Fortune Mojapelo, Bushveld Mineral Limited’s (LON:BMN) chief executive, believes the miner's first half numbers were good 'by any stretch'.

He adds, however, that they were based on an average vanadium price of US$65 per tonne, whereas the current price is US$110 per tonne, which bodes well for the second half.

Fundamentals for vanadium are also far stronger going forward than they have been in the past, he reckons.

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Phase 3 expansion at the Vametco vanadium mine is commencing in earnest, while the group is also looking for new brownfield assets.

A dividend policy should be in place by the end of the year, while a framework to highlight the value in the energy storage business is also planned.

“The business is still very undervalued," believes Mojapelo.