Bushveld offloads Lemur interest after DBSA approval

(Sharecast News) - Bushveld Minerals announced the completion of the disposal of its interest in Lemur Holdings on Friday, following approval from the Development Bank of South Africa (DBSA). The AIM-traded firm said that as a result of the sale, it was no longer liable for about $2.5m in outstanding debt owed to the DBSA.

It said the total consideration received for the sale of Lemur was $100.

It followed the company's interim results on 17 September, which confirmed the DBSA's approval for the disposal.

The sale of Lemur marked the conclusion of Bushveld's involvement with the subsidiary, as it continued to focus on its core operations as an integrated vanadium producer.

"The completion of the disposal of Lemur demonstrates steady progress in Bushveld's strategic intent to rationalise assets with the view of focusing on Vametco as the company's core producing vanadium asset," said chief executive officer Craig Coltman.

At 1345 BST, shares in Bushveld Minerals were up 16.14% at 0.48p.

Reporting by Josh White for Sharecast.com.