Wednesday, April 26, 2017
Fortune Mojapelo

Fortune Mojapelo

Bushveld Minerals

FORTUNE Mojapelo’s Bushveld Minerals is hoping to become a cash generating producer of vanadium in 2017. First, however, the company has to lock down debt finance for the purchase of the Vametco vanadium asset from Evraz. Mojapelo believes the timing is good as vanadium prices are forecast to continue rising despite the 85% price gain achieved to date. If the Vametco deal is consummated, Bushveld will have the largest primary source of vanadium in the world. The deal was approved by the Competition Commission in November. A draft of South Africa’s updated Integrated Resource Plan by the Department of Energy last year threw the spotlight on energy storage which plays to Bushveld’s vanadium battery development plans. A memorandum of understanding between Bushveld’s subsidiary, Bushveld Energy, and UniEnergy Technologies has been signed. The endeavour has the backing of the Industrial Development Corporation. There’s also a due diligence, to be completed in January, by consultants Vbkom, into Bushveld Minerals’ Mokopane tin project. Mojapelo says the aim is to build the resource to about 50,000 tonnes of contained tin, establish medium-term production, and attract strategic partners. As in vanadium, Mojapelo believes tin is facing a supply deficit. Shareholders seem to like the story as they supported £1.3m in two capital raising efforts during 2016.

LIFE OF FORTUNE

He is a mining engineer-turned-entrepreneur who co-founded VM Investment Company, an investment and advisory company developing projects in Africa. He previously worked with McKinsey & Co and has a BSc in Actuarial Science from the University of Cape Town.

“I look forward, for a change, to being a producing company.”