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Largo Inc (symbol: LGO) is a mid-tier mining development company, primarily focused on the production of vanadium at its flagship Maracás Menchen Mine in Brazil. Largo has achieved a notable accomplishment in the mining sector by successfully financing, constructing, and bringing a unique commodity project to production, even in challenging market conditions.
The Maracás Menchen Mine boasts the highest-grade vanadium deposit ever discovered, positioning Largo as a low-cost producer. With a strategic off-take agreement with commodities giant Glencore, Largo is well-poised to become a leading global producer of vanadium, expected to generate substantial cash flows.
Vanadium is an essential alloy used to strengthen steel while reducing its weight. Vanadium-enhanced steels are integral to a wide range of products, including rebar, automobiles, and transportation infrastructure, reflecting a compound annual growth rate of over 6% for the past several years.
Apart from its mining operations, Largo Inc is committed to advancing renewable energy storage solutions. Through Largo Clean Energy, the company is developing vanadium redox flow battery technology, which promises innovative energy storage solutions. The company produces and supplies high-quality vanadium products such as VPURE Flake, VPURE+ Flake, and VPURE+ Powder.
Largo Inc operates through six segments: Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Properties, Largo Clean Energy, and Largo Physical Vanadium. The Sales & Trading segment is a significant revenue generator for the company, driving its financial performance.
With its extensive operations and strategic initiatives, Largo Inc continues to make significant strides in both the mining and renewable energy sectors, solidifying its position as a noteworthy player in the global market.
Largo Inc. (LGO) announced plans for a qualifying transaction to form Largo Physical Vanadium Corp. (LPV), aimed at investing in physical vanadium products. LPV will provide direct investment exposure to vanadium, notably for use in vanadium redox flow batteries (VRFBs), crucial for the green energy transition. The strategy is to enhance customer affordability by removing vanadium costs from the battery purchases and generating rental revenue through long-duration energy storage systems. Completion of the deal is subject to regulatory approvals and market conditions.
Largo Inc. has appointed Stephen Prince as President of Largo Clean Energy, succeeding Ian Robertson. Robertson will remain as Co-Chair of the Board and Chair of the Clean Energy Committee. Prince is a seasoned executive with experience in energy storage and technology businesses, having previously led Centrica Business Solutions in North America and served on the board of Enerox CellCube. CEO Paulo Misk emphasized Prince's technical expertise as vital for Largo's strategy in long duration energy storage, aiming for continued growth and innovation in sustainable energy solutions.
Largo announced Q4 and FY 2021 production and sales results, reporting 10,319 tonnes of V2O5 produced and 11,393 tonnes sold, exceeding the lower end of its guidance. Q4 production dropped 40% year-over-year due to heavy rainfall, impacting operations at the Maracás Menchen Mine. Recovery rates also fell, averaging 76.0%. For 2022, the company projects 12,000 – 12,750 tonnes of V2O5 equivalent production. Capital expenditures are estimated at $64 million, aimed at enhancing future profitability.
Largo Inc. has filed a National Instrument 43-101 Technical Report titled 'An Updated Life of Mine Plan' for its Maracás Menchen Mine in Brazil. The report outlines a 20-year mine life, projecting $2.8 billion pre-tax NPV and $5.8 billion pre-tax cash flow due to increased production of vanadium pentoxide and titanium dioxide as co-products. The operational strategy aims to enhance profitability and market competitiveness, with the company's production capacity expected to rise from 13,200 to 15,900 tonnes per annum by 2032.
Largo Inc. (NASDAQ: LGO) reported a robust Q3 2021, with revenues soaring to $53.9 million, a 96% increase from Q3 2020. The net income reached $9.2 million, representing a significant 261% rise year-over-year. Despite challenges, production of V2O5 rose by 5% to 3,260 tonnes. The cash balance improved to $87.6 million. Notably, Largo Clean Energy secured $4.2 million in funding from the U.S. Department of Energy to scale manufacturing of energy storage systems, enhancing its market potential.
Largo Inc. (formerly Largo Resources Ltd.) has announced a rebranding to reflect its growth in the renewable energy sector. Effective November 10, 2021, the company will trade under the new name on both the Toronto and Nasdaq exchanges. This change aligns with Largo's commitment to becoming a leading player in energy storage, focusing on vanadium-based solutions. The company's leadership emphasizes the importance of this rebranding as a part of its mission to meet global energy storage needs and promote sustainability. A conference call to discuss Q3 results is scheduled for November 11, 2021.
Largo Resources Ltd. (TSX: LGO) announces a significant update regarding its Maracás Menchen Mine, highlighting a 305% increase in Proven and Probable reserves and a 128% rise in Measured and Indicated resources. This update supports enhanced vanadium production, projected to rise to approximately 15,900 tonnes per annum by 2032. With a 20-year mine life, the project estimates a $2.0 billion after-tax NPV7%. The integration of TiO2 pigment production is expected to generate over $4.0 billion in cash flow, enhancing market competitiveness and shareholder value.
Largo Resources Ltd. (NASDAQ: LGO) will release its Q3 2021 financial results after market close on November 10, 2021. A shareholder webcast and conference call will take place on November 11, 2021, at 9:00 a.m. ET, featuring key executives including
Largo Resources reported a production of 3,260 tonnes of V2O5 in Q3 2021, marking a 5% increase year-over-year and a 6% increase from Q2 2021. However, total sales fell to 2,685 tonnes, down 16% from Q3 2020 due to logistical challenges. The company has adjusted its production guidance to 11,400 to 11,800 tonnes for the year. Demand remains strong, reflected by a 76% increase in the European V2O5 price. Largo Clean Energy received $4.2 million in DOE funding to scale U.S. manufacturing.
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