2023-10-18 09:20:35 ET
Largo's ( NASDAQ: LGO ) third quarter production came in at 2,163 tonnes of vanadium pentoxide equivalent, and sales were 2,385 tonnes, the company announced on Tuesday after the bell.
Q3 average benchmark price per lb of V 2 O 5 in Europe was $8.03, down 2.5% from a year ago.
"While near-term vanadium demand and prices are challenging on the back of weak demand from the steel sector, we are optimistic about future demand projections, particularly driven by an explosive growth of future VRFB deployments in the coming years,” the company said in a statement.
The company said it has maintained production, cost, and capex guidance for 2023, and its review of strategic alternatives for Largo Clean Energy remains ongoing.
Q3 mining throughput was 447,165 tonnes compared with 351,450 tonnes.
High-purity V 2 O 5 equivalent production represented 38% of the total quarterly production in Q3.
The global recovery achieved in Q3 was 76.9% vs. 80.7%.
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Largo produces 2,163 tonnes of V2O5 equivalent in Q3