Business
Largo Reports First Quarter 2023 Operational and Sales Results; Installation of its 6.1 MWh Vanadium Flow Battery and Construction of its Ilmenite Plant Nears Completion
Q1 2023 and Other Highlights Quarterly V2O5 production of 2,111 tonnes (4.6 million lbs1) in Q1 2023 vs. 2,442 tonnes produced in Q1 2022; In the upper range of
About this update from Largo Inc.
[{"type":"text","content":"Q1 2023 and Other Highlights Quarterly V2O5 production of 2,111 tonnes (4.6 million lbs1) in Q1 2023 vs. 2,442 tonnes produced in Q1 2022; In the upper range of Company’s quarterly production guidance of 1,900-2,200 tonnes for Q1 2023 Quarterly sales of 2,849 tonnes of V2O5 equivalent (inclusive of 245 tonnes of purchased material) in Q1 2023, a 28% increase over the 2,232 equivalent tonnes sold (inclusive of 79 tonnes of purchased material) in Q1 2022 and well above the Company’s quarterly guidance range of 2,300-2,500 tonnes for Q1 2023 Construction of the Company’s ilmenite concentration plant progressed as planned in Q1 2023; The Company expects to complete commissioning in Q2 2023 and initiate a gradual ramp up of ilmenite concentrate production in early Q3 2023 as a new by-product of its vanadium operations in Brazil Largo Clean Energy (“LCE”) continued with the installation of its 6.1-megawatt hour (“MWh”) vanadium redox flow battery (“VRFB”) for Enel Green Power España (“EGPE”) in Q1 2023 with a majority of the site equipment installed In April 2023, Largo completed its registration to become a member of the Long Duration Energy Storage Council, a global non-profit working group to accelerate the decarbonisation of the world through the acceleration of long duration energy storage LCE and Ansaldo Green Tech (“Ansaldo”) continue to explore business opportunities to address the identified needs in the European energy sector. Discussions between LCE and Ansaldo have progressed beyond the stage of a memorandum of understanding (\"MOU\") to the stage of final agreement negotiations. While the exclusivity period contained in the previously announced non-binding MOU has expired, both parties continue negotiations and an update will be provided at the appropriate time TORONTO / Apr 18, 2023 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 2,111 tonnes of vanadium pentoxide (“V2O5”) equivalent from its Maracás Menchen Mine and sales of 2,849 tonnes V2O5 equivalent in Q1 2023. Daniel Tellechea, Interim CEO and Director of Largo, stated: “As expected, effects from heavy rains and reduced high-grade massive ore availability impacted production in Q1 2023 and the Company has been diligently working to rebuild the necessary stockpiles to maintain steady-state ...