Mokopane Vanadium Project
The Mokopane Vanadium Project is a key part of Bushveld Minerals’ vanadium strategy. The project is located on the central portion of the Northern limb of the Bushveld Complex, the second largest host of vanadium resources in the world. The project is in the Mokopane District of Limpopo Province, approximately 65km west of Polokwane. The project includes one of the world’s largest primary vanadium resources as well as high in-situ (1.4 per cent) and in-concentrate (1.75 per cent) V2O5 grades.
Geology & Resources
The Mokopane Vanadium Project deposit is a layered ore body along a 5.5km north-south strike at a dip of between 18° to 22° west. The project comprises three adjacent and parallel magnetite layers namely the Main Magnetite Layer (“MML”), the MML Hanging Wall (“MML-HW”) layer and the AB Zone.
298 Mt (JORC) resources and reserves run across three parallel overlying magnetite layers with grades ranging from 1.6 per cent to over 2 per cent V2O5 as follows:
- MML: 52 Mt @ 1.48 per cent V2O5 (1.6-1.8 per cent V2O5 in magnetite);
- MML-HW & Parting: 233 Mt @ 0.8 per cent V2O5 (1.5-1.6 per cent V2O5 in magnetite); and
- AB Zone: 12 Mt @0.7 per cent V2O5 (>2 per cent V2O5 in magnetite).
A Pre-Feasibility Study (“PFS”) on the Mokopane Vanadium Project was completed and published in January 2016. The PFS was premised on only the MML resource being mined and processed through a primary salt roast and leach process to produce over 99 per cent purity V2O5 .
The project economics are attractive as presented in the table below.
Bushveld Minerals believes the Mokopane Vanadium Project is robust enough to advance to a Bankable Feasibility Study. The Company continues to evaluate the potential to bring the asset into production in the most cost efficient manner possible. The intention remains to develop the project with a strategic partner at an appropriate point in the near future. Options being considered also include supply of mmL ore to China and or other brownfield processing plants.
The Mokopane Vanadium Project has a prospecting right (LP95PR), which incorporates five farms: Vogelstruisfontein 765 LR; Vriesland 781 LR; Vliegekraal 783 LR; Schoonoord 786 LR and Bellevue 808 LR. The Project’s mineral prospecting right covers several minerals including iron ore, vanadium and titanium. An application for a Mining Right was lodged in March 2015 and is currently still being processed by the South African Department of Minerals Resources. In September 2016, Bushveld Minerals was granted an Integrated Environmental Authorisation by the South African Mineral Resources Department in terms of Section 24 L of the National Environmental Management Act (Act 107 of 1998) for the project.
The Environmental Impact Assessment was compiled as part of the Mining Right Application. The next step in the application process is the approval of the Company’s mine works programme and social and labour plan which will pave the way for the granting of the Mining Right.