RE:RE:RE:RE:RE:RE:RE:RE:RE:Iron Oreninja123 wrote: at the heart of the issue re: the iron ore stock pile is miscommunication ..
Miscommunication? We got a US$100K margin out of the following “communication”? Let's see US$100K margin on a sale of 14,000 tonne = a margin of US$7 / tonne.
All of the following "communication" for a margin of US$7 / tonne?
Q1-21 CC
Andrew Wong: iron ore is sitting around $230 per tonne in China. With iron ore at record levels, what are your options from monetizing the stockpiled ore at Maracs Menchen Mine? Have you been able to sell any more? And what kind of profit do you expect to realize at these prices?
Paul Vollant: As I mentioned before, since the first iron ore sales in March, we have concluded a couple more with local customers in Brazil. And today, we're in advanced discussions with several domestic and international buyers. From a commercial point of view, we see the current price levels as a real opportunity for Largo to maximize sales and profits from its iron ore
product. And really, our goal is to try and seize this window of opportunity as much as possible. So we're working very hard at it.
NR - 03-15-2021
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.”