Regarding bushveld. For more than 5 years they have repeatedly...

Regarding bushveld. For more than 5 years they have repeatedly failed to meet production guidance or hit their growth projections despite saddling the company with huge debt. The plants are old and the South African electricity grid is on the verge of collapse. Every quarter the company fails to hit targets and report on one crisis after another. It's a case of one step forwards and two steps back with BMN and everything South African. Each step becomes harder as they carry more debt and uncertainty around the company's viability to survive.To emphasise the point the company borrowed and earmarked circa $45 million to take production to 6,800mtv across their 2 plants. The money was spent and the funds earmarked to raise production at Vametco was diverted to Vanchem, but didn't add a single kg of additional production to the planned expansion. The result was that the borrowed cash only raised production to circa 5,000 to 5,400mtv per year and they are struggling to hit even these downgraded figures
.To top it all the company then informed the market that they now need a further $151million to take production from 5,400mtv to their stated target of 8,400mtv.BMN are constantly walking a tightrope.

what confidence is the market gonna have to lend them another $150m when the last debt borrowed achieved nothing

look at the chart on BMN it tells the story, even in the recent price spikes between 2018 and now it’s barely been able to stop the rot. In my opinion tmt more likely to be in production in 2025 than bushveld. If they collapse as we come online some big money to be made by tmt. Prob pay off the debt in 12-18 months in that happens