Toronto-based vanadium producer Largo Inc, formerly known as Largo Resources, said net profit in Q3 this year rose 261 percent, year-over-year, to $9.2 million. Largo owns a vanadium project in Brazil, known as the Maracás Menchen mine.
The company said net revenues totaled $53.9 million in Q3, 96 percent up, year-over-year, describing the performance of its Brazilian vanadium project as “solid” in Q3.
“(Vanadium) production from the Maracás Menchen mine was 3,260 mt … in Q3 2021, representing a 5 percent increase over Q3 2020 and the second-best quarter of production since commencement of operations,” the company said in a statement.