Shareholders and friends,
Despite battling difficult market conditions for the mining sector, Largo made significant accomplishments this year.
As we are nearing the end of 2013, we would like to remind you of some of this year's highlights:
#1 Largo weathered a challenging market for miners and outperformed the sector.
As at December 19, 2013 Largo closed +15.8% for the year to date while the TSX mining index (SPMN-TC) closed at –27% for the year.
In addition, Largo was rated #5 by market capitalization of 100 mining companies on the TSX-V in PWC’s latest Junior Mine Report.
We are especially proud to note that Largo rose dramatically from its #30 ranking in 2012.
The full report, which provides a detailed overview of the junior mining sector and a profile on Largo, is available here.
#2 The Financing for the Maracas Vanadium Project received international accolades for defying the difficult financing environment in the mining sector and the unique nature of the transaction:
On March 11, Largo was named the recipient of Project Finance magazine's Latin American Mining and Metals Deal of the Year Award, 2012.
On September 30, Largo also announced that it had received Latin Finance magazine's Best Mining Finance Award for the funding of the Maracas Vanadium Project in 2012.
Mark Brennan, President and Chief Executive Office, said in a statement: “The environment has been, and continues to be, extremely tough for mining companies – particularly for the juniors. So, the fact that we received funding, as a junior miner, in a non-traditional commodity, really speaks to the exceptional quality of the Maracas asset and the team that is developing it.”
And last, but certainly not least….
#3 Construction at the Maracas Vanadium Project advanced dramatically during 2013 and numerous construction targets were achieved.
We would like to highlight just a few of these achievements, but encourage you to visit our Blog to review all of this year’s developments:
The largest piece of equipment at site, the 90 meter kiln, was lifted into place just last week. With all the shells in place, they will now be bolted, aligned and welded before refractory application on the interior commences.
We commenced crushing at the Maracas Vanadium Project!
Since we posted the above video of our first ever ore test on October 21, 2013, commissioning has continued successfully resulting in an approximately 11,000 tonne stockpile of crushed ore (see below).
We completed construction of the 86 kilometer, 11 megawatt power line!
We lifted and installed both the main ball mill and regrind ball mill – see below video of the regrind ball mill being lifted into place.
(Visit www.largoresources.com for a full list of news releases and Blog posts)
We would like to thank you for your continued support of Largo, and wish you the very best for a happy and safe holiday season!
We look forward to bringing you more photos and videos of progress at the Maracas Vanadium Project in 2014.
To view all the latest pictures from Maracas visit our Photo Gallery.
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