Vanadium pentoxide produced by Largo Resources, at the Maracas Menchen mine, Brazil
Photo by: Henry Lazenby
VANCOUVER (miningeekly.com) – Canadian vanadium producer Largo Resources has shipped its thousandth consignment of the steel-hardening and catalytic compound from its flagship Maracás Menchen mine, in Bahia state, Brazil.
The shipment represented about 44-million pounds of vanadium pentoxide (V2O5) dispatched from the operation.
"We are extremely pleased to have passed this milestone in production and are very proud of the production results and low operating costs being achieved by our operational team. We anticipate that the vanadium price environment created by the recent price increases, which represent a five-year high, combined with our operational performance and our low-cost production, will drive strong financial results for the remainder of fiscal 2017,” said Largo president and CEO Mark Smith in a statement released Thursday.
According to information supplied by Metal Bulletin, the price range of V2O5 for the week ended August 18, was between $9/lb and $10/lb, which reflected an increase of about 64% over the $5.81/lb average price for the company’s fiscal second quarter.