Largo produces first vanadium from flagship Maracas project, Brazil
TORONTO (miningweekly.com) – Canadian miner Largo Resources on Tuesday reported that it had produced the first vanadium at its Maracas project, in Bahia, Brazil.
The first vanadium pentoxide material was produced on Saturday.
The TSX-V-listed company reported that its on-site laboratory tested the product, which indicated that the material would meet all required specifications as outlined in the company's six-year offtake arrangement with Glencore.
Output volumes were expected to continue to increase steadily over the coming months with the goal of reaching the project's Phase 1 nameplate capacity of 9 600 t by the twelfth month of operation.
"Achieving production at Maracas is the most significant milestone in Largo's history and we expect this marks the beginning of a period of substantial growth for the company. With our high-quality deposit and anticipated substantive cost advantage, Largo is expected to become a market leader for vanadium in the near-term,” president and CEO Mark Brennan said.
He highlighted how rare it was for a mining development company to successfully finance, build and bring a project to production, as Largo had done.
“As we ramp up production at Maracas and begin generating strong cash-flow, I believe that Largo presents a unique opportunity as the only pure-play vanadium producer for investors to gain exposure to the vanadium market,” Brennan said.
In a recent interview, Brennan told Mining Weekly Online that the Maracas project potentially gave the company the ability to supply up to 10% of global demand for vanadium, which is used to make steel alloys, as a catalyst and, increasingly, in advanced batteries.
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