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Bushveld Minerals offers downbeat guidance as Q1 production falls on planned maintenance
StockMarketWire.com
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Vanadium producer and energy storage solutions provider Bushveld Minerals trimmed its guidance after reporting a fall in first-quarter production following planned maintenance.
For 2021, production was expected at lower end of the 4,100 mtV and 4,350 mtV range.
'[R]isks to this guidance exist as a consequence of Vametco's challenges in achieving consistent plant performance, the slower-than expected ramp-up following the maintenance shutdown, the recent industrial action, as well as risks associated with the ramp-up of Vanchem's first phase refurbishment,' the company said.
For the three months ending 31 March 2021, production fell to 688 mtV from 880 mtV year-no-year.
Vanadium prices continued to increase during Q1 2021 after a strong start to the year, supported by the lengthening of the supply chain and logistics disruptions.
'Vanadium demand remains robust, and prices are expected to remain stable for the remainder of Q2 2021,' it added.
At 9:58am: (LON:BMN) Bushveld Minerals Limited share price was 0p at 12.63p
Story provided by StockMarketWire.com
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