Largo Resources Ltd. (“Largo” or the “Company”) (TSX: LGO) (OTCQX: LGORF) announced that it has formally given notice to Glencore International AG (“Glencore”) of the nonrenewal of its off-take agreement dated May 14, 2008. In accordance with this notice, the off-take agreement will expire effective April 30, 2020.
Mark Smith, Chief Executive Officer stated: “Our current off-take agreement was instrumental in securing the initial financing for the construction of the Maracás Menchen Mine and allowed the Company to focus solely on producing among the highest purity vanadium in the world. Largo remains one of the lowest-cost vanadium producers in the industry with an established track record of operational performance highlighted by the Company’s new monthly V2O5 production record of 1,042 tonnes in July and global V2O5 recoveries of 80.9% exiting Q2 2019.”
He continued: “With the appointment of Mr. Paul Vollant as Director of Sales and Trading, the Company will continue developing its internal sales and trading business to further enhance Largo’s presence as the leading vanadium supplier for premium applications. This transition marks a transformative moment in the Company’s history and we will continue to focus on maximizing value for all of our shareholders with the new sales and trading business.”
Mr. Paul Vollant, Director of Sales and Trading of Largo confirmed to attend FerroAlloyNet 9th International Vanadium Products Summit which will be held on September 9-11, 2019, in Xi’an of Shaanxi province, hoping to explore the future development of vanadium market and seek opportunities for cooperation.
www.ferroalloynet.com
