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Largo stock jumps after Brazil approval to produce copper and PGMs
The National Mining Agency cleared Largo to add copper and platinum group metals as by-products at its Maracás Menchen vanadium mine, using existing processing infrastructure to target higher margins than ilmenite.
Largo shares surged almost 15% after the miner began producing copper and platinum group metals, or PGMs, as by-products at its Maracás Menchen vanadium mine in Bahia, Brazil, Mining.com reported. The stock was trading around $0.80 in New York at 10:40 a.m. local time, valuing the company at nearly $108 million.
The development follows approval from Brazil’s National Mining Agency, which cleared Largo to produce and sell copper, PGMs, nickel, and cobalt as by-products from the operation. Largo is moving from industrial-scale testing toward ramping up and commercializing a copper-PGM concentrate using its existing vanadium processing plant and ilmenite flotation infrastructure.
Largo said it has completed successful industrial-scale test work and plans to produce the new concentrate alongside its core vanadium operations, rather than building a standalone processing setup. The company expects the copper-PGM concentrate to deliver higher margins than its ilmenite concentrate business if it can ramp production and establish commercial sales.
The regulatory approval also covers nickel and cobalt, potentially creating additional opportunities to recover and sell critical minerals already processed at the site. Largo did not provide production targets, expected sales volumes, or revenue forecasts for the copper and PGM stream, so the economic impact depends on sustained commercialization after the test phase.
Latest closeCopper $6.711 ▲0.1%|Platinum $1,734.50 ▼0.2%