Bushveld Minerals falls short of annual output guidance

Vandium producer Bushveld Minerals said it fell short of its annual production guidance, though its earnings rose thanks to higher mineral prices.

Revenue for the year through December more than doubled to $192.2m, up from $79.2m on-year, while Ebitda jumped to $107.5m, up from $23.9m.

Vandium production, from the company's Vametco assets, slid to 2,560 mtV, down from 2,649 mtV, falling short of a 2,600-to-2,650 mtV guidance range.

Production was impacted by an unplanned maintenance and repairs programme in the fourth quarter at refractory and cooler girth sections of a plant in South Africa.

Bushveld said it had commenced a transformation programme and that it expected production levels in 2019 to exceed those in 2018.

More detailed production guidance would be provided in a first-quarter operational update.

'The strong vanadium market ensured that Vametco generated healthy cash flows, even while its operational performance fell below expectations,' chief executive Fortune Mojapelo said.

'We are benefiting from the high vanadium prices, nevertheless, we are mindful of the imperative to drive Vametco towards operational excellence and realise its true potential.'

At 1:41pm: (LON:BMN) Bushveld Minerals share price was -1.25p at 39.5p