold 4,051 tonnes of vanadium for the full year 2023, compared with 3,584 tonnes the previous year, reflecting higher stock sales.
Related News
- Strong second half pushes Glencore to high end of 2023 guidance across the board
- Endeavour Mining wins court case to end Burkina Faso strike
- MT Survey Delivers High-Potential Targets at Marshall Lake
- Slow EV sales are proving problematic for Australia’s lithium miners
- ltilium and NGM enter into nickel processing partnership
- Atlantic Lithium completes first stage of offtake partnering process
The group’s forecast for this year has been suspended pending receipt of funding from South Point Resources (SPR).
Bushveld has had to suspend payments to key suppliers and defer some maintenance projects as SPR continues to default on capital increases.
Vanadium production of 267 tonnes in January was affected by the company’s limited liquidity position.
In addition, on February 1, Bushveld announced that it had completed the refinancing of unsecured convertible notes issued to the OMF Fund with total debt of $47.1 million (including accrued interest).
“We are pleased to announce the completion of the Orion convertible bond restructuring. . . . We had hoped to emerge from our financial difficulties, but it is disappointing that we have had to suspend our 2024 production forecast given the funding shortfalls noted in recent announcements.
“Once we receive additional funding, we hope to stabilize production at both plants and achieve more consistent performance,” Coltman assured.
