TORONTO, Aug. 24, 2017 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it recently surpassed its 1000th lot shipment of vanadium, representing approximately 44 million pounds of vanadium pentoxide (V2O5).
Mark Smith, President and Chief Executive Officer for Largo, stated: "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. The price range of V2O5 for the week ended August 18, 2017 was US$9.00/lb to US$10.00/lb (Source: Metal Bulletin), which represents an approximate 64% increase over the US$5.81 average price for fiscal Q2. We anticipate that the vanadium price environment created by the recent price increases which represent a 5-year high combined with our operational performance and our low cost production will drive strong financial results for the remainder of fiscal 2017."
Largo Resources Ltd. is a growing strategic mineral company focused on the production of vanadium pentoxide at its Vanadio de Maracás Menchen Mine. Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range of products that are used and encountered every day; including, rebar, automobiles, transport infrastructure etc. As trends in the steel industry now demand increasingly stronger and lighter products for advanced applications, the use of vanadium is expected to grow over the medium and long term. Largo also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property in the Yukon Territory, Canada. For more information, please visit www.largoresources.com.