Vanadium producer Largo reports net loss of $2.2M in ‘challenging' 2022 Vanadium
- Vanadium producer Largo yesterday reported annual V2O5 production of 10,436 tonnes in 2022, slightly higher than 10,319 tonnes produced in 2021 and 6% below the lower range of the revised production guidance.
The company added that operating costs of $169.7 million in 2022 were higher than in 2021 primarily due to increases in direct mine and production costs attributable to a decrease in the global recovery, cost increases in critical consumables, including heavy fuel oil and ammonium sulfate, as well as increased consumption of these critical consumables and sodium carbonate.
Interim CEO and Director Daniel Tellechea stated,"For Largo, 2022 was a challenging year, which led to an underperformance on both production and cost metrics, particularly in Q4 with the mining disruption caused by record rainfall at our mine, cost inflation of key raw materials and sizeable non-recurring expenditures.
In a press release, Largo noted an increased vanadium demand from the energy storage sector, especially in China, where new vanadium redox flow battery deployments totaling around 2 GWh or approximately 10% of global vanadium output are planned for the next 12-24 months.
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