NEW YORK Largo Resources Ltd. has expanded its ferrovanadium production forecast for its Maracás project in Bahia, Brazil.
The Maracas Mine is now targeted to produce 4,899 tonnes of ferrovanadium annually, as determined in a feasibility study from RungePincockMinarco, which also more than doubles the projects net present value to $554 million.
"The mine life is also increased to 29 years from the 15 years previously set out in the feasibility study," the Toronto-based company said. "These changes result in an increase to $554 million vs. $274 million in net present value."
Ferrovanadium production is projected to begin in the fourth quarter of 2016, with an offtake deal with Switzerlands Glencore International Plc in place for all vanadium products for the first six years.