TORONTO, Dec. 4, 2019 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") (TSX: LGO)
(OTCQX: LGORF) is pleased to announce the renewal of its
Superintendência do Desenvolvimento do Nordeste ("SUDENE") tax
incentive which extends the Company's current tax rate of 15.25% to
December 2028.
The Company's current SUDENE tax incentive reduces its effective
tax rate from 34.0% to 15.25% and was granted in January 2015 for a period of ten years on annual
production of 9,636 tonnes of vanadium pentoxide
("V2O5"). Under the renewed incentive, the
Company's current tax rate has been extended to December 2028 including the calendar year of 2019
and applies to the production of up to 13,260 tonnes of
V2O5 per year. In accordance with the SUDENE
tax incentive, the Company can apply for additional extensions
within 12 months of the expiry date following continued investment
in the regional areas of north east Brazil.
Paulo Misk, President and Chief
Executive Officer of Largo stated: "Largo remains very committed
to the economic development in the local and regional areas of
north east Brazil. We continue to
make material investments which result in significant direct and
indirect employment generation in these areas. We are very proud of
our contributions to date and will continue to operate in a manner
that supports local culture and identity, while strengthening
socio-economic development for years to come."
About Largo Resources
Largo is a Toronto-based strategic mineral company focused
on the production of vanadium flake, high purity vanadium flake and
high purity vanadium powder at the Maracás Menchen
Mine located in Bahia State, Brazil. The Company's
common shares are principally listed on the Toronto Stock
Exchange under the symbol "LGO". For more information
on Largo, please visit our website
at www.largoresources.com.
Neither the Toronto Stock Exchange (nor its regulatory
service provider) accepts responsibility for the adequacy or
accuracy of this press release.
Forward-looking Information:
This press release contains forward-looking information under
Canadian securities legislation, some of which may be considered
"financial outlook" for the purposes of application Canadian
securities legislation ("forward-looking statements").
Forward‐looking information in this press release
includes, but is not limited to, statements with respect to Mr.
Vollant joining the management team in September and to the
expansion of the Company's in-house sales and trading capacity.
Forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". All
information contained in this news release, other than statements
of current and historical fact, is forward looking information.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Largo to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to those
risks described in the annual information form of Largo and in its
public documents filed on SEDAR from time to time. Forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made. Although management of Largo
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Largo does not
undertake to update any forward-looking statements, except in
accordance with applicable securities laws. Readers should also
review the risks and uncertainties sections of Largo's annual and
interim MD&As which also apply.
SOURCE Largo Resources Ltd.