Maracás Menchen Mine

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Cash Cost Guidance
Annual total cash cost guidance
for 2021
US$3.50 - 3.50/lb V2O5
Production Guidance
Annual V2O5 production guidance
for 2021
12,000 - 12,500 tonnes
Mining vanadium
Annual V2O5 sales guidance 
for 2021
12,250 - 12,750 tonnes

The Maracás Menchen Mine

Ownership 99.94%
Location Bahia State, Brazil
Commodity Vanadium
Mining type Open pit
Products VPURE™ Flake, VPURE+™ Flake, VPURE+™ Powder
Number of employees 379
2021 V2O5 production guidance 12,000 – 12,500 tonnes
2021 cash operating cost guidance (excluding royalties) US$3.10 – 3.30/lb V2O5
2021 V2O5 sales guidance 12,250 – 12,750 tonnes
2021 total cash cost guidance US$3.50 – 3.70/lb V2O5
Reserve life 8 years (Campbell Pit)*

*Refer to Campbell Pit Reserves and Resources section of website for full NI 43-101 disclosures.

Maracas Map
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Maracás Menchen Mine

About the Operation

The Maracás Menchen Mine boasts one of the highest-grade vanadium resources in the world and Largo Resources is one of the lowest-cost primary producers of vanadium in the world. The Maracás Menchen Mine property totals 17,690 hectares and is located in the eastern Bahia State of Brazil. The mine is roughly 250 km southwest of Salvador (capital of Bahia) and 813 km northeast of Brasilia (capital of Brazil). The Maracás Menchen Mine has excellent access by road from Salvador to the mine via 405 km of paved secondary road from the main costal highway in Bahia and via a direct project access road of about 50 km west of the town of Maracas.

The mine is projected to produce between 11,750 and 12,250 tonnes of vanadium pentoxide in 2020. The Company’s current product offering consists of VPURE™ Flake (standard grade vanadium pentoxide) and VPURE+™ Flake (high purity vanadium pentoxide) and VPURE+™ Powder (high purity vanadium powder). The Company internally handles the sales and trading of its material with a focus on the high purity vanadium market which offers price premiums.

About Operation Image
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Ferrovanadium and vanadium
trioxide product additions

The Company is planning to construct a ferrovanadium conversion plant at the Maracás Menchen Mine to expand its product offering. Once completed, the Company’s ferrovanadium conversion plant also creates downstream advantages as it eliminates the need to convert the Company’s VPURE product using third party convertors.

The Company is also planning the construction of a vanadium trioxide (V2O3) processing plant at the Maracás Menchen Mine, which is expected to increase sales in the high purity aerospace market, chemical industry and vanadium electrolyte used for vanadium redox flow batteries. The Company expects the construction of the V2O3 plant to begin in Q1 2021 and subsequent ramp up and commissioning of the plant to conclude in Q3 2021.

Reserves and Resources

The campbell pit mineral reserves statement - effective may 2, 2017

Tonnes (kt) V2O5 Head Grade (%) V2O5 % in Con.
Proven 17,570 1.15 3.21
Probable 1,440 1.26 3.20
Total in pit reserve 19,010 1.15 3.22


  1. Mineral Reserves (Proven and Probable Resources), Mineral Resources, and Inferred Resources for the Maracás Menchen Mine as calculated in: An Updated Mine Plan, Mineral Reserve And Preliminary Economic Assessment Of The Inferred Resources, dated May 2nd, 2017 and filed on SEDAR on May 2nd.
  2. Mineral Resource within a pit shell using US$34.20/t all in operating cost and reported at a 0.45% V2O5 cut-off, reviewed and confirmed by Fabio Valério Xavier (GE21).
  3. The mineral reserves presented above were estimated by Porfírio Cabaleiro Rodriguez of GE21, who is a qualified person under NI 43-101 and a Member of the Australian Institute of Geoscientists. Reserves are reported using a sales price of $6.34/lb of V2O5.
  4. The reference point at which Mineral Reserves are defined is the point where the ore is delivered from the open pit to the crushing plant.

Campbell pit resource statement – effective may 2, 2017

Category Tonnes (Mt) V2O5 Head Grade (%) V2O5 Contained (kt) V2O5 in Concentrate (%) Magnetics (%)
Measured Resources 18.08 1.19 215.0 3.19 30.55
Indicated Resources 1.70 1.28 21.7 3.12 34.64
Measured and Indicated Resources 19.78 1.20 236.7 3.19 30.90
Inferred Resources 1.65 1.20 19.8 3.10 33.08


  1. Resource within a pit shell using US$34.20/t all in operating cost and reported at a 0.45% V2O5 cut-off, reviewed and confirmed by Fabio Valério Xavier (GE21).
  2. The % magnetics number refers to the percent of magnetic minerals contained in the mineralized rock. It is used to help determine what portion of the mineralization in the mineral resources contains magnetite of sufficient vanadium content to be processed through the magnetic separators and concentrated, and, therefore, can be determined to be a mineral reserve.
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.


The Company’s land package in Brazil totals approximately 17,000 ha and offers
extensive regional growth opportunity. The Company has developed an Exploration Master Plan for 2019 to 2021 to advance known deposits, increase resources and reserves, further evaluate the potential for along strike continuation of the vanadium rich magnetite mineralization and to maintain the Company’s mineral concessions to the north and south of the Campbell deposit.