Shares of Bushveld Minerals Limited (LON: BMN) fell 3.47% after releasing its half-year results for the six months ended June 30, 2021.
The vanadium mining company generated $47 million in revenues, a 9% increase compared to last year’s similar period.
The firm saw its overall vanadium production fall 28.8% in the second quarter due to its maintenance programme and other operations to expand its production capacity.
However, Bushveld benefitted from higher vanadium prices despite the lower production and sales volume to earn higher revenues.
The firm reported a loss before tax of $10.8 million during the six month period, which drove its share price lower.
Bushveld made $12.7 million after selling its stake in Invinity Energy Systems PLC but did not include its sales profits with its gross pre-tax earnings, which could have positively affected its overall losses.
The vanadium miner made a $7.7 million profit on the sale, given it acquired the stake Invinitystake for $45 million.
Fortune Mojapelo, Bushveld’s CEO, said: “The operational stability and improved production performance achieved in the last two months of the period under review was carried through into the first two months of the second half, which bodes well for reducing unit costs in the remainder of the year,”
“We are confident of maintaining this rhythm, putting us on course to meet our production and cost guidance for the full year.”
Bushveld Minerals share price.
Bushveld shares fell 3.47% to trade at 10.425p, falling from Friday’s closing price of 10.800p.
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