Bushveld Minerals Reports Pretax Loss in the First Half

Bushveld Minerals, a South Africa-focused vanadium miner, announced that it has backed its full-year guidance despite swinging to a pretax loss in the first half of the year. The company reported a pretax loss of $9.9 million in the half-year, compared to a restated profit of $1.8 million in the first six months of 2022. The loss was primarily attributed to higher finance costs and other expenses totaling $3.4 million.

Despite the loss, revenue increased slightly from $76.2 million to $78.4 million due to higher volumes and production, as well as a lower cost per unit sold. However, this increase was offset by a decline in average realized vanadium prices.

Capital expenditure for the period was halved to $4.3 million, but the company still recorded a negative free cash flow of $2.7 million.

Bushveld Minerals remains optimistic about its full-year performance and has maintained its revised guidance of producing between 3,700 and 3,900 metric tons of vanadium at an average production cash cost ranging from $26.6 to $26.9 per kilogram of vanadium.

Overall, Bushveld Minerals is determined to overcome the challenges it faces and achieve its production targets for the year.