Largo Resources’ Maracas Vanadium Project On Track and Under Budget

Largo Resources Ltd. (TSXV:LGO) announced that procurement and earthworks operations at its Maracas Vanadium Project are presently on schedule and under budget.

As quoted in the press release:

To date, purchase orders and contracts have been issued for approximately 40% of the total project CAPEX. Further, contract negotiations are in the final stages with purchase orders projected to be issued in the next 2-4 weeks which will bring the total to above 50% of the total project CAPEX. Included in this are the orders for all long-lead and critical-path items including the kiln, electrical powerline, main plant substation, process equipment for the leaching, thickening, filtering and production of ammonium metavanadate, as well as contracts for civil works and steel structure supplies.

Additionally, Largo announces that in its procurement orders to date, it has sustained a total CAPEX savings of approximately R$26.3 million from the projected budget. This savings is in addition to a R$52 million contingency already built into the project budget.

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