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Largo Resources Ltd. has announced the Board's approval for constructing a new ilmenite concentration plant, projected to begin commercial production in early 2023 with a capacity of 150,000 tonnes annually. This project is estimated to cost approximately US$25.2 million, primarily incurred in 2022. The Board's decision follows positive results from a pilot plant initiated in October 2019. CEO Paulo Misk emphasized this project as a strategy to diversify revenue streams while exploring additional value from mineral resources.
Largo Resources Ltd. reported strong 2020 financial results with revenues of $120.0 million from 10,254 tonnes of vanadium pentoxide equivalent. The company achieved a production record of 11,825 tonnes of V2O5 and the lowest cash operating costs of $2.56 per pound. Despite challenges from COVID-19, Largo surpassed sales guidance by 254 tonnes and ended the year with a cash balance of $79.1 million, becoming debt-free. The company aims for growth in 2021, focusing on its new clean energy division and an anticipated NASDAQ listing.
