Largo Resources To Terminate Off-Take Agreement With Glencore

BEIJING (Asian Metal) 21 Aug 19 – On August 20, Canadian-based Largo Resources Ltd. announced that it has formally given notice to Glencore International AG (“Glencore”) of the nonrenewal of its off-take agreement dated May 14, 2008. In accordance with this notice, the off-take agreement will expire effective April 30, 2020.

Mark Smith, Chief Executive Officer stated, “Our current off-take agreement was instrumental in securing the initial financing for the construction of the Maracas Menchen Mine and allowed the Company to focus solely on producing among the highest purity vanadium in the world. Largo remains one of the lowest-cost vanadium producers in the industry with an established track record of operational performance highlighted by the Company’s new monthly V2O5 production record of 1,042 tonnes in July and global V2O5 recoveries of 80.9% exiting Q2 2019.”