AIM-listed Bushveld Minerals, a diversified mineral development company with projects in South Africa and Madagascar, has announced that the Competition Commission of South Africa has approved its acquisition of Strategic Minerals Corporation (SMC) from Evraz Highveld Steel and Vanadium.
Bushveld Minerals announced in May this year that it it plans to buy (through a share purchase agreement) Evraz Highveld Steel and Vanadium’s 78.8% stake in SMC , which holds the Vametco vanadium mine and plant, in South Africa’s North West province near the town of Brits.
Vametco’s mining right lies adjacent to Bushveld’s Brits vanadium project, which is the continuation of the strike of the Vametco mine’s deposit with similar vanadium grades to the mine.
Bushveld Minerals said that it is making good progress in securing the financing for the completion of the acquisition and fulfilling the remaining conditions precedent, including approval from Bushveld shareholders and the waiver or lapse of Sojitz Corporation’s pre-emption rights to acquire the SMC shares.
Fortune Mojapelo, CEO of Bushveld Minerals said the company is pleased that the significant milestone of fulfilling the conditions to the SMC acquisition has been completed within the expected time frame.
The approval supports Bushveld’s efforts to complete the transaction as soon practically possible.”
The acquisition will realise Bushveld’s strategy to develop a significant, vertically integrated vanadium platform and accelerate Bushveld’s path to production by several years.