- Largo Inc. (LGO) announced quarterly production of 6.8 million and sales of 7.2 million pounds of vanadium pentoxide equivalent and outlined next steps
- This is a new record for its production rate from the MaracásMenchen Mine
- It also performed a shutdown to complete a kiln refractory refurbishment
- Sales grew by 47 per cent, and global recoveries were 81.8 per cent
- An automatic securities purchase plan has begun to assist purchases of its common shares
- Largo Inc. (LGO) is down 2.86 per cent trading at $8.50 per share as of 1:28 p.m. ET
Largo (LGO) announced quarterly production of 6.8 million pounds and sales of 7.2 million pounds of vanadium pentoxide from the MaracásMenchen Mine.
The company stated that this is a new record for its production rate from the mine. It also performed a six-day shutdown during the first week of July to complete a kiln refractory refurbishment along with other planned maintenance.
“Looking ahead, our team continues its focus on further optimizing operations to achieve consistent plant availability following kiln-related impacts experienced this quarter… sales increased 47 per cent from Q1 2022 and the company expects to benefit from the elevated price environment in Q2 2022,” Paulo Misk, President and CEO of Largo, said.
In its second quarter, global recoveries reportedly grew to 81.8 per cent compared to last year. The company mined 378,273 tonnes of ore with a vanadium pentoxide equivalent grade of 1.18 per cent during the quarter.
US$4.2 million in funding from the Department of Energy (DOE) to scale up Largo’s U.S. manufacturing of flow battery and long duration energy storage systems negotiation concluded earlier this month. The company expects to complete the DOE project in three years.
Largo also announced it has executed an automatic securities purchase plan to assist purchases of its common shares under its previously announced normal course issuer bid.
The plan will allow common shares to be purchased by the company’s designated broker when it would not be active in the market due to regulatory restrictions or self-imposed blackout periods.
Largo Inc. (LGO) is down 2.86 per cent trading at $8.50 per share as of 1:28 p.m. ET.