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Bushveld Minerals Ltd on Tuesday said it has agreed a deal with Southern Point Resources Fund I SA LP to sell Vanchem for up to $40.6 million.

Bushveld is a vanadium producer operating the Vanchem and Vametco processing facilities in South Africa.

This includes an initial $20.6 million plus a deferred consideration of between $15 million and $20 million, the company said.

The proposed terms replace those announced in November for the sale of a 50% interest in Vanchem to SPR.

Bushveld said the disposal is conditional upon shareholder approval.

Shares in Bushveld were flat at 0.70 pence each in London on Tuesday afternoon.