Q1 Debacle Part Iwas released on 04/30. Record low ore grade, record low concentrate production, record low concentrate grade, record low Vanadium recovery. Check out the trend:
Ore grade
Q1-2022: 1,27%
Q1-2023: 0,81%
Q1-2024: 0,53%
They'd have to treat 2,4x the amount of material to make up for the lower grade. Considering the fact that lower grades mean lower recoveries, they would have to treat closer to 3x as much material to get the same Vanadium output. Guess what this means for costs! Since the plant can't be fed that much material anyway, Largo will NEVER be able to produce 3300tpa as the official nameplate figure pretends. Never!
As I had said before, the Ilmenite plant does not perform and significant, expensive upgrades are needed to fix this. Since Largo simply can't afford to spend that kind of money, expect the Ilmenite plant to continue to underperform severely. Key takeaway: The Ilmenite plant is just the latest addition to the list of Largo's money losing endeavours.
The financial repercussions will come to light in "Q1 Debacle Part II" later this month.