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Bushveld Minerals reports unofficial work stoppages at Vametco operation

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Bushveld Minerals Ltd (LON:BMN) has reported an unofficial work stoppage at its Vametco vanadium operation in South Africa.

The action has been taken in regard to lower than expected payments under the terms of a recently signed employee participation plan.

The plan has been implemented in addition to performance-related bonuses paid to workers, but hasn’t met expectations due to difficult trading conditions through the lockdown and weaker vanadium prices last year.

Vametco’s official union, the AMCU, is reported to be urging staff to end the unofficial stoppage and return to work.

Meanwhile, broker SP Angel continues to rate Bushveld a “strong buy” as the vanadium price continue to rise in China. The price has risen by 18.7% on the last six months.

European prices have also now largely caught up with China as rising Chinese imports have drawn material away from other markets.

SP Angel sets a price target of 31p.

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