Bushveld Minerals has announced an extended shutdown of its Vametco plant as part of a business rescue plan and has consulted with lawyers and an insolvency practitioner, it said in a filing today.The company has struggled to make ends meet amid a depressed vanadium market and low production. But now it seems the wolf is at the door.In its interim results, released in September, it posted a turnover of $25.6 million, of which most came from Vametco. This compares to $55 million in 2023.
"In the absence of sufficient value being realised from the assets or new capital being raised, it is unlikely that the company can be considered a going concern," it said in the filing.The shutdown, which began recently, will last until the end of March 2025.This move follows the appointment of Piers Marsden and Jenna Osborne from Matuson & Associates as joint business rescue practitioners for the company's South African entities.
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