Tuesday, November 07, 2017 4:12:43 PM
Largo is for the first time reporting quarterly net income since its Maracás Menchen Mine started commercial production.
158% increase in Q3 revenues, driven mainly by higher V2O5 prices and increased production
Significant increase in cash generation
Net income for Q3 2017 of $13.5 million compares to a loss of $24.7 million for Q3 2016.
Operating cash flows before changes in non-cash working capital items increased to $29.5 million, from $11.0 million in Q2 2017 and negative $1.4 million in Q3 2016.
For the nine months ended September 30, 2017 the Company recorded $45.6 million in operating cash flow before changes in non-cash working capital items versus negative $15.7 million for the nine months ended September 30, 2016.
V2O5 production increased to its highest quarterly level to date of 2,513 tonnes in Q3 2017, from 2,183 tonnes in Q2 2017 and 2,182 tonnes for Q3 2016, with record monthly production of 888 tonnes in August 2017.
Revenues increased to $53.5 million in Q3 2017 from $35.8 million in Q2 2017 and from $20.8 million in Q3 2016, mainly driven by higher V2O5 prices and increased production.
Overall metallurgical V2O5 recovery increased to 76.5% in Q3 2017, from 74.3% in Q2 2017 and 71.8% in Q1 2017.
Cash costs remained at US$3.56/lb, the same level as for Q2 2017, but on a Brazilian real basis represents the lowest cost quarter since the start of commercial production (R$11.27).
Cash increased to $16.0 million in Q3 2017 from $12.4 million in Q2 2017 and restricted cash reduced to $0.2 million in Q3 2017 from $8.3 million in Q2 2017. The reduction in restricted cash is primarily attributable to the settlement of outstanding bank guarantee fees over the course of Q3 2017.
http://www.largoresources.com/English/investors/news/news-release-details/2017/Largo-Reports-First-Quarterly-Net-Income-and-Other-Financial-and-Operational-Highlights-for-Q3-2017/default.aspx
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