Business
Largo Reports Third Quarter 2023 Production and Sales Results and Begins Hot Commissioning of its 6.1 MWh Vanadium Redox Flow Battery; Production and Cost Guidance Remains Unchanged
Q3 2023 and Other Highlights V2O5 production of 2,163 tonnes (4.8 million lbs1) vs. 2,906 tonnes produced in Q3 2022, including 644 tonnes in July, 775 tonnes i
About this update from Largo Inc.
[{"type":"text","content":"Q3 2023 and Other Highlights V2O5 production of 2,163 tonnes (4.8 million lbs1) vs. 2,906 tonnes produced in Q3 2022, including 644 tonnes in July, 775 tonnes in August and 744 tonnes in September Global V2O5 recovery rate3 of 76.9% in Q3 2023 vs. 80.7% in Q3 2022 V2O5 equivalent sales of 2,385 tonnes vs. 2,796 tonnes sold in Q3 2022 The average benchmark price per lb of V2O5 in Europe was $8.03, a 2.5% decrease from the average of $8.23 seen in Q3 2022 Ramp up of its new ilmenite concentration plant continues with ilmenite concentrate production of 350 tonnes in August and 700 tonnes in September Largo Clean Energy (“LCE”) completed site acceptance testing of its Enel Green Power España (“EGPE”) 6.1 MWh vanadium redox flow battery (“VRFB”) deployment and submitted results to EGPE, with the expectation of completing the hot commissioning phase of the battery; Provisional acceptance is expected in Q4 2023 2023 production, sales, cost and capital expenditures guidance remain unchanged TORONTO / Oct 17, 2023 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 2,163 tonnes (4.8 million lbs1) and sales of 2,385 tonnes of vanadium pentoxide (“V2O5”) equivalent, respectively, in Q3 2023. Daniel Tellechea, Interim CEO and Director of Largo, stated: “Despite production setbacks in the third quarter caused by the previously reported accident in our chemical plant and delays in the ramp of our new magnetic separator in the crushing plant, Largo remains steadfast in its commitment to rectifying operations in the fourth quarter and has maintained its production, cost and capex guidance for 2023. Our top priority is safety and returning production to a more normalized level through the strengthening of operational efficiencies at the mine and crushing plant.” He continued: “On the Largo Clean Energy front, we are pleased that hot commissioning and provisional acceptance of the EGPE 6.1 MWh VRFB deployment are in the final stages of completion, marking an exciting step towards the conclusion of LCE’s inaugural vanadium battery project. Furthermore, the review of strategic alternatives to unlock and fully maximize the value of LCE remains ongoing and has garnered interest from various parties thus far. While near-term vanadium demand and prices are challenging on the back ...