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Unprotected Industrial Action
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, ( Bushveld ), reports that an unprotected industrial action at its Vametco operation has temporarily stopped production with effect from the morning of
16 April 2021.
It is understood that the unprotected industrial action is in relation to expectations of payments under the Employee Participation Plan ( EPP ) at Vametco, however, the Company is yet to receive a formal notice from organised labour.
The Company recently concluded an EPP with the recognised labour union. The Plan is designed to provide a framework whereby employees, excluding Senior Management, can share in the favourable performance of the Company. This is in addition to production related bonuses employees receive during the ordinary course of the year. The expectations for payments are not in
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The Company s flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project. Bushveld s vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company s energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.
The Company s flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project. Bushveld s vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company s energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.