Mr. Mark Smith reports
LARGO PRODUCES A RECORD 903 TONNES OF VANADIUM PENTOXIDE IN DECEMBER, BEING 12.9% ABOVE NAMEPLATE CAPACITY AND A RECORD 2,539 TONNES IN Q4 2017
Largo Resources Ltd. has set a new monthly production record at its Maracas Menchen mine during the month of December, 2017. The company produced 903 tonnes of vanadium pentoxide in December, surpassing by 15 tonnes the company's previous monthly production record of 888 tonnes set in August, 2017. The production in December, 2017, was 12.9 per cent above the plant's nameplate capacity, and is the result of the operating team's efforts to enhance efficiencies and to continually improve production.
In addition as a result of strong production throughout fourth quarter 2017, Largo has also achieved a new quarterly production record at its Maracas Menchen mine during Q4 2017. The company produced 2,539 tonnes of V2O5 in Q4 2017, surpassing by 26 tonnes the company's previous quarterly production record of 2,513 tonnes set in third quarter 2017. The production in Q4 2017 was 5.8 per cent above the plant's nameplate capacity.
The price range for V2O5 sales remained strong in December with the range for the week ended Dec. 29, 2017, being posted at $9.60 (U.S.) per pound to $9.90 (U.S.) per pound (source: Metal Bulletin).
"I am thrilled with our 2017 operating results and look forward to a very productive 2018," said Largo's president and chief executive officer, Mark A. Smith. Mr. Smith continued: "Our sustained success, strong production track record and ability to produce vanadium at a low cost have all resulted in Largo's emergence as a key player in the vanadium industry. Largo's position as one of the only pure-play vanadium producers uniquely positions Largo to benefit from the current realities of the vanadium market."
Largo Resources is a strategic mineral company focused on the production of vanadium pentoxide at its Vanadio de Maracas Menchen mine. Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Largo also has interests in a portfolio of other projects, including a 100-per-cent interest in the Currais Novos tungsten tailings project in Brazil, a 100-per-cent interest in the Campo Alegre de Lourdes iron-vanadium project in Brazil and a 100-per-cent interest in the Northern Dancer tungsten-molybdenum property in the Yukon Territory, Canada.
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