Largo reported 2022 annual production of 10,436 tons or 23.0 million lbs of vanadium pentoxide – V2O5 – equivalent and sales of 11,091 tons of V2O5 equivalent from its Maracas Menchen Mine in 2022. In Q4 2022, V2O5 production from the Maracas Menchen Mine of 2,004 tons was in line with the 2,003 tons produced in Q4 2021. In Q4 2022, V2O5 equivalent sales were 2,774 tons, a 4% decrease over Q4 2021. Paulo Misk, CEO, stated: "Despite operational challenges faced in 2022, we continue to prioritize and focus on the steady state operation of our Maracas Menchen Mine in Brazil. To ensure normal operating performance throughout 2023, our operational team performed mitigation efforts to rectify rain-related impacts and preventive maintenance measures during the operational downtime in December 2022 and January 2023. In the coming year, we expect to meet our planned objectives to fully realize the value of our tier one vanadium company, including annual guidance for 2023, the completion of our ilmenite concentration plant, and the delivery of our inaugural VRFB for Enel in 2Q23. While our negotiation with Ansaldo continues, LCE’s senior management continue to maintain their efforts on core development and system improvements required to support the current and future needs of the long duration energy storage sector. We are pleased to see a strengthening in vanadium demand, driven by strong high purity aerospace inquiries and new VRFB deployments, which has led to price increases in recent months."
Published first on TheFly
