Bushveld’s cash or cash equivalents at $31.6m at end of June
Bushveld Minerals (AIM:BMN) made $47m over the six months to June 2021, as its revenue rose by 9% compared to the same period a year prior.
Despite overall sales being lower, the average realised price of vanadium was up.
Bushveld produced 1,574 metric tonnes of vanadium during this period.
Other operational enhancements, including a maintenance programme, raised Q2 production by 28.8% during Q2.
The AIM-listed company recorded an EBITDA loss of $10.8m, meaning its cash or cash equivalents was at $31.6m at the end of June.
During the period, approximately US$12.7mln was realised from the sale of the investment in Invinity Energy Systems PLC, although the profit on the sale is not included in EBITDA.
The profit realised on the original investment of US$5 million was approximately US$7.7 million.
The Bushveld Minerals share price is down by 3.24% on Monday morning.
“The operational stability and improved production performance achieved in the last two months of the period under review was carried through into the first two months of the second half, which bodes well for reducing unit costs in the remainder of the year,” said Bushveld chief executive Fortune Mojapelo.
“We are confident of maintaining this rhythm, putting us on course to meet our production and cost guidance for the full year.”
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