Bushveld Minerals generates US$43mln in revenue in the first half, secures US$30mln in financing for
Bushveld Minerals Ltd (LON:BMN) generated revenue of US$43.1mln from its South African vanadium operations during the first half of 2020, down from the US$78mln generated in the corresponding period a year ago, as lower vanadium prices and lost production due to the coronavirus crisis took their toll.
The company calculates that the total lost revenue due to coronavirus amounted to US$9.2mln, with a further US$400,000 spent on hygiene, screening, protective and preventative measures.
The loss before tax was US$10.7mln.
Separately, the company has also announced a US$30mln financing deal with mining finance bank Orion, to underpin plans for the expansion of the vanadium production capabilities at Vametco.