TORONTO, Aug. 20, 2019 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") (TSX: LGO)
(OTCQX: LGORF) announces 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
Maracás 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."
He continued: "With the appointment of Mr. Paul Vollant as Director of Sales and Trading,
the Company will continue developing its internal sales and trading
business to further enhance Largo's presence as the leading
vanadium supplier for premium applications. This transition marks a
transformative moment in the Company's history and we will continue
to focus on maximizing value for all of our shareholders with the
new sales and trading business."
About Largo Resources
Largo is a Toronto-based strategic mineral company focused
on the production of vanadium flake, high purity vanadium flake and
high purity vanadium powder at the Maracás Menchen
Mine located in Bahia State, Brazil. The Company's
common shares are principally listed on the Toronto Stock
Exchange under the symbol "LGO". For more information
on Largo, please visit our website
at www.largoresources.com.
Neither the Toronto Stock Exchange (nor its regulatory
service provider) accepts responsibility for the adequacy or
accuracy of this press release.
Forward-looking Information:
This press release contains forward-looking information under
Canadian securities legislation, some of which may be considered
"financial outlook" for the purposes of application Canadian
securities legislation ("forward-looking statements").
Forward‐looking information in this press release
includes, but is not limited to, statements with respect to Mr.
Vollant joining the management team in September and to the
expansion of the Company's in-house sales and trading capacity.
Forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". All
information contained in this news release, other than statements
of current and historical fact, is forward looking information.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Largo to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to those
risks described in the annual information form of Largo and in its
public documents filed on SEDAR from time to time. Forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made. Although management of Largo
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Largo does not
undertake to update any forward-looking statements, except in
accordance with applicable securities laws. Readers should also
review the risks and uncertainties sections of Largo's annual and
interim MD&As which also apply.
SOURCE Largo Resources Ltd.