Bushveld Minerals (GB:BMN) has released an update.
Bushveld Minerals Limited reports a mixed first quarter of 2024 with Vanchem achieving record production, but overall sales down 14.4% from the previous year. The company faces a tight working capital situation due to delayed payments and weaker vanadium prices, which has materially affected production, particularly at Vametco, and may lead to suspension of operations if further funding isn’t secured. Legal proceedings have been initiated against Acacia Resources Limited for non-payment, and the anticipated sale of interests in Vanchem and Mokopane is now delayed, contributing to the financial strain.
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