Largo posts increased net profit in Q3, helped by “solid” Brazil division

Friday, 12 November 2021 20:01:14 (GMT+3)   |   Sao Paulo

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.

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