Largo Resources Ltd (TSX:LGO) is pleased to provide the following corporate update.
In accordance with standard practice, INEMA published confirmation of the renewal of our operating license for the Maracas Menchen Mine (the “Licença de Operação” or “L.O.”) on October 5, 2018. The renewed L.O. is valid for a period of 2 years and may then be further extended within 6 months of the L.O.’s new expiry date for an additional 2-5 years period.
In addition and as previously announced (see press release dated October 3, 2018), our Maracás Menchen Mine achieved a new quarterly production recording producing 2,563 tonnes of vanadium pentoxide (“V2O5”) in Q3 2018 and Largo exited Q3 2018 with record overall V2O5 recovery rate averaging 82.2% in September. Total production in Q3 2018 was 6% above the plant’s nameplate capacity and management expects production to continue at these levels for the remainder of the year.
Anglo Pacific Group plc (LON:APF) has a 2% NSR royalty on all mineral products sold from the area of the Maracás Menchen project to which the royalty interest relates.
