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Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage provider - Reports production in the third quarter that ended September 30 of 1,016 metric tonnes of vanadium, a fall of 3.8% from 1,056 metric tonnes a year ago but an increase of 52% on the second quarter of 2022, when it was 668 metric tonnes. Sales in the third quarter grow 25% to 1,034 metric tonnes of vanadium from 826 tonnes a year prior. Meanwhile, production for the first nine months of 2022 totals 2,657 metric tonnes of vanadium, 1.1% higher than 2,629 a year prior.
Bushveld says it benefits from a weaker South African rand.
The company adds it is on track to meet 2022 production guidance of between 3,900 and 4,100 metric tonnes of vanadium, at least 8.6% higher from 3,592 produced in 2021. Further, it expects costs to "normalise" throughout the rest of 2022, with 2022 production cash costs expected to be within guidance. Weighted average production cash cost in the third quarter was at 29.3 per kilogram, 7.3% higher than $27.3 a year ago.
Current stock price: 4.65 pence
12-month change: down 55%
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