Largo Resources reported fourth quarter and full year 2019 production results from its Maracás Menchen Mine highlighted by a new annual production record, with 10,577 tonnes of vanadium pentoxide produced. In 2019, the Company performed well operationally, achieving its annual midpoint production guidance of 10,500 tonnes of V2O5. Management is confident that it will be able to execute on its 2020 production and cost guidance building upon the Company’s operational successes achieved in FY 2019.
Total production from the Maracás Menchen Mine in FY 2019 was 10,577 tonnes of V2O5 , representing an increase of 8% over FY 2018. The Company also produced 3,011 tonnes of V2O5 in Q4 2019, which is an increase of 16% over Q4 2018. Production in Q4 2019 represents the third consecutive quarter-over-quarter of production growth in 2019 and is the strongest quarter of production since commencement of operations in 2014. Increased production in Q3 2019 and Q4 2019 is largely due to the ramp-up and completion of the Company’s expansion project which concluded in December following the commissioning of the pre-evaporator and leaching, de-silication and precipitation tanks.
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.