Business
Production anticipated shortly at Maracas Vanadium Project
Final construction CAPEX US $241 million vs US $235 estimated in PEA Symbol: ...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\n\nFinal construction CAPEX US $241 million vs US $235 estimated in PEA\nSymbol: LGO (TSX.V)\n\n\n\n\nTORONTO, July 09, 2014 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") reports that feed to the kiln at the Company's Maracas Vanadium Project has been ongoing, however, certain minor technical adjustments at various areas of the plant have required intermittent interruptions to operations.\n\nMining of ore, the crushing system and the milling and beneficiation plant are all operational and over 10,000 tonnes of vanadium concentrate have now been stockpiled to feed to the kiln.\n\nThe kiln system has required several adjustments, mostly mechanical in nature, relating to the feed system, electrostatic precipitator (dust collection system) and burner management system which have required short-term breaks in the feed of material.\n\nLargo is pleased to report that despite these temporary feed disruptions, material has been successfully processed through the kiln during its operating time and has been building up and retained in the leaching system over the past weeks with approximately 3,000 tonnes of iron ore by-product having now also been stockpiled. \n\nMichael Mutchler, Chief Operating Officer of Largo, stated: \"The mechanical issues we have encountered are all typical of start-up at new operations – as such, temporary breaks have been anticipated and budgeted for in our conservative ramp-up schedule.  The material we have been receiving out of the kiln and into the leach has been of extremely good quality despite the feed interruptions, resulting in vanadium recoveries that are generally in line with original predictions, and we do not foresee at this time any critical issues with the facility.  I applaud our team for their hard work and the swift action they have taken to address and amend minor setbacks and resuming feed when shut downs occur as quickly as possible.\"\n\nHe continued: \"We are very near to our first production and we continue to be excited about our near term production prospects.\"\n\nConstruction CAPEX Reconciliation\n\nLargo is additionally pleased to report that the final reconciliation of the construction CAPEX for the Maracas Project has now concluded, with the project's final CAPEX determined at US $241 million versus the US $235 million originally estimated in t...