Brazil vanadium mine delivers record production
The Maracás Menchen mine in Bahia state, Brazil, has delivered a new quarterly production record of 2 952 t of vanadium pentoxide (V205), reflecting the impact of an expansion project that is now in its final stages of commissioning.
The third-quarter production is a 17% increase over that of the second quarter and a 15% increase over the third quarter of last year, reported TSX-listed Large Resources on Tuesday.
The expansion project is in the final stages of commissioning following the startup of the new ball mill in September and Largo said that it should reach its nameplate capacity of 1 000 t of V2O5 in October.
Total year-to-date V2O5 production is 7 566 t and the company maintained its overall 2019 production guidance range of 10 000 t to 11 000 t for the year.
Largo has lowered its average cash operating guidance for the year from the range of $3.45/lb to $3.65/lb, to between $3.30/lb and $3/40/lb.
“Following two consecutive quarters of reported cash operating costs, excluding royalties, below our previously stated annual average cash cost guidance, management is very confident that its newly updated cash cost guidance for the year will be achieved in 2019,” commented president and CEO Paulo Misk.
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