Largo Resources Approves the Construction of a New Ilmenite Concentration Plant
Largo Resources Approves the Construction of a New Ilmenite Concentration
Plant
TORONTO--(BUSINESS WIRE)--March 18, 2021--Largo Resources Ltd. ("Largo" or the
"Company") (TSX: LGO) (OTCQX: LGORD) is pleased to announce that the Company’s Board
of Directors (the “Board”) has approved the construction of a new ilmenite concentration plant.
Commercial production from the new plant is expected early in 2023 and the plant's capacity will
be approximately 150,000 tonnes of ilmenite concentrate per annum. The Company started an
ilmenite pilot plant in October 2019. Based on the promising results, the Board approved
construction of a full-scale plant. The advanced engineering and construction of the ilmenite
concentration plant is expected to cost approximately US$25.2 million with the majority of these
costs being incurred in 2022. The Company is also further evaluating the potential to produce
titanium dioxide pigment as a possible follow-on product.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “The approval of our new
ilmenite concentration plant is another step to increase and diversify our revenues. As we work
to complete this project, we will also continue to explore the feasibility of extracting additional
value from the Company’s mineral resource.”
About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services
multiple vanadium market applications through the supply of its unrivaled VPURE™ and
VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the
Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement
of renewable energy storage solutions through its world-class VCHARGE± vanadium redox
flow battery technology. The Company's common shares are listed on the Toronto Stock
Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and
www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation,
some of which may be considered "financial outlook" for the purposes of application Canadian
securities legislation ("forward-looking statements"). Forward‐looking information in this press
release includes, but is not limited to, statements with respect to the timing and amount of
estimated future production and sales; costs of future activities and operations; the extent of
capital and operating expenditures; the iron ore price environment, the timing and cost related
to the build out of the ilmenite plan, eventual production from the ilmenite plant, the ability to
sell ilmenite on a profitable basis and the extent and overall impact of the COVID-19 pandemic
in Brazil and globally. Forward‐looking information in this press release also includes, but is
not limited to, statements with respect to our ability to build, finance and operate a VRFB
business, our ability to complete a listing on the Nasdaq, our ability to protect and develop our
technology, our ability to maintain our IP, our ability to market and sell our VCHARGE± battery
system on specification and at a competitive price, our ability to secure the required production
resources to build our VCHARGE± battery system, our ability to produce iron ore and the
adoption of VFRB technology generally in the market. Forward-looking statements can be
identified by the use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates"
or "does not anticipate", or "believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". All information contained in this news release, other than statements
of current and historical fact, is forward looking information. Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Largo or Largo Clean Energy to be
materially different from those expressed or implied by such forward-looking statements,
including but not limited to those risks described in the annual information form of Largo and in
its public documents filed on SEDAR from time to time. Forward-looking statements are based
on the opinions and estimates of management as of the date such statements are made. Although
management of Largo has attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. Largo does not undertake to update any
forward-looking statements, except in accordance with applicable securities laws. Readers
should also review the risks and uncertainties sections of Largo's annual and interim MD&As
which also apply.
Contacts
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
Tel: +1 416‐861‐9797
Media Enquiries:
Crystal Quast
Bullseye Corporate
Tel: +1 647-529-6364