Toronto-based vanadium producer Largo Resources said this week it extended an existing tax incentive until December 2028. The company was awarded a tax benefit in January 2015, which reduced its effective tax rate from 34 percent to the current 15.25 percent.
“Under the renewed incentive, the company’s current tax rate has been extended to December 2028 including the calendar year of 2019 and applies to the production of up to 13,260 metric tons of vanadium per year,” the company said in a statement.
Largo Resources said it may also apply for additional extensions within 12 months of the expiry date, following “continued investment in the regional areas of northeast Brazil.”