(MENAFN- ProactiveInvestors)Bushveld Minerals (LON:BMN) reported that Lemur Resources (ASX:LMR) of which it owns 63.6% is holding discussions over a possible acquisition of a vanadium project in South Africa. Lemur said it had loaned the South African firm with which it is having talks A$213000 to provide immediate working capital If the acquisition goes ahead the loan will be offset against any agreed purchase price said Lemur but if terms are not agreed the South African firm will have 60 days to pay back the loan and interest. The project consists of three greenfield sites prospective for vanadium. Bushveld has previously made an offer to mop up the outstanding shares coal group Lemur Resources. The offer is six Aussie cents for each share which values Lemur overall at AS$10.9mln (£5.6mln). Separately today Bushveld drew attention to another Lemur statement today in which it said its independent directors have recommended to shareholders the Bushveld takeover offer in the absence of a superior proposal.
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