Largo Resources Announces the Execution its First Iron Ore NICE :)
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce the first sale of iron ore from the Maracs Menchen Mine.
The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has commenced, and full delivery is expected by the end of March 2021. To date in 2021, the Company is currently producing iron ore at a rate that would result in the generation of approximately 500,000 tonnes per annum and has accumulated a total stockpile of approximately 2 million tonnes.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “Our first sale of iron ore was a key step in validating the commercial viability of this material. This sale also highlights the added benefits of our newly established internal sales division and capitalizes on the higher iron ore price environment. He continued: “It is also a diversification of sources of revenue for the Company as up until now, 100% of the Company’s revenues have been derived from the sale of vanadium products. Material mined from the Maracs Menchen Mine contains vanadium, iron ore and titanium. We will continue to explore the economic feasibility of extracting additional value from the Company’s mineral resource.”