http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Fri, 20 Oct 2017 22:54:25 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Largo closes C$1.09mln second tranche of placement ]]> http://www.proactiveinvestors.com/companies/news/165820/largo-closes-c109mln-second-tranche-of-placement-165820.html Largo Resources Ltd. (TSE:LGO) has closed a second tranche of its up to C$5mln non-brokered private placement offering of units.

The closing of the second tranche resulted in gross proceeds to the company of C$1,092,800 from the sale of 2,428,442 units of the company, which, together with the first tranche of the offering has resulted in aggregate gross proceeds to the company to date of approximately C$4.45mln from the sale of an aggregate of 9,893,997 units.

The proceeds realised from the second tranche will be used for continuing working capital requirements at the company's Maracas Menchen mine, and for general corporate and working capital purposes.

Each unit was sold at a price of 45 cents and consists of one common share of the company and one-half of one common share purchase warrant. Each warrant issued in the second tranche will be exercisable into one common share at a price of 65 cents per share for a period of three years from closing of the second tranche. All securities issued in the offering will be subject to a four-month hold from the date of issuance.

An entity controlled by Alberto Beeck, a director of Largo, subscribed for an aggregate of 555,555 units under the second tranche of the offering. Pursuant to Multilateral Instrument 61-101 (protection of minority securityholders in special transactions), the purchase, by the entity controlled by Mr. Beeck, of the units under the offering, is a related-party transaction.

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Tue, 13 Sep 2016 09:30:00 -0400 http://www.proactiveinvestors.com/companies/news/165820/largo-closes-c109mln-second-tranche-of-placement-165820.html
<![CDATA[News - Largo sets monthly production record ]]> http://www.proactiveinvestors.com/companies/news/127858/largo-sets-monthly-production-record-127858.html Largo Resources Ltd (CVE:LGO) achieved a new monthly production record at its Maracás Menchen vanadium mine in Brazil last month.

The Toronto-based firm produced 801 tonnes of vanadium pentoxide in June, surpassing the previous month’s record of 780 tonnes.

“I believe all of the stars are now aligning for Largo,” said Mark Smith, chief executive.

“The Maracás Menchen mine is consistently showing its operational excellence with its ability to produce at and above nameplate capacity.”

Largo also announced Alberto Beeck has joined its board of directors after shareholders voted him in at the company’s latest AGM.

Beeck – who is currently a managing partner at VH Properties and VH Investments – will replace departing director Wayne Egan.

Shares were unchanged at C$0.45.

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Tue, 05 Jul 2016 09:41:00 -0400 http://www.proactiveinvestors.com/companies/news/127858/largo-sets-monthly-production-record-127858.html
<![CDATA[News - Largo Resources receives OK to graduate to TSX ]]> http://www.proactiveinvestors.com/companies/news/127671/largo-resources-receives-ok-to-graduate-to-tsx-127671.html Largo Resources Ltd (CVE:LGO, OTCMKTS:LGORF) said on Wednesday it has received approval for the listing of its common shares on the Toronto Stock Exchange.

The common shares will commence trading on the TSX on July 4, 2016, and will continue trading under the symbol LGO. As a result of the graduation to the TSX, there will be no further trading of its common shares on the TSX Venture Exchange after commencement of trading on the TSX on July 4.

"We are very excited to begin trading on the TSX as it provides Largo with greater visibility to the marketplace, broader exposure to international and institutional investors, and increased liquidity," said Mark Smith, president and chief executive officer of Largo.

"While the TSX Venture Exchange has served us well, this graduation was the next natural step for Largo".

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Wed, 29 Jun 2016 16:03:00 -0400 http://www.proactiveinvestors.com/companies/news/127671/largo-resources-receives-ok-to-graduate-to-tsx-127671.html
<![CDATA[News - Things are really shaking at Maracas Menchen, Largo Resources says ]]> http://www.proactiveinvestors.com/companies/news/126683/things-are-really-shaking-at-maracas-menchen-largo-resources-says-126683.html Largo Resources Ltd (CVE:LGO) was breaking records all over the shop at its Maracas Menchen mine in Brazil during May.

The company produced 780 tonnes of vanadium pentoxide (V2O5) during the month, surpassing by 7% its previous record for monthly production of around 730 tonnes set the month before.

On 23 May it achieved a new daily production record of 34 tonnes of V2O5, some 28% above the daily nameplate capacity of the plant.

Completing a banner period for the company, it set a new weekly production record of 198 tonnes of V2O5 during the week of May 24, 2016, equivalent to around 28.3 tonnes per day, or 107% of nameplate capacity.

"With two months of consistent and record-breaking production, our production team in Maracas has once again demonstrated the ongoing success of the project,” said Mark Smith, president and chief executive officer of Largo.

“Largo is on the cusp of achieving nameplate capacity with these records and together with cost-efficiencies, improved operational performance and an increase in V2O5 price, the company will continue to be focused on creating strong shareholder value," Smith continued, adding that Largo is on track to have a successful year.

Shares were up 1.8% at C$0.57 in early trading.

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Thu, 02 Jun 2016 09:54:00 -0400 http://www.proactiveinvestors.com/companies/news/126683/things-are-really-shaking-at-maracas-menchen-largo-resources-says-126683.html
<![CDATA[News - Largo increases Campbell pit reserves to 18.4 Mt ]]> http://www.proactiveinvestors.com/companies/news/126467/largo-increases-campbell-pit-reserves-to-184-mt-126467.html Largo Resources Ltd. (CVE:LGO) shares rose 3.5% on Thursday after the company said it had increased by 40% the mineral reserves for the Campbell pit at its Maracas Menchen vanadium mine in Bahia, Brazil, and released a new mine plan for the Maracas project.

The update, prepared by Whittle Consulting, Micon International Ltd. and RungePincockMinarco (Canada) Ltd., has increased the proven and probable mineral reserves for the Maracas project to 18.4mln tonnes from the 13.1mln tonnes established previously in the 2008 definitive feasibility study for the project (updated in 2009) by Aker Metals, a division of Aker Solutions Canada Inc.

The new mine plan, based on the production of vanadium pentoxide (V2O5) and larger mineral reserves, results in an operating life of the Maracas project and process plant of 15 years at a production rate of 9,600 tonnes V2O5 per annum.

Mark A. Smith, president and chief executive officer of Largo, stated: "We are very pleased with the updated reserve as it continues to demonstrate the robust nature of the project. The reserve supports the high performance of our operation." He further stated, "The reserve is the result of our greater understanding and knowledge of the orebody, and the next phase of our work will be to systematically upgrade the resources in the satellite deposits in order that they may contribute to the expansion of the project."

Largo shares ended up 3.57% at C$0.58 on Thursday.

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Thu, 26 May 2016 16:43:00 -0400 http://www.proactiveinvestors.com/companies/news/126467/largo-increases-campbell-pit-reserves-to-184-mt-126467.html
<![CDATA[News - Largo Resources rises sharply on first day of trading on OTCQB ]]> http://www.proactiveinvestors.com/companies/news/125801/largo-resources-rises-sharply-on-first-day-of-trading-on-otcqb-125801.html Largo Resources Ltd (CVE:LGO, OTCMKTS:LGORF) has received approval for trading on the OTCQB Venture Marketplace in the USA.

The Venture Marketplace is typically for early-stage growth companies, and is a regulated exchange, albeit with less rigorous listing requirements. The OTCQB is for so-called over-the-counter (OTC) stock trading.

Mark Smith, president and chief executive officer of Largo, said: "With a meaningful amount of Largo's ownership located in the United States, this trading approval marks another milestone for the company as it aims to increase visibility among retail and institutional investors, as well as enhance and improve liquidity."

The first day of trading on the OTCQB was a good one for the miner, with shares rising 10.2% to US$0.493. In Toronto, the shares closed at C$0.64 on Tuesday, up 6.7%.

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Wed, 11 May 2016 06:45:00 -0400 http://www.proactiveinvestors.com/companies/news/125801/largo-resources-rises-sharply-on-first-day-of-trading-on-otcqb-125801.html
<![CDATA[News - Largo Resources shares jump after record V2O5 output in April ]]> http://www.proactiveinvestors.com/companies/news/125617/largo-resources-shares-jump-after-record-v2o5-output-in-april-125617.html Largo Resources (CVE:LGO) shares jumped on Thursday after the company revealed a fresh record monthly output of vanadium pentoxide.

Largo produced 730 tonnes of vanadium pentoxide during April - surpassing its previous record for monthly production of approximately 681 tonnes set in October, 2015, by 7%.

Largo said that it achieved two new daily production records in April, with the first being on Saturday, April 23, where 32 tonnes of vanadium (V) oxide (V2O5) were produced, representing approximately 121% of the plant's daily design capacity, and the second occurring on Sunday, April 24, with daily production totalling 33 tonnes of V2O5 - approximately 125% of the plant's daily design capacity.

Furthermore, Largo said another production milestone was achieved when 188 tonnes of V2O5 was produced during the week of April 18 to April 25, representing approximately 26.9 tonnes per day, or 102% of design capacity.

The April production levels offer a balm following the challenges experienced in the first quarter of 2016. In particular, as a result of lower crusher availability (prior to the installation of the new portable crushing system in January) and extremely heavy rains in late January, production of 347 tonnes for January was much lower than expected. In addition, and as a result of the flooding in late January, February production remained low as the company worked to re-establish roads, berms and diversion ditches, as well as pumping out the mine pit to reaccess the higher-grade ore.

Production in March improved to 436 tonnes but still remained lower than expected due to process and instrumentation issues encountered in the precipitation section of the chemical plant in the first half of the month. As these issues were addressed, the second half of March yielded stronger production results, and, despite the lower-than-expected production in the first quarter, the company is now experiencing the benefits of the remedial actions taken in the first quarter through the dramatically increased production results for the first month of the second quarter of 2016.

"These new production achievements highlight the ongoing success at the Maracas Menchen mine. I would like to applaud our operations team on these three new production records which demonstrate the plant's increasing operating efficiency," said Mark A. Smith, president and chief executive officer of Largo.

"We expect to see continuing growth in average production rates, and, with the recent increases to the vanadium price, the Maracas Menchen mine will be very strongly positioned," he added.

Largo shares were up 8.7% at C$0.50 on Thursday.

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Thu, 05 May 2016 15:15:00 -0400 http://www.proactiveinvestors.com/companies/news/125617/largo-resources-shares-jump-after-record-v2o5-output-in-april-125617.html
<![CDATA[News - Largo Resources in management reshuffle ]]> http://www.proactiveinvestors.com/companies/news/124645/largo-resources-in-management-reshuffle-124645.html Largo Resources Ltd (CVE:LGO) announced it has made a number of management changes to drive the company forward.

Paulo Misk has been promoted to president of Brazilian operations of Vanadio de Maracas SA, succeeding Kurt Menchen.

Menchen retired from the position in December, but remains a director of Maracas and has entered into a contract for services to provide continuing assistance to the company.

In another move, Nilson Luciano Chaves will take on the role of vice-president of finance and administration.

Mark Smith, president and chief executive officer of Largo, said: “Mr Misk joined Largo in 2014 as the project's general manager and has played a crucial role in the project's ramp-up phase.

“Both Mr Misk and Mr Chaves contribute a wealth of experience to the project, and I have complete confidence they will continue the ongoing success at the Maracas Menchen mine."

Additionally, the company announced that its chief legal officer, John Ashburn, has resigned, and Largo's chief operating officer, Michael Mutchler, has left the company to pursue other opportunities.

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Mon, 11 Apr 2016 10:13:00 -0400 http://www.proactiveinvestors.com/companies/news/124645/largo-resources-in-management-reshuffle-124645.html
<![CDATA[News - Largo Resources closes final tranche private placement, ARC funds a major buyer ]]> http://www.proactiveinvestors.com/companies/news/123282/largo-resources-closes-final-tranche-private-placement-arc-funds-a-major-buyer-123282.html Tungsten-Molybdenum and Vanadium miner Largo Resources (CVE:LGO) on Thursday reported it raised $26.8mln from a two-tranche private placement.

Funds managed by Arias Resource Capital Management LP (ARC funds) purchased an aggregate of 91,157,202 units in the second tranche for gross proceeds to the company of C$15.9mln.

Each unit was sold at a price of C$0.175 and consists of one common share of the company and one-half of one common share purchase warrant. Each warrant issued pursuant to the second tranche of the offering will be exercisable into one common share at a price of 29 Canadian cents per share for a period of five years from closing of the second tranche.

The second tranche of the placement netted $23.35mln, following around $3.5mln placed in the first tranche in January.

On Thursday, 1 US dollar equated to C$1.34.

Largo Resources shares were up 11.1% at C$0.25.

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Thu, 03 Mar 2016 14:36:00 -0500 http://www.proactiveinvestors.com/companies/news/123282/largo-resources-closes-final-tranche-private-placement-arc-funds-a-major-buyer-123282.html
<![CDATA[News - Largo agrees new Brazilian bank and export credit facility ]]> http://www.proactiveinvestors.com/companies/news/123231/largo-agrees-new-brazilian-bank-and-export-credit-facility-123231.html Largo Resources (CVE:LGO) said on Wednesday that its operating subsidiary Vanadio de Maracas has agreed terms of a new Brazilian bank facility and the restructuring of its export credit arrangements at Maracas Menchen mine.

Agreed with its consortium of existing banks, the facility offers working capital of up to 104,596,000 reais, disbursed in 11 monthly payments over 2016, and working capital in an amount equivalent to the mark-to-market value of the swap contract applicable to one of the company's export facilities.

The margin is equal to the interbank rate plus 5.70% per annum.

The agreement also covers a two-year grace period on the payment of interest and principal, measured from the disbursement date, quarterly repayment (in arrears) of the new facility commencing after the end of the grace period, and final maturity 84 months after the disbursement date.

The restructuring of the export facilities includes an amendment confirming that the principal and interest instalments due for the 12 months after the disbursement date will be payable on the same payment terms of the new facility, including the addition of a grace period.

Financing under the new facility and the implementation of amendments to the export facilities remain contingent on Largo and VMSA securing an additional $15mln in equity financing and the filing of the definitive documents with certain registries in Brazil. In order to meet this financial condition, Largo expects to the close the second and final tranche of its previously announced equity financing imminently.

Concurrently with the new facility, Largo has agreed to new commercial terms for a loan facility of up to $4mln with Banco Pine to roll over its existing facility on roughly the same terms as the new facility and VMSA has also agreed to commercial terms with Banco Pine for a new facility of up to 80mln reais to close out its existing swap contracts with Banco Pine.

"Largo has been able to successfully restructure its debt and is now in a position to close the final tranche of its current financing imminently," said Mark Smith, Largo president and chief executive officer.

"With the changes occurring in the worldwide vanadium market, including bankruptcy proceedings for several South African producers, similar troubles in Russia and fundamental changes in the Chinese vanadium industry, Largo is now well positioned for success as the world faces a potentially significant reduction in vanadium supply," he added.

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Wed, 02 Mar 2016 14:17:00 -0500 http://www.proactiveinvestors.com/companies/news/123231/largo-agrees-new-brazilian-bank-and-export-credit-facility-123231.html
<![CDATA[News - Largo Resources brings in C$13.2mln in first tranche of placing ]]> http://www.proactiveinvestors.com/companies/news/121965/largo-resources-brings-in-c132mln-in-first-tranche-of-placing-121965.html Miner Largo Resources (CVE:LGO) says it's more confident than ever on the success of its Maracas Menchen mine in  Brazil after it closed the first tranche of its placing, bringing in  around C$13.2mln.

Shares in Largo added 4% to C$0.13 at 1:07 p.m. in Toronto.

It also has inked a binding term sheet with its consortium of existing Brazilian lenders for a new debt facility and restructuring of its export credit facilities.

As reported this month the firm had arranged a non-brokered private placement that is expected to raise up to US$26.5mln, or roughly C$38.5mln, offering up to 222.9mln units at a price of 17.5 cents per unit.

Each unit comprises one common share half of a single common share purchase warrant.

The company said today the proceeds realised from the first tranche will be used for ongoing working capital for the Maracas Menchen Mine - a condition of  a restructuring of its existing export facilities with the Lenders, and for general corporate and working capital purposes.

The remainder of the offering is expected to close in full on or around February  4 this year.

Largo president and chief executive Mark Smith, who subscribed for 2.5mln units in the first tranche, said: "We sincerely appreciate the support of both our new and existing shareholders as well as our lenders, who all remain committed to the on-going success of Largo and its Maracas Menchen Mine.

"Working together with all of our stakeholders we have been able to push through a challenging few months and are now more confident than ever in the future success of the Maracas Menchen Mine."

Meanwhile, the new debt facility consists of  - a working capital facility of up to R$104,596,000 (Brazilian reais) over 11 monthly payments over 2016 and  a working capital facility of up to R$8,151,000 (Brazilian reais), disbursed in 11 monthly payments over 2016.

The restructuring of the export facilities includes that the principal and interest installments due for the 12 months after the disbursement date shall be payable on the same payment terms of the new facility.

Smith added: "We believe the Maracas Menchen Mine has now proven its technical merit and will benefit greatly from any increase in Vanadium prices from the current historic lows."

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Fri, 29 Jan 2016 13:27:00 -0500 http://www.proactiveinvestors.com/companies/news/121965/largo-resources-brings-in-c132mln-in-first-tranche-of-placing-121965.html
<![CDATA[News - Largo Resources to raise up to US$26.5mln by placing shares ]]> http://www.proactiveinvestors.com/companies/news/121545/largo-resources-to-raise-up-to-us265mln-by-placing-shares-121545.html Miner Largo Resources (CVE:LGO) has arranged a non-brokered private placement that is expected to raise up to US$26.5mln, or roughly C$38.5mln.

The company will be offering up to 222.9mln units at a price of 17.5 cents per unit. Each unit will comprise one common share half of a single common share purchase warrant.

Each warrant will be exercisable into one common share at a price of 29 cents per share for a period of five years from closing of the offering.

Largo intends to use the proceeds from the offering for continuing working capital requirements at the company's Maracas Menchen mine, which is a condition of the company's restructuring of its existing credit facilities with its consortium of Brazilian lenders as disclosed in its press release of December 17, 2015. Any money left over will be used for general corporate and working capital purposes.

The offering is expected to close by the end of this week.

Shares in Largo Resources closed at 18.5 Canadian cents on Tuesday and had risen 2.7% to 19 cents by early afternoon.

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Wed, 20 Jan 2016 13:37:00 -0500 http://www.proactiveinvestors.com/companies/news/121545/largo-resources-to-raise-up-to-us265mln-by-placing-shares-121545.html
<![CDATA[News - Largo Resources receives bridging loan from CEO ]]> http://www.proactiveinvestors.com/companies/news/121395/largo-resources-receives-bridging-loan-from-ceo-121395.html Largo Resources' (CVE:LGO) chief executive, Mark Smith, has showed his faith in the company by providing it a US$1mln bridge loan.

Largo's board of directors has sanctioned a short-term secured loan agreement with Smith at an interest rate of 12% a year.

The proceeds will be used for ongoing working capital requirements at the company's Maracas Menchen mine in Brazil for the period prior to the company's restructuring of its existing credit facilities with its consortium of Brazilian lenders and the related equity injection as disclosed in its press release of December 17, 2015.

Last month, Largo signed an indicative term sheet with its consortium of existing commercial banks in Brazil for a new debt facility.

The agreement also covers the restructuring of its export credit facilities for its Maracas Menchen mine.

The bridge loan from Smith will have a 30-day term, subject to acceleration in certain events, and is secured by a general security agreement over the assets of the company. As consideration for entering into the loan, Largo will pay Smith a loan establishment fee in the amount of US$40,000.

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Fri, 15 Jan 2016 07:05:00 -0500 http://www.proactiveinvestors.com/companies/news/121395/largo-resources-receives-bridging-loan-from-ceo-121395.html
<![CDATA[News - Largo Resources receives lender's support for Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/120652/largo-resources-receives-lender-s-support-for-maracas-menchen-mine-120652.html Largo Resources (CVE:LGO) has signed an indicative term sheet with its consortium of existing commercial banks in Brazil for a new debt facility.

The agreement also covers the restructuring of its export credit facilities for its Maracas Menchen mine in Brazil, the company said.

Under the terms of the new facility the miner will have a working capital facility of 104.6mln Brazilians reais, which will be disbursed in 12 monthly installments, starting in January 2016.

There will be a two-year grace period on the payment of interest and the principal of the loan, after which quarterly payment, in arrears, will commence.

The loan facility will mature 84 months after the disbursement date, Largo revealed.

The proceeds will be used strictly to pay interest and principal falling due under the company's existing construction debt facility, and to pay the swap settlements pertaining to one of the company's export facilities.

The restructuring of the export facilities includes the amendment to set forth that the principal and interest installments due for the 12 months after the disbursement date shall be payable on the same payment terms of the new facility.

The new facility and the restructuring of the export facilities are conditional on the company raising an additional $US20mln for continuing working capital requirements at the Maracas Menchen mine.

There is also the possibility of the lender making an additional working capital facility of up to 117,8 reais available, conditional upon, among other things, the company raising further working capital in an amount to be agreed with the lenders.

"We are extremely pleased with the commitment and willingness of our lenders to provide the company with additional funding, and to restructure the company's debt profile during a period of very low commodity prices and general market weakness in the mining industry,” said Mark Smith, president and chief executive officer of Largo.

“This new support underscores the belief our lenders and stakeholders have in the value and success of the Maracas Menchen mine.

"We believe the Maracas Menchen mine has now proven its technical merit and will benefit greatly from any increase in vanadium prices from the current historic lows," Smith added.

Largo's wholly owned subsidiary, Vanadio de Maracas, has entered into a 867,447 Brazilian-real short-term bridge loan facility, repayable on January 15, 2016, with a separate existing lender and with Largo as guarantor, in order to finance certain payment obligations in respect of currency swap contracts with the lender.

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Fri, 18 Dec 2015 07:59:00 -0500 http://www.proactiveinvestors.com/companies/news/120652/largo-resources-receives-lender-s-support-for-maracas-menchen-mine-120652.html
<![CDATA[News - Largo Resources expects to be at full production in Brazil this month ]]> http://www.proactiveinvestors.com/companies/news/119702/largo-resources-expects-to-be-at-full-production-in-brazil-this-month-119702.html The ramp up to full production at Largo Resources' (CVE:LGO) Maracas Menchen vanadium mine in Brazil is expected to be completed in the fourth quarter, the group said posting third quarter numbers.

The miner, which has vanadium  assets in Brazil and  tungsten in Canada, keeps toppling over the milestones and at Maracás Menchen recently achieved a new record production level of 681 tonnes of V2O5 (vanadium pentoxide) - representing around 83% of nameplate capacity.

That came after it achieved 27 tonnes of vanadium oxide (V2O5) on August 23 - 102% of design capacity and 29 tonnes banged out the very next day.

The Toronto listed firm declared the Brazil  mine in commerical production on October 1.

For the three months to end September, the Maracás Menchen Mine produced 1,711 tonnes of V2O5, with 607 tonnes produced in July and 614 tonnes produced in August , both surpassing the company’s previous record of around 487 tonnes set in May 2015.

Meanwhile, in terms of costs, operating expenses are expected to average US$3.43 or C$4.46 per pound during the fourth quarter and the miner expects that operating costs will reach US$3.16 or C$4.11 per pound by December this year.

It reckons operating costs will continue to decrease in 2016.

Due to the continuing pressure on vanadium prices, the group will defer the previously considered expansion of the mine site, it noted. 

For the three months to end September, the net loss widened to $50,005 against  a net loss of $20,232 for the same period in 2014, mainly because of  an increase in foreign exchange and derivative loss of $35,517 to $47,095,  partially offset by a decrease in other losses. 

Looking ahead, the group said: "The fourth quarter 2015 is expected to be a transitional time for the company as it completes the last of the engineering changes required to achieve consistent nameplate production capacity."

It added that full ramp‐up of production was now anticipated to be completed in November this year.

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Wed, 25 Nov 2015 08:09:00 -0500 http://www.proactiveinvestors.com/companies/news/119702/largo-resources-expects-to-be-at-full-production-in-brazil-this-month-119702.html
<![CDATA[News - Largo Resources rattling along at Maracas Menchen ]]> http://www.proactiveinvestors.com/companies/news/110319/largo-resources-rattling-along-at-maracas-menchen-110319.html Brazil-focused Largo Resources (CVE:LGO) has raised the bar again in terms of production at its Maracas Menchen mine in Brazil.

The company achieved a new daily production record on Monday August 23rd of 27 tonnes of vanadium oxide (V2O5), which represents around 102% of the plant's daily design capacity.

It did not take long for the company to top this, however, cranking production up to around 110% of the plant's daily design capacity with 29 tonnes banged out the following day.

The company also recently achieved a new record for a single production shift (one of three per day) of 11 tonnes, which, if matched by the other two shifts, indicates 33 tonnes of V205 could be produced.

Largo said more than 10mln pounds of V205 has been produced thus far in August.

"This is an enormous achievement for Largo and the Maracas Menchen Mine. Following a record month of production in July of 607 tonnes, we have again set new records in August by achieving daily production rates above design capacity over two consecutive days," declared an exultant Mark Smith, president and chief executive officer of Largo.

"These records demonstrate the plant's increasing operating efficiency as well as proves that we are able to achieve stability at levels at and above the plant's design capacity," he added, before going on to pay tribute to the mine's technical team.

"We expect to see continuing growth in average production rates over the next several months as our engineering improvements are installed," Smith declared.

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Wed, 26 Aug 2015 20:10:00 -0400 http://www.proactiveinvestors.com/companies/news/110319/largo-resources-rattling-along-at-maracas-menchen-110319.html
<![CDATA[News - Largo Resources achieves record daily production at the Maracas mine ]]> http://www.proactiveinvestors.com/companies/news/109046/largo-resources-achieves-record-daily-production-at-the-maracas-mine-109046.html Largo Resources (CVE:LGO) produced 26 tonnes of vanadium pentoxide in a single day at its Maracas Menchen mine in Brazil, achieving just about full , that is 100%, design capacity on July 13.

This was not a singular event; indeed, Largo has been enjoying a rather prolific period, setting progressive production records on an almost daily basis.

July began with Largo producing 24 tonnes of V2O5 in a single day, achieving 90% capacity. Days later the total amount produced for the day reached 25 tonnes at 94% capacity.

More importantly, Largo has consistently maintained the high productivity rates, such that the project has produced at or above 24 tonnes (that is at a minimum of 90% design capacity) for a total of four days and at around 20 tonnes (at or above 80%) for a total of 10 days.

“We are extremely pleased to demonstrate that the Maracas Mine can produce at its intended design capacity over a single day. Now our goal will be to start lining up several of these days in a row. We have had a great start to the month already with 10 days at or above 80% capacity. There is still lots of work ahead, but this new record re-affirms our confidence that we are on the right track,” said Largo’s CEO, Mark Smith.

Largo has made an effort to increase production since production began in August 2014. In the past few months, the Maracas Menchen mine occasionally managed to hit production rates in the 21 to 23 tonnes per day, or 79-81% capacity.

The company has also seen recoveries at the project increasing significantly, achieving greater stability thanks to technical improvements are made at the plant it can expect to achieve new single day, weekly or monthly production boosting management’s confidence that the production ramp up has been a success.

Quality targets have also been met. The end-product vanadium pentoxide (V2O5) has met standard specifications since first production thanks also to the adoption of a dry-magnetic separation unit to compliment the milling and beneficiation system.

Largo also plans to add another leach tank to increase the leaching residence time and improve the system's recovery and availability as well as a leaching system back-up belt filter to increase the system's capacity and overall availability.

The month over month performance improvements serve as a solid foundation for continued growth and the Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of 2015.

Looking out to 2016, the company also has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

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Wed, 15 Jul 2015 21:42:00 -0400 http://www.proactiveinvestors.com/companies/news/109046/largo-resources-achieves-record-daily-production-at-the-maracas-mine-109046.html
<![CDATA[News - Lenders approve Largo Resources' debt restructuring plan ]]> http://www.proactiveinvestors.com/companies/news/108225/lenders-approve-largo-resources-debt-restructuring-plan-108225.html Brazil’s Development Bank ‘BNDES’ and a consortium of commercial lenders have approved Largo Resources’ (CVE:LGO) (OTCMKTS:LGORF) restructuring of its main construction debt and export credit facilities for the Maracas Menchen Mine in Bahia, Brazil.

The restructuring package allows Largo to defer its debt amortization while also extending the maturities of its construction debt and export credit loans for the project.

"This is a major milestone for Largo and the Maracas Menchen Mine. The completed restructuring of our Facilities, coupled with the successful completion of our recent CDN$75.2 million equity financing, provides us with a strong financial foundation as we continue our ongoing ramp-up at the Plant, and we believe further de-risks the Company," said Largo’s President and CEO, Mark Smith.

Largo will get an additional one-year grace period on the amortization repayment schedules for the loans, a two-year extension of maturity for its export credit loans and a three-year extension of maturity for the BNDES Loan for the US dollar component.

"We would like to sincerely thank our lenders for their continued support of Largo and the Maracas Menchen Mine. We believe that their willingness to engage in negotiations and conclude this restructuring is a strong indication of their belief in the Project's ability to achieve its intended design capacity within the timeframe set out by the Company, and also its ability to generate cash-flow," said Smith.

Having completed the financial restructuring, Largo has addressed the effects of the lower market price for vanadium during the first months of 2015.

There are no changes to the Brazilian reais (R$) component of the BNDES loan, which is denominated in reais (R$) even while some 63% or CDN$111,497 (R$257,676) of the facility is indexed to the U.S. dollar while the remaining 37% is not indexed.

Under the terms Largo will incur an increase in the guarantee fees payable to the commercial banks in respect of the BNDES loan from 3.3% to 3.85% per year as well as the payment of a flat structuring fee amounting to 1.5% of the aggregate sum of the loans.

The successful effort to restructure debt and increase available resources add to the encouraging performance at the Mine, which Largo is aiming to develop to phase 1 capacity by the third quarter.

The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide at very competitive costs.

Largo has already achieved vanadium pentoxide production costs for $3.91/lb., placing the company in the lowest cost quartile of all primary vanadium production in the world. Largo is targeting a drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

Largo started production of vanadium ore in March of 2014 and shipments began in early September. It is the first vanadium project in the Americas and its target is to reach 11,700 tons at full capacity.

The Maracas Menchen Mine is the highest grade vanadium deposit in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits.

Largo has access to one of the best and highest grade vanadium deposits in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits.

Largo has very favorable prospects for 2015 thanks to its own performance and production ramp up capabilities and thanks to improving market conditions for vanadium and its high quality deposit, marked by a low silica content, which makes it easier to process.

Vanadium is becoming essential for the production of high strength low alloy (HSLA) steel as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reducing fuel consumption and reduce emissions.

China is another important driver of vanadium demand because of its demand for HSLA for the construction of buildings, better able to withstand the frequent and often devastating earthquakes in the country.

The growing demand for efficient batteries will also have a favorable impact on vanadium demand thanks to such innovations in technology as the vanadium-redox battery, which shall make it possible to store energy produced from wind turbines.

Apart from increased demand from the battery industry, western economic sanctions could cut off supplies of Russian vanadium, sending prices higher and faster than expected.

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Mon, 15 Jun 2015 20:50:00 -0400 http://www.proactiveinvestors.com/companies/news/108225/lenders-approve-largo-resources-debt-restructuring-plan-108225.html
<![CDATA[News - Largo Resources achieves record monthly production at the Maracas mine ]]> http://www.proactiveinvestors.com/companies/news/108202/largo-resources-achieves-record-monthly-production-at-the-maracas-mine-108202.html Largo Resources (CVE:LGO) (OTCMKTS:LGORF) produced 487 tonnes of vanadium pentoxide in May at its Maracas Menchen mine in Brazil, reaching a new a new monthly overall production record since production started in August 2014.

Largo also set a new daily production record of 23 tonnes, representing some 87% of the plant’s Phase 1 design capacity and a 7% increase from the 21 tonne/day record, or 81% capacity, set last March.

The company, which continues to ramp up production at Maracas has also seen recoveries at the project increasing significantly, achieving greater stability. Indeed, for Largo said that including at the leaching system.

In general, production rates, recoveries and availability of operations are improving and greater stability has been achieved. For example, for about half of the past three month period, the plant was able to produce at a rate of 18 tonnes per day or better, or approximately 68% capacity. For at least a week during that period, meanwhile, production reached an average of 19 tonnes, or approximately 72% capacity.

Largo suggests that as improvements are made at the plant it can expect to achieve new single day, weekly or monthly production records, contributing to overall plant stability.

"We are extremely pleased with our recent progress. With our recent records and overall growth in production we have really begun to see the Plant's ability to operate at its intended capacity. The key systems at the Plant all work very well and the quality of the material we have been producing since day one attest to that. However some modifications will greatly improve these systems and we are excited to see how much production improves as we bring each of these projects online," said Largo’s Chief Operating Officer, Michael Mutchler.

Largo’s management is confident that it will easily reach or surpass its production goal of 26 tonnes per day, during three daily production periods, given that it has already realized between 8 and 9 tonnes in a single shift.

The production ramp up success has been matched by no less significant quality targets such that the end-product vanadium pentoxide (V2O5) has been of extremely high quality, having met standard specifications since first production was achieved in August, 2014, said Largo in a statement.

Largo warns that as the ramp up continues, some equipment glitches, minor or systemic, can be expected, affecting production and daily tonnage rates.

But, Largo has been addressing issues, optimizing operations in order to ensure as continuous and stable operations as possible to reach production targets. To this effect, Largo installed a dry-magnetic separation unit to compliment the milling and beneficiation system, which has already achieved design capacity targets.

Largo completed a C$$75.2 million private placement at the end of May, which will enable it to conduct remaining optimization projects over the next few months in order to achieve its full Phase 1 design capacity in or about the third Quarter of 2015.

These include the replacement of the pan-conveyor at the leaching system, which has constrained heat retention, impacting recoveries and demanding extensive maintenance down-time. Largo also plans to add another leach tank to increase the leaching residence time and improve the system's recovery and availability as well as a leaching system back-up belt filter to increase the system's capacity and overall availability.

The month over month performance improvements serve as a solid foundation for continued growth and the Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of 2015.

Looking out to 2016, the company also has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

The company has made a series of important moves in 2015, including the appointment of new chief executive officer Mark A. Smith --- who is the former CEO of Molycorp and the current executive chairman of NioCorp --- to lead Largo into a new phase of growth.

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Mon, 08 Jun 2015 16:10:00 -0400 http://www.proactiveinvestors.com/companies/news/108202/largo-resources-achieves-record-monthly-production-at-the-maracas-mine-108202.html
<![CDATA[News - Largo Resources achieves 88% production capacity at Maracas mine ]]> http://www.proactiveinvestors.com/companies/news/107359/largo-resources-achieves-88-production-capacity-at-maracas-mine-107359.html

Largo Resources (CVE:LGO) (OTCMKTS:LGORF) produced 23 tonnes of vanadium pentoxide in a single day at the Maracas Menchen mine in Brazil, reaching a new a new daily production record.

The amount represents 88% of the plant’s Phase 1 design capacity and a 7% increase from the 21 tonne/day record, or 81% capacity, set last March.

The company, which continues to ramp up production at its Maracas Menchen vanadium mine in Brazil, has also seen recoveries at the project increasing significantly, including at the leaching system.

This year, Largo achieved several milestones apart from the production amounts. Last March, the company said that recovery rates at the milling, kiln, and leaching systems have each met and surpassed design targets.

The company has made significant progress during the ramp-up phase, but the month over month performance improvements serve as a solid foundation for continued growth.

The mine started production last August, and encountered some early hiccups during the first few months, leading to a slower than expected start. But Largo is still aiming to develop its mine to phase 1 capacity by the third quarter.

The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company also has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

Earlier in May, Largo secured C$70 million in financing through a private placement, allowing the company to continue development of the Maracas Menchen Mine and for general corporate purposes.

The company has made a series of important moves in 2015, including the appointment of new chief executive officer Mark A. Smith --- who is the former CEO of Molycorp and the current executive chairman of NioCorp --- to lead Largo into a new phase of growth.

 

 

 

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Tue, 26 May 2015 11:03:00 -0400 http://www.proactiveinvestors.com/companies/news/107359/largo-resources-achieves-88-production-capacity-at-maracas-mine-107359.html
<![CDATA[News - Largo Resources to increase offering from C$50 million to C$70 million ]]> http://www.proactiveinvestors.com/companies/news/106661/largo-resources-to-increase-offering-from-c50-million-to-c70-million-106661.html Largo Resources (CVE:LGO) (OTCMKTS:LGORF) plans to raise C$70 million instead of the C$50 million financing first announced on May 7, through a private placement at an issue price of C$0.80 per Unit.

A unit includes one common share and one-half of one common share purchase warrant. Holders of warrants will be able to exercise them for price of C$1.50 for a period of 12 months following the close of the deal.

Largo said that it made the C$20 million increase in response to higher than anticipated interest from its current shareholders.

Largo expects Arias Resource Capital (ARC) managed funds to buy up to C$50.65 million or approximately 63,312,500 units on a non-brokered basis.

In addition to the participation from the ARC Funds, the total raise on a non-brokered basis will be Cdn$68.6 million, the company noted in a statement, while the brokered offering with Mackie Research Capital Corporation will now be for up to Cdn$1.4 million on a best efforts agency basis.

Largo will raise about C$70 million through the combination of the Non-Brokered Placement and the Brokered Placement, issuing approximately 87.5 million Units.

Largo noted that it expects many current shareholders to take part in the offering, which is conditional upon the company raising at least US$35 million in equity as part of a restructuring of its debt facilities for the Maracas Menchen Mine with its commercial consortium of lenders.

Largo will use the net proceeds from the deal, which is expected to close during the week of May 15, 2015, to continue development of the Maracas Menchen Mine and for general corporate purposes.

Last March, Largo closed a C$12 million convertible bridge loan as the vanadium miner said it would have to raise more equity capital to address additional capital expenses for 2015, including the improvement of recoveries of the leaching system at Maracas Menchen.

The successful effort to restructure debt and increase available resources add to the encouraging performance at the Mine, which Largo is aiming to develop to phase 1 capacity by the third quarter.

The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide at very competitive costs.

Looking ahead to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

Largo started producing vanadium ore in March of 2014 and shipments began in early September. It is the first vanadium project in the Americas and its target is to reach 11,700 tons at full capacity.

Largo’s deposit is considered to be the highest grade vanadium deposit in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits because if its low silica content, which makes it easier and cheaper to process. Vanadium is becoming essential for the production of steel as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reducing fuel consumption and reduce emissions.

 

 

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Wed, 13 May 2015 13:23:00 -0400 http://www.proactiveinvestors.com/companies/news/106661/largo-resources-to-increase-offering-from-c50-million-to-c70-million-106661.html
<![CDATA[News - Largo Resources to raise up to C$50 million ]]> http://www.proactiveinvestors.com/companies/news/106548/largo-resources-to-raise-up-to-c50-million-61366.html

Largo Resources (CVE:LGO) (OTCMKTS:LGORF) will raise up to C$50 million through a private placement at an issue price of C$0.80 per Unit.

A unit includes one common share and one-half of one common share purchase warrant. Holders of warrants will be able to exercise them for price of C$1.50 for a period of 12 months following the close of the deal.

Largo has also granted the Agent, Mackie Research, an option to increase the size of the offering by up to 15% in units, until 48 hours prior to the closing.

Largo noted that it expects many current shareholders to take part in the offering, which is conditional upon the company raising at least US$35 million in equity as part of a restructuring of its debt facilities for the Maracas Menchen Mine with its commercial consortium of lenders.

Largo will use the net proceeds from the deal, which is expected to close during the week of May 15, 2015, to continue development of the Maracas Menchen Mine and for general corporate purposes.

Separately, Largo has received confirmation from its lenders consortium for the restructuring of debt facilities for the Maracas Menchen Mine.

On April 30, Largo said it signed a term sheet with lenders to defer its debt amortization schedule in a restructuring package that has also extended the maturities of its construction debt and export credit facilities for its Maracas Menchen Mine.

The restructuring allows for an additional one-year grace period on the amortization repayment schedules for the Facilities, a two-year extension of maturity for its export credit facilities and a three-year extension of maturity for the BNDES Loan for the US dollar component.

The lenders have also agreed to extend the deferral of the beginning of the amortization of the export credit facilities from April 2016 to October 2016.

Last March, Largo closed a C$12 million convertible bridge loan as the vanadium miner said it would have to raise more equity capital to address additional capital expenses for 2015, including the improvement of recoveries of the leaching system at Maracas Menchen.

The successful effort to restructure debt and increase available resources add to the encouraging performance at the Mine, which Largo is aiming to develop to phase 1 capacity by the third quarter.

The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide at very competitive costs.

Looking ahead to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

Largo started producing vanadium ore in March of 2014 and shipments began in early September. It is the first vanadium project in the Americas and its target is to reach 11,700 tons at full capacity.

Largo’s deposit is considered to be the highest grade vanadium deposit in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits because if its low silica content, which makes it easier and cheaper to process. Vanadium is becoming essential for the production of steel as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reducing fuel consumption and reduce emissions.

 

 

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Thu, 07 May 2015 12:40:00 -0400 http://www.proactiveinvestors.com/companies/news/106548/largo-resources-to-raise-up-to-c50-million-61366.html
<![CDATA[News - Largo Resources to defer debt amortization schedule in restructuring package with lenders ]]> http://www.proactiveinvestors.com/companies/news/106478/largo-resources-to-defer-debt-amortization-schedule-in-restructuring-package-with-lenders-61264.html

Largo Resources (CVE:LGO) (OTCMKTS:LGORF) has signed a term sheet with lenders to defer its debt amortization schedule in a restructuring package that has will also extend the maturities of its construction debt and export credit facilities for its Maracas Menchen Mine.

The restructuring, upon closing, will allow for an additional one-year grace period on the amortization repayment schedules for the Facilities, a two-year extension of maturity for its export credit facilities and a three-year extension of maturity for the BNDES Loan for the US dollar component.

There are no changes to the Brazilian reais (R$) component of the BNDES Loan, which is denominated in reais (R$) even while some 63% or CDN$111,497 (R$257,676) of the facility is indexed to the U.S. dollar while the remaining 37% is not indexed.

"We are extremely pleased with the significant advancements we have made in discussions with our Lenders and believe that the signing of the term sheet by Largo is a strong indication that the terms set forth are largely as anticipated and are agreeable to the Company. We remain confident that a finalized agreement will be reached in the very near term," said Largo’s President and Chief Executive Officer, Mark Smith.

Last March, Largo closed a C$12 million convertible bridge loan as the vanadium miner said it would have to raise more equity capital to address additional capital expenses for 2015, including the improvement of recoveries of the leaching system at Maracas Menchen.

The successful effort to restructure debt and increase available resources add to the encouraging performance at the Mine, which Largo is aiming to develop to phase 1 capacity by the third quarter.

The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide at very competitive costs.

Largo has already achieved vanadium pentoxide production costs for $3.91/lb., placing the company in the lowest cost quartile of all primary vanadium production in the world. Largo is targeting a drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracas the largest and lowest cost vanadium mine in production.

Separately, after retaining Mark A. Smith, the former CEO of Molycorp and the current executive chairman of NioCorp, as its new president and chief executive last March, Largo announced Smith’s appointment to its Board of Directors.

Largo started production of vanadium ore in March of 2014 and shipments began in early September. It is the first vanadium project in the Americas and its target is to reach 11,700 tons at full capacity.

The Maracas Menchen Mine is the highest grade vanadium deposit in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits.

 

 

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Thu, 30 Apr 2015 10:34:00 -0400 http://www.proactiveinvestors.com/companies/news/106478/largo-resources-to-defer-debt-amortization-schedule-in-restructuring-package-with-lenders-61264.html
<![CDATA[News - Largo achieves some of the lowest vanadium production costs in the world ]]> http://www.proactiveinvestors.com/companies/news/106252/largo-achieves-some-of-the-lowest-vanadium-production-costs-in-the-world-60909.html Largo (CVE:LGO) (OTCMKTS:LGORF) can make vanadium pentoxide for $3.91/lb., placing the company in the lowest cost quartile of all primary vanadium production in the world.

Largo has achieved this remarkable operational result based on actual production of 472 tonnes (or approximately 1 million pounds) of vanadium pentoxide including royalties, operational sales, general and administrative expenses.

"This is an extremely important milestone for the Project and further demonstrates the phenomenal potential of the Maracas Menchen Mine," said Largo’s President and Chief Executive Officer, Mark Smith

The fact that such low costs could be achieved even before operations are refined offer a glimpse into the value of the Maracas project when it reaches full capacity.

Indeed, Smith hinted that Largo could reduce costs even further as the company aims for "further consistency while continuing to increase our production rates".

Largo started production of vanadium ore in March of 2014 and shipments began in early September. It is the first vanadium project in the Americas and its target is to reach 11,700 tons at full capacity.

Largo’s Maracas Menchen Mine is has access to one of the best and highest grade vanadium deposits in the world with grades of 1.3% - twice as high as the majority of known vanadium deposits.

Largo has very favorable prospects for 2015 thanks to its own performance and production ramp up capabilities and thanks to improving market conditions for vanadium.

Apart from low production costs, which reduce risk, Largo boasts a high quality deposit because if its low silica content, which makes it easier to process.

Vanadium is becoming essential for the production of high strength low alloy (HSLA) steel as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reducing fuel consumption and reduce emissions.

China is another important driver of vanadium demand because of its demand for HSLA for the construction of buildings, better able to withstand the frequent and often devastating earthquakes in the country.

The growing demand for efficient batteries will also have a favorable impact on vanadium demand thanks to such innovations in technology as the vanadium-redox battery, would allow the storage of energy produced from wind turbines. Moreover, western economic sanctions could cut off supplies of Russian vanadium, sending prices higher and faster than expected.

 

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Thu, 09 Apr 2015 11:45:00 -0400 http://www.proactiveinvestors.com/companies/news/106252/largo-achieves-some-of-the-lowest-vanadium-production-costs-in-the-world-60909.html
<![CDATA[News - Largo celebrates month of March at Maracas Menchen mine due to significant progress ]]> http://www.proactiveinvestors.com/companies/news/106199/largo-celebrates-month-of-march-at-maracas-menchen-mine-due-to-significant-progress-60817.html After announcing that it reached a new production record at its flagship mine earlier this week, Largo Resources (CVE:LGO) said it also celebrated the delivery of 2,000 tonnes of material under its offtake agreement since shipments started from the mine last September.

The company, which is ramping up production at its Maracas Menchen vanadium mine in Brazil, said production rates and recoveries at the project increased significantly in March, including at the leaching system.

Several new records were achieved last month, including a new all-time high for production in a single day of 21 tonnes, or approximately 81 percent of design capacity.

Recovery rates at the milling, kiln, and leaching systems have each met and surpassed design targets over several days in March, Largo said, and daily production rates were at or above 19 tonnes for a total of 14 days.

"We are extremely pleased with the recent stability we have achieved at the project," said chief operating officer Michael Mutchler.

"We are still in the ramp-up period, and as such, there is still more work to do to achieve capacity and design rates on a stabilized basis, but the significant improvement in performance this month has provided an excellent foundation to continue to grow production and consistency."

The mine started production last August, and encountered some early hiccups during the first few months, leading to a slower than expected start. But Largo is still aiming to develop its mine to phase 1 capacity by the third quarter.

The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company also has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

Largo received last week an additional C$3 million from Arias Resource Capital Management under a C$12 million convertible bridge loan, for a total of C$6 million collected so far. The funds are part of the vanadium miner's efforts to restructure its debt and raise more capital, after identifying additional capital expenses to be made this year, including the improvement of recoveries at its leaching system.

The company has made a series of important moves lately, including the appointment of new chief executive officer Mark A. Smith --- who is the former CEO of Molycorp and the current executive chairman of NioCorp --- to lead Largo into a new phase of growth.

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Thu, 02 Apr 2015 09:45:00 -0400 http://www.proactiveinvestors.com/companies/news/106199/largo-celebrates-month-of-march-at-maracas-menchen-mine-due-to-significant-progress-60817.html
<![CDATA[News - Largo Resources hits new production record at Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/106142/largo-resources-hits-new-production-record-at-maracas-menchen-mine-60742.html Largo Resources (CVE:LGO) has reached a new production record at its Maracas Menchen mine in Brazil, the company said Monday, marking what will be a record month for the vanadium site.

Production over a single day totaled 21 tonnes of vanadium pentoxide, representing about 81 percent of the plant's phase I design capacity, Largo said. The record was reached late last week. 

March will be the best month for the vanadium miner thus far since starting production last August, as output rates and recoveries have shown significant improvement.

The company will look to provide a more detailed update on production following the month's close, it said.

Largo also announced on Friday that Arias Resource Capital Management has advanced an additional C$3 million under a C$12 million convertible bridge loan the two parties agreed to earlier in March, for a total of C$6 million collected so far.

The funds are part of the vanadium miner's efforts to restructure its debt and raise more capital, after identifying additional capital expenses to be made this year, including the improvement of recoveries at its leaching system.

The company has made a series of important announcements lately, including the appointment of new chief executive officer Mark A. Smith --- who is the former CEO of Molycorp and the current executive chairman of NioCorp --- to lead Largo into a new phase of growth.

Largo is aiming to develop its Maracas Menchen mine in Brazil to phase 1 capacity by the third quarter. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

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Mon, 30 Mar 2015 13:58:00 -0400 http://www.proactiveinvestors.com/companies/news/106142/largo-resources-hits-new-production-record-at-maracas-menchen-mine-60742.html
<![CDATA[Media files - PDAC 2015 presentations: Largo Resources ]]> http://www.proactiveinvestors.com/companies/stocktube/3756/pdac-2015-presentations-largo-resources--.html Thu, 19 Mar 2015 06:27:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/3756/pdac-2015-presentations-largo-resources--.html <![CDATA[News - Largo closes $12mln convertible bridge loan, draws first proceeds ]]> http://www.proactiveinvestors.com/companies/news/105932/largo-closes-12mln-convertible-bridge-loan-draws-first-proceeds-60442.html Largo Resources (CVE:LGO) has now closed the C$12 million convertible bridge loan it announced last week, with the first draw down of C$3 million completed last Friday.

The proceeds will be used to finance development costs for the company's Maracas Menchen mine in Brazil, as well as debt servicing requirements.

The lender is Arias Resource Capital Management, and the bridge loan has an interest rate of 20 percent per year. It also has a six month term, Largo said, and will be drawn down over a number of weeks, on a bi-weekly basis.

All or any portion of the outstanding debt under the facility will be convertible into common shares of Largo, at a price of C$1.01 per share. Arias has also been granted the option to subscribe for up to C$40 million of securities under any proposed offering of Largo common shares, on or after the date of the loan agreement.

Earlier this month, Largo appointed Mark A. Smith, the former CEO of Molycorp and the current executive chairman of NioCorp, as its new chief executive, to lead the company as it ramps up to commercial production.

The vanadium miner also announced that it will need to raise more equity capital as it negotiates with its lenders to restructure its debt. The company has identified additional capital expenses to be made in 2015, including the improvement of recoveries of the leaching system, which, together with working capital needs, will require additional funds of about C$20 million this year.

Largo is aiming to develop its Maracas Menchen mine in Brazil to phase 1 capacity by the third quarter. The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

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Mon, 16 Mar 2015 14:50:00 -0400 http://www.proactiveinvestors.com/companies/news/105932/largo-closes-12mln-convertible-bridge-loan-draws-first-proceeds-60442.html
<![CDATA[News - Largo inks C$12 mln convertible bridge loan ]]> http://www.proactiveinvestors.com/companies/news/105862/largo-inks-c12-mln-convertible-bridge-loan-60361.html Largo Resources (CVE:LGO) said it has signed an agreement for a C$12 million convertible bridge loan, the proceeds of which will be used to finance development costs for its Maracas Menchen mine and debt servicing requirements.

The term sheet was signed with Arias Resource Capital Management, with the term loan facility having an interest rate of 20 percent per year. 

The bridge loan will have a six month term, Largo said, and will be drawn down over a number of weeks, on a bi-weekly basis, subject to regulatory approvals. It is expected to close by the end of this week.

All or any portion of the outstanding debt under the facility will be convertible into common shares of Largo, at a price of C$1.01 per share. 

Arias will also be granted the option to subscribe for up to C$40 million of securities under any proposed offering of Largo common shares, on or after the date of the loan agreement.

Earlier this week, Largo appointed Mark A. Smith, the former CEO of Molycorp and the current executive chairman of NioCorp, as its new chief executive, to lead the company as it ramps up to commercial production.

The vanadium miner also announced that it will need to raise more equity capital as it negotiates with its lenders to restructure its debt. The company said it has identified additional capital expenses to be made in 2015, including the improvement of recoveries of the leaching system, which, together with working capital needs, will require additional funds of about C$20 million in 2015.

This includes certain payments required to be made under its current debt facility, Largo said, which the company is currently looking to restructure, having signed an indicative term sheet with its lenders last month.

Largo is aiming to develop its Maracas Menchen mine in Brazil to phase 1 capacity by the third quarter. The mine started production last August. The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

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Wed, 11 Mar 2015 14:56:00 -0400 http://www.proactiveinvestors.com/companies/news/105862/largo-inks-c12-mln-convertible-bridge-loan-60361.html
<![CDATA[News - Largo works to fill short term financing needs as new CEO Mark Smith appointed ]]> http://www.proactiveinvestors.com/companies/news/105824/largo-works-to-fill-short-term-financing-needs-as-new-ceo-mark-smith-appointed-60317.html Largo Resources (CVE:LGO) has appointed Mark A. Smith, the former CEO of Molycorp and the current executive chairman of NioCorp, as its new chief executive, to lead the company as it ramps up to commercial production.

The vanadium miner also announced that it will need to raise more equity capital as it negotiates with its lenders to restructure its debt.

The company said it has identified additional capital expenses to be made in 2015, including the improvement of recoveries of the leaching system, which, together with working capital needs, will require additional funds of about C$20 million in 2015.

This includes certain payments required to be made under its current debt facility, Largo said, which the company is currently looking to restructure, having signed an indicative term sheet with its lenders last month.

Largo, which is aiming to develop its Maracas Menchen mine in Brazil to phase 1 capacity by the third quarter, will be seeking additional financing to coincide with the debt restructuring that is currently being negotiated. It is also looking to sign for a short term facility to fund debt servicing requirements until May of this year, and said it anticipates it will need another C$30 million in financing over the course of 2016.

The company still remains on track to achieve its 12 month ramp-up at Maracas, with full phase 1 capacity expected by the third quarter. The mine started production last August. 

The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

"Largo and Mark Brennan have put together a great team and I look forward to working with them to meet the challenges that face all resource companies in the current market environment," said incoming CEO Smith.

"I believe that Largo is uniquely positioned to meet these challenges and with the support of its very qualified board of directors will, I am confident, continue to succeed."

Smith will take over as CEO as of April 1, replacing Mark Brennan, who will be retiring, but will remain on as a consultant for one year. With Brennan at the helm, Largo transformed from a junior explorer to a new vanadium producer with over 250 employees in Canada and Brazil.

Smith was the chief executive officer of rare earths giant Molycorp from 2008 to 2012, and before this, held various engineering and executive positions for Chevron and Unocal.

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Tue, 10 Mar 2015 09:14:00 -0400 http://www.proactiveinvestors.com/companies/news/105824/largo-works-to-fill-short-term-financing-needs-as-new-ceo-mark-smith-appointed-60317.html
<![CDATA[News - Largo gets indicative term sheet from lenders for debt restructuring in a show of support ]]> http://www.proactiveinvestors.com/companies/news/105626/largo-gets-indicative-term-sheet-from-lenders-for-debt-restructuring-in-a-show-of-support-60035.html Largo Resources (CVE:LGO) has received an indicative term sheet from its lenders to push out the repayment schedule for its loans, bringing the miner one step closer to effectively removing any near-term tightness on its balance sheet.

The company said the term sheet is for a deferral of its debt amortization schedule for a period of one year, and to extend the maturities of its construction facility for a period of three years, and its export credit facility by two years.

The term sheet still needs approval from each of the lenders' credit committees, Largo said, with some other conditions also necessary prior to closing. Largo expects the process will be completed prior to the start of the amortization period on its existing facilities.

The vanadium miner, which is ramping up its Maracas Menchen mine in Brazil to phase 1 capacity, recently adjusted its current vanadium pricing and also decided not to sell its iron-ore by product in response to the weak environment. Vanadium, which is used for renewable energy purposes and the production of steel, has seen its prices decline significantly since January last year, when it traded at about US$6.00 per pound and is now sitting at a five-year low of US$5.00 per pound.

But the company still remains on track to achieve its 12 month ramp-up at Maracas, with full phase 1 capacity expected by the third quarter. The mine started production last August. 

In fact, Largo is expected to become operating cash flow positive later this month, according to Cormark Securities.

"Although not yet finalized, we believe this indicative term sheet demonstrates our lenders support of the project and their willingness to engage in productive negotiations," said president and chief executive officer Mark Brennan.

 "We at this time remain confident that a suitable conclusion will be reached in the near term.

"While we have seen a deterioration in commodity prices that has an impact on near term cash flow generation, the Maracas Menchen Mine has improved markedly on an operational basis from a year ago and remains extremely viable, particularly once the current ramp up has been achieved," he added.

The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.

Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production. 

Largo's phase 1 capacity goal of 9,634 tonnes per year is expected to make up 7 percent of the global vanadium market. Assuming a capacity expansion is completed by June 2016, production is guided to grow to 24 million pounds per year.

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Tue, 24 Feb 2015 09:15:00 -0500 http://www.proactiveinvestors.com/companies/news/105626/largo-gets-indicative-term-sheet-from-lenders-for-debt-restructuring-in-a-show-of-support-60035.html
<![CDATA[News - Largo's debt issues overblown, provides unique vanadium exposure, says Cormark ]]> http://www.proactiveinvestors.com/companies/news/105373/largos-debt-issues-overblown-provides-unique-vanadium-exposure-says-cormark-59693.html The vanadium miner, which is ramping up its Maracas Menchen mine in Brazil to phase 1 capacity, said earlier this week that it is in talks with its lenders to push out the payment schedule for its loans and remove any near-term tightness on its balance sheet that will begin in the second quarter.
Nevertheless, Cormark analyst Cliff Hale-Sanders said that he expects this will not be an issue, and that the company will become operating cash flow positive later this month, despite a 20 percent decline in vanadium prices since the start of 2014 and slightly higher near term costs.
Vanadium, which is used for renewable energy purposes and the production of steel, has seen its prices decline significantly since January last year, when it traded at about US$6.00 per pound and is now sitting at a five-year low of US$5.00 per pound.
Largo recently adjusted its current pricing and also decided not to sell its iron-ore by product in response to the current environment, but the company still remains on track to achieve its 12 month ramp-up at Maracas, with full phase 1 capacity expected by the third quarter. The mine started production last August.
The Toronto-based miner is expecting 2015 production to come in at 17 million pounds of vanadium pentoxide, at a cost of US$4.15 per pound, although costs are expected to drop to US$3.21 per pound by the end of this year.
Looking out to 2016, the company has the option to complete a $32 million expansion, which would raise capacity by some 50 percent and make Maracás the largest and lowest cost vanadium mine in production, noted Cormark in its research report released Wednesday.
"With the ramp up going as planned, we expect Largo to transition to an operating cash flow positive producer later this month. That said, the timing of the debt repayments places significant stress on the balance sheet and will need to be addressed in the next couple of months," wrote Hale-Sanders, referring to the $15 million necessary to cover debt and interest payments starting in Q2.
"Given the support of the company’s lenders in the past, we do not expect this to be an issue and see recent concerns as overblown. As such, we continue to like the name for its unique exposure to the vanadium market, attractive valuation and what we believe is a high likelihood of being taken out once fully ramped up."
The brokerage firm stood by its buy recommendation and lowered its target price for the company slightly to C$3.75 from C$4.00 previously, reflecting marginally higher near term costs as a result of Largo's decision to stop selling iron ore by-product.
The Cormark analyst said capital costs are expected to total $18.2 million in 2015 to 2016, in line with the firm’s previous estimates, and with room to defer spending should it be necessary.
Hale-Sanders also noted the strategic importance of the Maracas Menchen mine to the vanadium market, given its high grades and low costs. He said he expects vanadium prices will rise above US$6.00 per pound in the medium term, given the higher cost of secondary production, with higher prices possible longer term to incentivize new supply.
Vanadium, demand for which is driven by its use as a steel strengthening alloy, makes up 0.02 percent of Chinese steel, and is anticipated to move close to 0.07 to 0.08 percent used in European and North America steels.
Largo's phase 1 capacity goal of 9,634 tonnes per year is expected to make up 7 percent of the global vanadium market. Assuming a capacity expansion is completed by June 2016, production is guided to grow to 24 million pounds per year.
Shares of Largo have dipped more than 23 percent in the past five sessions, currently trading at around 97 cents on the TSX Venture Exchange in Toronto. ]]>
Thu, 05 Feb 2015 11:31:00 -0500 http://www.proactiveinvestors.com/companies/news/105373/largos-debt-issues-overblown-provides-unique-vanadium-exposure-says-cormark-59693.html
<![CDATA[News - Largo expects to reach nameplate capacity at Maracas by Q3 this year ]]> http://www.proactiveinvestors.com/companies/news/105330/largo-expects-to-reach-nameplate-capacity-at-maracas-by-q3-this-year-59637.html Largo Resources (CVE:LGO) has provided its first ever production guidance for its Maracas Menchen mine in Brazil, since starting production at the site in August of last year. 

Ramp up is expected to take 12 months, with the company's focus this year on achieving nameplate annual capacity of 9,634 tonnes of vanadium pentoxide by the third quarter.

The company is projecting in the range of 16.2 to 18.4 million pounds of annual vanadium production this year, moving up to as much as 27.3 million pounds in 2016. Largo said production numbers for 2016 assume the completion of an expansion of its existing facilities by June of that year, resulting in increased production capacity.

Operating costs are expected to average $4.15 per pound during 2015, reaching as low as $3.21 per pound by December. The company anticipates operating costs will continue to decline throughout this year and next, stabilizing around $2.60 per pound by the end of 2016.

Vanadium, which is used for renewable energy purposes and the production of steel, has seen its prices decline significantly since January last year, when it traded at about $6.00 per pound and is now sitting at a five-year low of $5.00 per pound.

In response, Largo has adjusted its current pricing to $5.00 per pound, representing a $1.37 decrease in the price of vanadium since its 2013 technical report. It has also revised its medium term planning to exclude the sale of iron ore by-product from the Maracas mine's 2015 and 2016 estimates due to weak iron ore prices.

The iron ore material, which is a natural by-product of vanadium and requires no additional cost, will be stockpiled and could potentially be sold at a later date, Largo said.

The company also announced that it is in discussions to restructure or extend its debt facilities, so as to better match its current expectations for production and cash flow. The hope is to delay repayment until production is closer to "full and sustainable capacity", the vanadium miner said.

It highlighted that it continues to meet all interest payments. 

Should Largo choose to move forward with its planned expansion next year, and assuming it restructures or extends its loans, it will need another C$18.2 million in capex during 2015 to 2016. The 9,634 tonnes per year phase 1 goal is expected to make up 7 percent of the global vanadium market.

Largo's Maracas Menchen mine boasts the highest grade vanadium deposit yet discovered.

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Tue, 03 Feb 2015 10:13:00 -0500 http://www.proactiveinvestors.com/companies/news/105330/largo-expects-to-reach-nameplate-capacity-at-maracas-by-q3-this-year-59637.html
<![CDATA[News - Largo rises after statement responding to recent market activity ]]> http://www.proactiveinvestors.com/companies/news/105274/largo-rises-after-statement-responding-to-recent-market-activity-59553.html Shares of Largo Resources (CVE:LGO) jumped almost 13 percent Thursday after saying it is unaware of the reason for a dramatic decline in its share price over recent weeks.

The company reiterated that it is ramping up production at its Maracas Menchen vanadium mine in Brazil, with commercial shipments ongoing on a weekly basis.

It is still targeting to reach phase 1 run rate capacity of 9,600 tons by the third quarter this year.

Shares climbed 12.9 percent to C$1.05 in Toronto on Thursday morning. Year-to-date, the stock has declined some 39 percent.

Largo has been producing vanadium from Maracas since last August. Once it reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The Maracas Menchen mine boasts the highest grade vanadium deposit yet discovered. Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

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Thu, 29 Jan 2015 11:26:00 -0500 http://www.proactiveinvestors.com/companies/news/105274/largo-rises-after-statement-responding-to-recent-market-activity-59553.html
<![CDATA[News - Largo accelerates ramp up at Maracas Menchen as shipments climb ]]> http://www.proactiveinvestors.com/companies/news/105090/largo-accelerates-ramp-up-at-maracas-menchen-as-shipments-climb-59311.html Largo Resources (CVE:LGO) says it has shipped almost double the amount of vanadium tonnes from its Maracas Menchen mine in Brazil since its last update in December.

So far, a total of 1,140 tonnes, or 2.5 million pounds, has been shipped from the mine, representing an increase of 408 shipped tonnes, or 0.9 million pounds, since the company's last operational update on December 3.

It also has about 60 tonnes of recent production in inventory, it added.

In January, the mine's output has been running between 55 to 75 percent of capacity, according to Largo's statement released late Thursday.

"We continue to see steady growth in the ramp up of the Maracas Mine," said president and chief executive officer Mark Brennan.

"We are achieving greater stability in the operations and expect to see continued momentum in our production growth to reach our Phase 1 target production by the third quarter."  

Largo has been producing vanadium from the mine since last August, and is targeting to ramp up to phase 1 capacity of 9,600 tonnes per year within 12 months. Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The Maracas Menchen mine boasts the highest grade vanadium deposit yet discovered. Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

The company also announced the start of a pre-feasibility study on the potential to produce salable platinum concentrates at its Maracas mine as it makes an effort to monetize by-products from the site.

In its statement Thursday, Largo said it believes that current vanadium pricing is unsustainable for a long period of time, and continues to monitor the situation carefully. Since January last year, the price of vanadium has dropped from about $6.00 per pound to a five-year low, trading currently in the range of $4.85 to $5.15 a pound. The $5.00 range has historically been a floor for vanadium pricing, Largo said.

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Fri, 16 Jan 2015 09:13:00 -0500 http://www.proactiveinvestors.com/companies/news/105090/largo-accelerates-ramp-up-at-maracas-menchen-as-shipments-climb-59311.html
<![CDATA[News - Largo says Dan Ioschpe resigns from board of directors ]]> http://www.proactiveinvestors.com/companies/news/104690/largo-says-dan-ioschpe-resigns-from-board-of-directors-58801.html Largo Resources (CVE:LGO) said that Dan Ioschpe has resigned from the company's board of directors, having served as a director since December 2011.

Ioschpe was the designated board member acting as a representative for Ashmore Investment Management Limited, Largo said.

The company attributed his leave to his decision to dedicate more time to his role as chairman of Iochpe-Maxion, a global producer of automotive components and a large Brazilian producer of railway equipment.

"We would like to sincerely thank Dan for his time and many contributions to Largo," said chief executive officer Mark Brennan.

"Dan has had a significant impact while at Largo and we are sorry to see him go. We wish him the very best in his future endeavors."

Largo is working to steadily ramp up vanadium production at its Maracas Menchen mine, which boasts the highest grade vanadium deposit yet discovered.

The mine is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start-up, sometime around July 2015. 

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The company last week also announced the start of a pre-feasibility study on the potential to produce salable platinum concentrates at its Maracas Menchen mine as it makes an effort to monetize by-products from the site.

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Mon, 15 Dec 2014 11:52:00 -0500 http://www.proactiveinvestors.com/companies/news/104690/largo-says-dan-ioschpe-resigns-from-board-of-directors-58801.html
<![CDATA[News - Largo starts pre-feasibility study on potential production of platinum by-product ]]> http://www.proactiveinvestors.com/companies/news/104614/largo-starts-pre-feasibility-study-on-potential-production-of-platinum-by-product-58704.html Largo Resources (CVE:LGO) has started a pre-feasibility study on the potential to produce salable platinum concentrates at its Maracas Menchen mine in Brazil as the company makes an effort to monetize by-products from the site.

As part of the current vanadium production process at the mine, which started commercial operations this past summer, run-of-mine platinum contained in the non-magnetic material is magnetically separated during the beneficiation process and stockpiled in tailings.

Largo said it has begun preliminary investigations into the potential production of platinum concentrate as a by-product, with initial findings suggesting there is potential to produce platinum as well as vanadium pentoxide.

The pre-feasibility study is being completed by South Africa-based firm DRA Taggart, and the company expects to announce the results in the New Year, it said.

The company is also currently making progress with exploration at its new Capivara prospect just north of Maracas, where it has confirmed high grade chromite and platinum group metal showings. 

In the meantime, Largo is working to steadily ramp up vanadium production at its Maracas Menchen mine, which boasts the highest grade vanadium deposit yet discovered.

The mine is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start-up, sometime around July 2015. Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

As of last week, the company had shipped a total of 1.6 million pounds of vanadium pentoxide from the project since shipments began on September 2.

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

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Wed, 10 Dec 2014 08:54:00 -0500 http://www.proactiveinvestors.com/companies/news/104614/largo-starts-pre-feasibility-study-on-potential-production-of-platinum-by-product-58704.html
<![CDATA[News - Largo says strong production rate growth anticipated in Q1 at Maracas ]]> http://www.proactiveinvestors.com/companies/news/104510/largo-says-strong-production-rate-growth-anticipated-in-q1-at-maracas-58572.html Largo Resources (CVE:LGO) says it is hopeful that its Maracas Menchen mine in Brazil will surpass the 20 tonne per day level in the near term as it works on ramping up production.

The mine, which started commercial operations earlier this summer, is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start-up, sometime around July 2015.

The company said that production output is currently running between 11 and 18 tonnes of vanadium pentoxide per day, representing between 45 to 65 percent of production capacity.

These rates are on par with the month of October, as despite production steadily increasing in early November, a mechanical issue tied to the leaching system was soon encountered. 

This, together with several days of what Largo called "exceptionally high rainfall", impacted production rates temporarily last month.

"Over the past several months we have made significant headway with respect to increasing recoveries and efficiencies of production at the project," said president and chief executive officer Mark Brennan. 

"Currently we are working to increase availability of each system and are hopeful to surpass the 20 tonne per day level in the near-term."  

The chief executive was optimistic, saying he anticipates strong growth in production rates in the first quarter of next year, encouraged by the advancement seen at the project thus far.

Commercial shipments from the mine are ongoing, with a total of approximately 1.6 million pounds of vanadium pentoxide shipped from the project since shipments began on September 2 this year. It expects deliveries of material to continue on a weekly basis.

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, has estimated cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

Largo is also looking to increase revenue from the mine through by-products such as platinum group metals, which the company expects could have a material impact on cash flows and revenue. It is currently making progress with exploration at its new Capivara prospect north of its Maracas Menchen mine, where it has confirmed high grade chromite and platinum group metal (PGM) showings.

The company said late Wednesday that it would update investors further via a conference call on December 10th of next week. 

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Thu, 04 Dec 2014 08:16:00 -0500 http://www.proactiveinvestors.com/companies/news/104510/largo-says-strong-production-rate-growth-anticipated-in-q1-at-maracas-58572.html
<![CDATA[News - Largo proves high grade chromite and PGMs at Capivara prospect ]]> http://www.proactiveinvestors.com/companies/news/104365/largo-proves-high-grade-chromite-and-pgms-at-capivara-prospect-58372.html Largo Resources (CVE:LGO) says initial grab samples from its new Capivara prospect north of its Maracas Menchen mine have confirmed high grade chromite and platinum group metal (PGM) showings.

The company announced earlier this month the discovery of the chromite showing at Capivara, which lies 32km north of the Campbell pit at its Maracas vanadium mine.

The initial 12 grab samples yielded chromite values from 30.04% to 41.68%, Largo said, while platinum values were reported as ranging from 110 to 2,500 parts per billion.

"We continue to be encouraged by the results and intend to complete further work including drilling in the near term to delineate this prospective area," said VP of exploration for Largo, Robert Campbell.

The samples were collected from surface over the prospective area at Capivara, with a gravity survey now underway in order to identify targets for drill testing.

The prospective area has been traced for 3km north-south by 0.5km east-west, with at least two zones of chromite layers from 20 to 25 metres wide, the company said.  These zones are 400 metres west of the magnetite horizon that contains vanadium. 

Largo's initial plan when discovering the chromite showing at Capivara was to evaluate the magnetite horizon for high grade vanadium values, but while exploring the area, it found zones containing chromite layers with fine grained sulphides that were prospective for PGMs.

The company is also steadily increasing production rates at its Maracas Menchen mine, which started commercial operations earlier this summer. Largo is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015. It recently reached about 71 percent of phase 1 capacity. 

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Tue, 25 Nov 2014 09:07:00 -0500 http://www.proactiveinvestors.com/companies/news/104365/largo-proves-high-grade-chromite-and-pgms-at-capivara-prospect-58372.html
<![CDATA[News - Largo appoints experienced mining engineer as general manager for Maracas Menchen ]]> http://www.proactiveinvestors.com/companies/news/104229/largo-appoints-experienced-mining-engineer-as-general-manager-for-maracas-menchen-58187.html Largo Resources (CVE:LGO) has appointed Paulo Guimarães Misk as its new general manager for its Maracas Menchen mine in Brazil.

Mining engineer Misk has more than 28 years of experience in operational management at mining facilities for several large multi-national mining companies, across a wide range of commodities, the company said.

Most recently, he ran Anglo American's Catalão project, from 2011 to 2014, where he was promoted to head of niobium operations after serving as niobium general manager for one year. He is credited with a program that improved production rates and recoveries at the mine, as well as sharply reducing unit costs.

Misk previous worked for GP Investments and AMG Group, where he managed mining operations for commodities including talc, tantalum, niobium, tin and lithium.

Largo is steadily increasing production rates at its Maracas Menchen mine, which started commercial vanadium operations earlier this summer. The company is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015. It recently reached about 71 percent of phase 1 capacity. 

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

Largo is also looking to increase revenue from the mine through by-products such as platinum group metals, which the company expects could have a material impact on cash flows and revenue. 

"I am extremely pleased to welcome Mr. Misk to our team," said chief operating officer Michael Mutchler.

"The significant calibre of his experience will be a great addition to the strong operations team we already have in place.  Being able to attract such qualified individuals is certainly a testament to the quality of the Maracás operation."

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Mon, 17 Nov 2014 10:13:00 -0500 http://www.proactiveinvestors.com/companies/news/104229/largo-appoints-experienced-mining-engineer-as-general-manager-for-maracas-menchen-58187.html
<![CDATA[News - Largo gets final operating license for Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/104153/largo-gets-final-operating-license-for-maracas-menchen-mine-58090.html Largo Resources (CVE:LGO) has received the operating license for production at its Maracas Menchen mine in Brazil, following up on its preliminary license from May which was necessary to begin the production ramp-up at the site.

The final operating license is the definitive document for production at Maracas, Largo said, and indicates that the plant was built and is operating according to design specifications and environmental guidelines.

The document is valid for two years, at which time it may be renewed for extension within six months of the expiry date, for an additional two to five years.

The company is steadily increasing production rates at its Maracas Menchen mine, which started commercial operations earlier this summer. Largo is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015. It recently reached about 71 percent of phase 1 capacity. 

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

Largo is also looking to increase revenue from the mine through by-products such as platinum group metals, which the company expects could have a material impact on cash flows and revenue. Earlier this week, the vanadium miner said it recently discovered a new chromite showing on its Capivara prospect, which sits 32 km north of the Campbell pit at Maracas. Largo found a number of zones containing chormite layers with fine grained sulphides that could contain PGMs, with samples collected and submitted to the lab. Results are still pending.

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Wed, 12 Nov 2014 09:17:00 -0500 http://www.proactiveinvestors.com/companies/news/104153/largo-gets-final-operating-license-for-maracas-menchen-mine-58090.html
<![CDATA[News - Largo explores potential for chromite and PGMs in Maracas region ]]> http://www.proactiveinvestors.com/companies/news/104102/largo-explores-potential-for-chromite-and-pgms-in-maracas-region-58010.html Largo Resources (CVE:LGO) has started an exploration program for chromite and platinum group metals (PGM) at its Capivara project in Brazil, which lies outside of the current mining area of the company's Maracas Menchen mine.

The vanadium miner said it recently discovered a new chromite showing on its Capivara prospect, which sits 32 km north of the Campbell pit at the Maracas Menchen mine. 

The original goal was to evaluate the magnetite horizon for high grade vanadium values, according to the Toronto, Ontario-based company's statement.

But while exploring the area, Largo said it found a number of zones containing chormite layers with fine grained sulphides that could contain PGMs, with samples collected and submitted to the lab. Results are pending, it added.

"We are very pleased with the discovery of the chromite layers and the possibility of PGM mineralization related to the sulphides," said VP of exploration, Robert Campbell. 

"This is similar to other layered intrusions such as Great Dyke, Bushveld and Stillwater. The significance in these layered intrusions is that the ultramafic section hosts the known chromite and PGM deposits. 

"This transition from the mafic section and magnetite horizon to the ultramafic section and chromite layers may represent the ultramafic component to the Rio Jacare Sill or time equivalent."

Largo said the chromite layers were traced over an area of 3 km by 0.5 km, with at least two zones coming in from 20 to 25 metres wide at surface. These zones are 400 metres west of the magnetite horizon that contains vanadium. 

Currently, a ground magnetic survey of the area is 90 percent complete, while mapping and sampling is about 60 percent complete. A gravity survey is also slated to start next week. 

Once the data has been evaluated, targets will be prioritized and followed up with diamond drilling, Largo said.

The company is also steadily increasing production rates at its Maracas Menchen mine, which started commercial operations earlier this summer. Largo is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015. It recently reached about 71 percent of phase 1 capacity. 

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Mon, 10 Nov 2014 09:14:00 -0500 http://www.proactiveinvestors.com/companies/news/104102/largo-explores-potential-for-chromite-and-pgms-in-maracas-region-58010.html
<![CDATA[News - Largo Resources updates on record-setting October for Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/104002/largo-resources-updates-on-record-setting-october-for-maracas-menchen-mine-57871.html Largo Resources (CVE:LGO) said that the month of October proved successful for the company after not only setting a record for production, but also achieving a new shipment record at its Maracas Menchen mine in Brazil.

In a letter to shareholders released earlier Tuesday, the company said that it set a new weekly shipment record last week, with a total of 120 tonnes of material shipped in a single week.

Production rates are also steadily increasing, Largo said. Production for October increased 28 percent from September. Its production record over a 24-hour period was reached last month at 19 tonnes of vanadium pentoxide, which it called a "significant new benchmark in the ongoing ramp up process."

The company reached approximately 71 percent of the plant's phase 1 design capacity, up from about 40 percent of total capacity earlier in October. 

After a challenging start up of the mine this past summer, the company has said that a rapid ramp up can now be expected going forward, after mechanical problems were resolved.

Largo is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015.

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, has estimated cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

Largo is also looking to increase revenue from the mine through by-products such as platinum group metals, which the company expects could have a material impact on cash flows and revenue. 

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

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Tue, 04 Nov 2014 14:53:00 -0500 http://www.proactiveinvestors.com/companies/news/104002/largo-resources-updates-on-record-setting-october-for-maracas-menchen-mine-57871.html
<![CDATA[News - Largo reaches 71% of phase 1 capacity at Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/103833/largo-reaches-71-of-phase-1-capacity-at-maracas-menchen-mine-57671.html Largo Resources (CVE:LGO) has reached record production levels of vanadium as it ramps up its Maracas Menchen mine in Brazil, achieving approximately 71 percent of the plant's phase 1 design capacity.

This is up from about 40 percent of total capacity earlier this month. 

In a letter sent to update shareholders on Monday, the Toronto-based vanadium miner said production over a 24-hour period totaled 19 tonnes of vanadium pentoxide, a "significant new benchmark in the ongoing ramp-up process."

After a challenging start up of the mine this past summer, the company has said that a rapid ramp up can now be expected going forward, after mechanical problems were resolved.

Largo is targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015.

On a conference call in mid-October, CEO Mark Brennan said that while the company was marginally behind where it was expected to be as per the ramp up schedule outlined in June, Largo expected to be fully caught up by November.

With its latest results, the junior miner has now beat its November goal, which was about 55 percent of total phase 1 capacity.

Once Largo reaches its phase 1 target -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, has estimated cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

Largo is also looking to increase revenue from the mine through by-products such as platinum group metals, which the company expects could have a material impact on cash flows and revenue. 

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

Largo already has a six-year sales contract in place with Switzerland's Glencore International, with the first shipment from its Maracas Menchen mine completed in September.

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Mon, 27 Oct 2014 11:31:00 -0400 http://www.proactiveinvestors.com/companies/news/103833/largo-reaches-71-of-phase-1-capacity-at-maracas-menchen-mine-57671.html
<![CDATA[News - Largo confident in ramp-up schedule, more rapid development ahead ]]> http://www.proactiveinvestors.com/companies/news/103694/largo-confident-in-ramp-up-schedule-more-rapid-development-ahead-57467.html Largo Resources (CVE:LGO) is confident that the company should see aggressive growth at its Maracas Menchen vanadium mine going forward, according to chief executive Mark Brennan, who spoke on a conference call with investors and analysts earlier Thursday.

Brennan said that after encountering several mechanical issues this past summer prior to achieving first production in August, the company has managed to rectify the problems and achieve stable operations. 

Currently, production rates are running at between 8 to 12 tonnes of vanadium pentoxide per day, which is equivalent to about 40 percent of total capacity.

The CEO said that a rapid ramp up can now be expected, with the company still targeting to reach phase 1 maximum capacity of 9,600 tonnes per year within 12 months from start up, sometime around July 2015.

"We're marginally behind where we expected to be [as per a ramp-up schedule outlined in June], but by November, we expect to be fully caught up," Brennan said on the call.

He reassured shareholders by telling them that Largo has now "driven out of the fog", and should see strong increases in availability, efficiencies and recoveries going forward.

By November, the company is targeting ramp up to about 55 percent of capacity.

Once Largo reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, has estimated cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

The chief executive also said Thursday that Largo will look to increase revenue from the mine through by-products such as platinum group metals, which he expects could have a "material impact" on cash flows and revenue. 

It will also consider exploration opportunities with respect to vanadium and associated products, which could generate some "very good upside" in the next six months, Brennan added.

During the shareholder update, the CEO painted a different picture for Largo than the current weak situation externally, pointing out lithium producer RB Energy's recent filing for creditor protection on the back of its failure to raise necessary funds. 

"This is not our situation. We are confident we will be at maximum capacity well within the time frames we have provided in the past."

Brennan acknowledged that while all commodities are suffering at the moment, vanadium has some encouraging demand prospects from new products, particularly in the renewable energy space.

"There are some good signs the battery market is starting to take shape. We could see some very pleasant surprises coming from the vanadium market.

"While there has been a little bit of softness [in the vanadium price], it hasn't been huge, and we're confident that because of our low cost base, we will be able to thrive even at a low vanadium price."

Aside from renewable energy, vanadium is also essential for the production of steel, with many aircraft and automotive manufacturers addressing demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions.

Largo already has a six-year sales contract in place with Switzerland's Glencore International, with the first shipment from its Maracas Menchen mine completed in September.

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Thu, 16 Oct 2014 13:57:00 -0400 http://www.proactiveinvestors.com/companies/news/103694/largo-confident-in-ramp-up-schedule-more-rapid-development-ahead-57467.html
<![CDATA[News - Largo's share consolidation to take effect Friday ]]> http://www.proactiveinvestors.com/companies/news/103669/largos-share-consolidation-to-take-effect-friday-57433.html Largo Resources (CVE:LGO) says it has consolidated its shares on a 10 for 1 basis, with the move approved by its shareholders at an annual meeting back in June.

The consolidation takes effect this Friday, after the TSX Venture Exchange approved the request. It is expected that upon completion, Largo will have about 109.3 million common shares issued and outstanding, compared to 1.1 billion currently.

The company said its name and trading symbol will remain the same, and that no fractional common shares will be issued.

Earlier this month, Largo said the ramp up at its Maracas Menchen mine in Brazil is progressing well, with the first revenues from sales of the vanadium material already recieved.

The ramp-up, which has been ongoing since September, continues to progress with production rates remaining stable between 8 to 12 tonnes of vanadium pentoxide per day. This equates to about 40 percent of total capacity, but the company said production has been achieved at 14 tonnes per day, which represents about 50 percent of total capacity.

The company's immediate goal is to steadily increase production over the coming months to reach the project's phase 1 nameplate capacity of 9,600 tonnes per year within 12 months of operations, and in October, closed a C$30 million financing to help move towards this.

Once Largo reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, is expected to have cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

The company said its efforts will now focus on "de-bottlenecking" the areas where it is encountering capacity restraints, while continuing to optimize recoveries and generally improving efficiencies throughout the plant.

With a six-year sales contract with Switzerland's Glencore International already in place, Largo is well positioned to generate substantial cash flow and become one of the world's largest vanadium producers.

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Wed, 15 Oct 2014 10:42:00 -0400 http://www.proactiveinvestors.com/companies/news/103669/largos-share-consolidation-to-take-effect-friday-57433.html
<![CDATA[News - Largo says Maracas ramp up continues to progress well with first revenues received ]]> http://www.proactiveinvestors.com/companies/news/103578/largo-says-maracas-ramp-up-continues-to-progress-well-with-first-revenues-received-57294.html Largo Resources (CVE:LGO) says the ramp up at its Maracas Menchen mine in Brazil is progressing well, with the first revenues from sales of the vanadium material already recieved.

The news came in an operational update for the mine released late Tuesday, with the junior vanadium miner saying the ramp-up of production, which has been ongoing since September, continues to progress with production rates remaining stable between 8 to 12 tonnes of vanadium pentoxide per day.

This equates to about 40 percent of total capacity, but the company said production has been achieved at 14 tonnes per day, which represents about 50 percent of total capacity.

Several shipments of material have already been made, with first revenues received, Largo said.

The company's immediate goal is to steadily increase production over the coming months to reach the project's phase 1 nameplate capacity of 9,600 tonnes per year within 12 months of operations, and just yesterday closed a C$30 million financing to help move towards this.

Once Largo reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

The property, which boasts the highest grade vanadium deposit yet discovered, is expected to have cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

"We have established stable operations at each area of the plant and have demonstrated that we can run each system effectively," said chief operating officer, Michael Mutchler.

"Although total plant is currently stable at 40% of capacity, it is important to note that we have now successfully run many of the subsystems at their full capacity levels," he added.

The company said its efforts will now focus on "de-bottlenecking" the areas where it is encountering capacity restraints, while continuing to optimize recoveries and generally improving efficiencies throughout the plant.

"We are confident that the ramp-up will continue to progress well, and that we will meet or exceed our capacity targets by or before month 12," said Mutchler.

With a six-year sales contract with Switzerland's Glencore International already in place, Largo is well positioned to generate substantial cash flow and become one of the world's largest vanadium producers.

The company also appointed Tuesday Allan Venter as production manager of its operations team at Maracas. Venter, with more than 10 years of senior management experience in the production of vanadium pentoxide and ferrovanadium, previously worked for Xstrata's Vantech operation and at the Evraz Vametco plant in South Africa.

Vanadium is becoming essential for the production of steel, as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions. Demand is only expected to increase, with Roskill estimating a growth rate of about 6 percent per year. 

The material cannot be rivaled in terms of strength, hence the expectations for continued increasing demand as steel companies strive towards higher quality products for end users. 

China is another important driver of demand because of vanadium's use in high strength steel for construction, demand for which has been booming because of new anti-earthquake compliance standards. 

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Wed, 08 Oct 2014 10:04:00 -0400 http://www.proactiveinvestors.com/companies/news/103578/largo-says-maracas-ramp-up-continues-to-progress-well-with-first-revenues-received-57294.html
<![CDATA[News - Largo closes $30mln financing for ramp-up at Maracas Menchen mine ]]> http://www.proactiveinvestors.com/companies/news/103564/largo-closes-30mln-financing-for-ramp-up-at-maracas-menchen-mine-57266.html Largo Resources (CVE:LGO) has raised C$30 million through a non-brokered private placement financing, the company said late Monday, with the proceeds to be used for its newly producing Maracas Menchen vanadium mine in Brazil. 

The company's immediate goal is to ramp up production at the mine, which boasts the highest grade vanadium deposit yet discovered.  Production volumes are anticipated to increase steadily over the coming months, with the goal of reaching the project's phase 1 nameplate capacity of 9,600 tonnes per year within 12 months of operations.

Once Largo reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

In early September, the company made its second shipment of vanadium pentoxide from the mine, after bringing it into production in August. With delivery and material inspection protocol now firmly established, shipments from the project are expected on a consistent basis each week. 

The property is expected to have cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

With a six-year sales contract with Switzerland's Glencore International already in place, Largo is well positioned to generate substantial cash flow and become one of the world's largest vanadium producers.

Under the private placement completed yesterday, Largo issued 107.14 million units at a price of 28 cents apiece. Each unit is made up of one common share and one share purchase warrant. Every warrant can be used to acquire an additional common share of Largo at a price of 35 cents, for a period of three years from closing.

Largo said that about C$15 million of the offering, or 53.57 million units, was acquired by existing shareholder Arias Resource Capital Management, while C$1.6 million of the financing, or 5.7 million units, was taken up by stakeholder Mackenzie Investments. 

Arias now owns about 28.18 percent of the company, or 33.6 percent if all convertible securities are exercised. Mackenzie now holds 14.46 percent, or 17.73 percent of Largo if all convertible securities are exercised.

The company also said that two directors of Largo acquired 142,874 units in the financing.

Vanadium is becoming essential for the production of steel, as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions. Demand is only expected to increase, with Roskill estimating a growth rate of about 6 percent per year. 

The material cannot be rivaled in terms of strength, hence the expectations for continued increasing demand as steel companies strive towards higher quality products for end users. 

China is another important driver of vanadium demand because of its use in high strength steel for construction, demand for which has been booming because of new anti-earthquake compliance standards. 

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Tue, 07 Oct 2014 12:04:00 -0400 http://www.proactiveinvestors.com/companies/news/103564/largo-closes-30mln-financing-for-ramp-up-at-maracas-menchen-mine-57266.html
<![CDATA[News - Largo Resources plans to raise $30mln as ramp-up at Maracas Menchen mine accelerates ]]> http://www.proactiveinvestors.com/companies/news/103449/largo-resources-plans-to-raise-30mln-as-ramp-up-at-maracas-menchen-mine-accelerates-57107.html Largo Resources (CVE:LGO) is raising C$30 million through a  non-brokered private placement financing, the company said Monday, with the proceeds to be used for its newly producing Maracas Menchen vanadium mine in Brazil. 

The company's immediate goal is to ramp up production at the mine, which boasts the highest grade vanadium deposit yet discovered.  Production volumes are anticipated to increase steadily over the coming months, with the goal of reaching the project's phase 1 nameplate capacity of 9,600 tonnes per year within 12 months of operations.

Once Largo reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

Earlier in September, the company made its second shipment of vanadium pentoxide from the mine, after bringing it into production in August. With delivery and material inspection protocol now firmly established, shipments from the project are expected on a consistent basis each week. 

The property is expected to have cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit, which favor easier processing and have lower production costs.

With a six-year sales contract with Switzerland's Glencore International already in place, Largo is well positioned to generate substantial cash flow and become one of the world's largest vanadium producers.

Under the private placement announced today, Largo plans to issue up to 107.14 million units at a price of 28 cents apiece. Each unit will be made up of one common share and one share purchase warrant. Every warrant can be used to acquire an additional common share of Largo at a price of 35 cents, for a period of three years from closing.

Largo said it expects that about C$15 million of the offering, or up to 53.57 million units, will be acquired by existing shareholder Arias Resource Capital Management, while C$1.6 million of the financing, or up to 5.7 million units, will be taken up by stakeholder Mackenzie Investments. 

This is contingent on the company raising C$15 million from other investors, it said.

Currently, Arias Resource holds about 25.8 percent of Largo, and following the placement, is expected to own up to 28.18 percent, or 33.6 percent if all convertible securities are exercised. 

Mackenzie now owns approximately 15.46 percent of Largo, and after completion of the offering, is anticipated to hold up to 17.7 percent, fully exercised. 

The company also said that other directors and officers of Largo could subscribe for up to 145,000 units in the financing, which is expected to close around October 3. The deal still requires regulatory approvals.

Vanadium is becoming essential for the production of steel, as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions. Demand is only expected to increase, with Roskill estimating a growth rate of about 6 percent per year. 

The material cannot be rivaled in terms of strength, hence the expectations for continued increasing demand as steel companies strive towards higher quality products for end users. 

China is another important driver of vanadium demand because of its use in high strength steel for construction, demand for which has been booming because of new anti-earthquake compliance standards. 

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Mon, 29 Sep 2014 11:25:00 -0400 http://www.proactiveinvestors.com/companies/news/103449/largo-resources-plans-to-raise-30mln-as-ramp-up-at-maracas-menchen-mine-accelerates-57107.html
<![CDATA[News - Largo makes second shipment of vanadium, consistent shipments now expected weekly ]]> http://www.proactiveinvestors.com/companies/news/103149/largo-makes-second-shipment-of-vanadium-consistent-shipments-now-expected-weekly-56668.html Largo Resources (CVE:LGO) says it has now made its second shipment of vanadium pentoxide from its Maracas Menchen mine in Brazil after bringing the project to production last month. 

The news follows the company's first shipment made under its offtake agreement last week. With delivery and material inspection protocol now firmly established, Largo said Tuesday that shipments of material from the project are now expected to occur on a consistent basis each week.

The first shipment was made on September 2, at which time Largo said production rates at the mine were stabilizing between 8 and 12 tonnes of material per day, representing about 40 percent of the project's phase 1 target capacity. 

It said that this is in line with expected production for this stage of ramp up. Production volumes are anticipated to increase steadily over the coming months, with the goal of reaching the project's phase 1 nameplate capacity of 9,600 tonnes per year within 12 months of operations.

Once the company reaches its phase 1 goal -- at which point it expects to make up 7 percent of the global vanadium market -- expansion will certainly be on the horizon, with phase 2 capacity of about 14,600 tonnes targeted for 2016-2017. 

Chief executive officer Mark Brennan has told Proactive Investors that the project is believed to have the capacity to generate north of $100 million per year in cash flow. With production now underway, this cash flow target is that much closer to reality, meaning huge upside for Largo.

The property, which is considered to be the highest grade vanadium deposit in the world, is expected to have cash costs between just US$5.50 to US$6.00 a kilogram, a result of the low silica and high vanadium pentoxide (V2O2) concentrations of the deposit which favor easier processing and have lower production costs.

Vanadium is becoming essential for the production of steel, as aircraft and automotive manufacturers address demand for lighter and tougher materials, which contribute to reduced fuel consumption and emissions. Demand is only expected to increase, with Roskill estimating a growth rate of about 6 percent per year. 

The material cannot be rivaled in terms of strength, hence the expectations for continued increasing demand as steel companies strive towards higher quality products for end users. 

China is another important driver of vanadium demand because of its use in high strength steel for construction, demand for which has been booming because of new anti-earthquake compliance standards. 

"We continue to be confident that we will continue to ramp-up efficiently in order to meet or exceed our production target for the next 12 months," said Brennan in the company's statement last week.

Largo, whose vanadium operations are located in one of the world's safest mining jurisdictions and a major producer of key resources such as iron ore, niobium and oil, has a six-year sale contract with Switzerland's Glencore International for 100 percent of all vanadium products from the Maracás Menchen mine.

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Tue, 09 Sep 2014 09:46:00 -0400 http://www.proactiveinvestors.com/companies/news/103149/largo-makes-second-shipment-of-vanadium-consistent-shipments-now-expected-weekly-56668.html