BRAZIL – Largo Resources of Toronto has bumped up the financing for the Menchen vanadium project to $70 million. When the company announced the private placement a week ago, it sought to raise $50 million.
About $50.65 million will be raised on a non-brokered basis, and $18.6 million through a brokered offering. There is also a $1.4 million overallotment for the brokered portion.
Production began at the Menchen mine in August 2014 and it is ramping up to 9,600 tonnes V2O5 annually for the first phase of operation. Eventually, production is to reach 11,400 tonnes of V2O5Eq annually over a 29-year mine life. The concentrate has a grade of 3.4% V2O5.
Please visit LargoResources.com.