Largo starts feeding kiln at Maracas
TORONTO (miningweekly.com) – Largo Resources on Monday reported that it had started feeding vanadium concentrate into the kiln at its Maracas vanadium project in Bahia, Brazil.
The Canadian company expects to produce 7.5% of global supply of the steelmaking ingredient within a year, with the market bolstered by strong demand from Chinese smelters producing higher-quality steel, similar to European or US standards, and materials advances in the aerospace industry.
“We are very excited to now be feeding the kiln. This represents another milestone that shortly leads to our first production. I would like to congratulate our technical team on this accomplishment,” Largo president and CEO Mark Brennan said.
The Toronto-based company last week formally inaugurated the project, receiving its preliminary operating licence for production, which was issued after completing plant commissioning. A final operating licence is expected within 180 days.
Largo expects output to reach a rate of 9 600 t/y of vanadium pentoxide within the next 12 months, reporting cash costs of between $5.50/kg and $6/kg. A second phase of expansion would see output rise to 14 400 t/y within the next three years.
The company has a six-year agreement to sell 100% of output to trading giant Glencore.
Largo on Monday ended the day down 5% at C$0.285 a share, but was up 42.86% in the last six months.
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