Largo Resources (TSX:LGO) announced its third quarter 2019 production results from its Maracás Menchen Mine highlighted by a new quarterly production record of 2,952 tonnes of vanadium pentoxide (“V2O5“) produced at an average global recovery rate2 of 78.1%. In addition, the Company has lowered its 2019 annual cash operating cost excluding royalties1 guidance to the range of US$3.30 to $3.40 per pound of V2O5.
Total production in Q3 2019 from the Maracás Menchen Mine was 2,952 tonnes of V2O5 representing an increase of 17% over Q2 2019 and a 15% increase over Q3 2018. Production in July was 1,042 tonnes, a new monthly V2O5 production record for the Company. Higher production in July was a consequence of the start-up of the second deammoniator as part of the expansion project in addition to the consumption of intermediary stockpiles. Production of 975 tonnes of V2O5 in August was slightly above budget and was aligned with the ramp-up schedule for the expansion project. Production of 935 tonnes of V2O5 in September was impacted by leaching area availability.
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. The project is located 250km south-west of the city of Salvador, the capital of Bahia State, Brazil and is 99.97% owned and operated by TSX Venture Exchange listed Largo Resources Limited.