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www.largoresources.com
An Emerging Market Leader
for VANADIUM and TUNGSTEN Production
October 2012
CORPORATE PRESENTATION
Forward Looking Statements
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and
“forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company.
Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral
resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for
materials; capital expenditures; success of exploration and development activities; permitting time lines and permitting, mining or processing issues; government
regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements and forward-looking information 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,”, “projects” or variations of such words and phrases or state that certain actions, events or results “may,” “could,”
“would,” “might” or “will be taken,” “occur” or “be achieved.” Forward-looking statements and forward-looking information are based on the opinions and estimates of
management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or
forward-looking information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry; delay or
failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations; actual results of exploration
activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange
rates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, 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 and forward-looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources
be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured,” “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral
resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility
or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted
into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally
mineable.
2
Company Snapshot
Brazil focused portfolio of strategic mineral assets
Specializing in production and development of vanadium and tungsten projects
Developing the Maracas Vanadium Project
World-class vanadium project
Construction underway
Commissioning targeted for Q4, 2013
Production at Currais Novos Tungsten Project
Commissioned late 2011
Plant modification complete
Ramp-up underway
Long-term growth profile Organic growth through exploration and development of
earlier stage portfolio projects
• Northern Dancer Tungsten Project
• Campo Alegre Titanium & Vanadium Project
3
4
Company Profile
Project Target Production
Date
Estimated Approx. Cash
Flow
Currais Novos Commissioned , 2011
Ramping-up, 2012 $8+ million per annum
Maracas (Fully funded)
Fourth quarter, 2013 $65+ million per annum
$73+ million per annum
Estimated Production Profile – 2 Year Target
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the
business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development
activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, unexpected
events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;
actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates.
Strategic Development Timeline
5
Corporate Structure
6
Stock symbol: LGO – TSX-V
Share price (Sept 18, 2012): $0.24
Shares issued (Basic): 824 million
Market Cap C$197 million
52-week High/Low: $0.36 / $0.22
Management & Institutions: 75%
Warrants & Options (Basic): 222 million
Institutional Shareholders
Arias Resource Capital-16.8%
Mackenzie Investments-15.9%
Eton Park Capital Management-13.3%
Ashmore Investment Management-13.3%
Project Partners
Glencore International 100% 6 yr take-or-pay off-take agreement for Maracas
vanadium project
Major Tungsten End User 100% Off-take agreement for Currais Novos tungsten project
Shareholders & Project Partners
Currais Novos Shareholder site visit – August 2012
Mark Brennan, President & CEO
Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and
Principal of Linear Capital, Brasoil Corporation, Castle Resources, James Bay Resources, Morumbi Oil & Gas and former President,
CEO and Chairman of Admiral Bay Resources.
Tim Mann, P.Eng., Chief Operating Officer
Mining Engineer with extensive international operations and management experience in mine engineering, development and
operations with SNC Lavalin, Placer Dome and Goldcorp.
Andy Campbell, M.Sc., P.Geo., Vice President Exploration
Over 33 years experience in mining and exploration, including LAC Minerals and Noranda.
Kurt Menchen, General Manager, Brazil
Former Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and Desert Sun
Mining.
Les Ford, Technical Director of Brazilian Operations
With over 40 years of experience in constructing, developing and producing vanadium projects, Mr. Ford is arguably one of the
world’s foremost experts in vanadium. Previously Assistant General Manager of Highveld Steel and a member of the Highveld
Executive Committee, and Managing Director of Rand Mines Vansa.
Douglas Herbst, Maracas Project Manager
Donald Clark, Construction Advisor and Specialits
Mr. Clark formerly headed up Yamana's construction management team in Brazil. Mr. Clark has over 30 years of experience
managing the design, construction and operations of major mineral processing plants in Brazil and abroad and will provide guidance
with respect to the construction management process for Maracás.
John Laurie, C.G.A., Chief Financial Officer
Over 20 years of accounting and financial management experience.
Experienced Management Team
7
Mark Brennan, President/CEO and Director
Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and
Principal of Linear Capital, Brasoil Corporation, James Bay Resources, and Morumbi Oil & Gas and former President, CEO and
Chairman of Admiral Bay Resources.
Dirk Donath, Director
Senior Managing Director and Partner at Eton Park Capital Management, responsible for Eton Park’s private equity and direct
investment activities in emerging markets. Eton Park is a global, multi-disciplinary investment fund with a capital base of over
US$14 billion.
Dan Ioschpe, Director
Mr. Ioschpe is currently Chief Executive Officer of Lopche-Maxion, an international company operating in the automotive and railroad sectors..
Alberto Arias, Director
Founder and President of Arias Resource Capital Management. He worked for Goldman Sachs & Co and was ranked for five
consecutive years as the #1 Equity Research Analyst for the metals and mining industry in Latin America. Prior to Goldman Sachs,
he worked at UBS as Executive Director and Analyst covering the Latin American mining sector.
David Brace, Director
Mr. Brace is currently Chief Executive Officer and a director of Karmin Exploration and a director of Viking Gold Exploration Inc. Mr. Brace previously served as President of Lambton Capital Inc., a private investment firm focused on evaluating mining investments. He has also served as the Chief Executive Officer and as a director of Globe Star Mining as well as Executive Vice-President of Business Development with Aur Resources Inc. until August, 2007.
Wayne Egan, Director
Mr. Egan is a partner at the law firm of WeirFoulds LLP and acts for several public companies on the TSX and TSX Venture Exchange.
Dr. Alan Alper, Director
Dr. Alper is an accomplished senior executive, with 30 years of experience at Osram Sylvania, Inc., formerly GTE Sylvania.
Strong Board of Directors
8
Vanadium
9
Vanadium Uses: Steel Drives Demand
*Roskill Information Services Ltd
** Byron Capital Markets. 10
Maracás Vanadium Project
11
Maracas “Base Case” Operating Parameters*
12
Mineral Reserve: 13.1 million tonnes @ 1.34% V2O5
Average Annual Production (years 1-5) 9,200 tonnes of vanadium pentoxide (V2O5)
Average Annual Production (years 6-15) 6,136 tonnes of ferrovanadium (FeV)
Vanadium Pentoxide Price: $6.46 per lb, or $14.24 per Kg (3 year average)
Average Vanadium Pentoxide Operating Costs
$3.12 per lb
Ferrovanadium Price $27.74 per Kg (3 year average)
Average Ferrovanadium Operating Costs $14.74 per kg
IRR and NPV IRR of 22.4% and NPV of US$274 million (8% discount rate)
Initial Capital Costs: $230,347 ($USD millions)
USD/BR$ Exchange Rate: 2.00
Glencore International Off-take Agreement:
100% of vanadium products for first 6 years
* As outlined in “Technical Report for the Largo Maracás Vanadium Project Plant, Brazil” announced September 13th 2012
Status of Project Implementation
Promon Engineering awarded EPCM
contract in April, 2012
Optimization of basic engineering completed
Detailed engineering in progress
Site construction commenced June, 2012
Civil engineering (erection of structures for
plant facility) commenced in September,
2012
13
Development on Track
Earthworks & Procurement Underway
and on Schedule
Procurement orders 65% complete with
orders placed for all long-lead items: • Kiln
• Sodium sulphate crystalliser
• V2O5 reactor
Earthworks (clearing and filling of earth for
plant plateaus) commenced in June
Water supply pipeline construction in
progress and on track
Accommodations for Largo staff in Maracás
are complete, construction of contractor
lodgings will be ongoing through 2012
Civil construction at plant site underway
14
Maracas Site visit – August 2012
Maracas Process Flow Diagram
15
Commissioning and Ramp Up
16
1) Run water through all “wet”
machinery to make sure they are
performing to design
• Modify/adjust
2) Kiln warm up period – 7 days prior
to feed being introduced
3) Begin running material through the
plant following process-flow
sequence
4) First salable product will be
available after 7 days from
introduction
5) Ramp up – continually increasing
production until full capacity is
reached
• 75% Capacity at 6 months
1)
2)
3)
4)
5)
17
Why Expand?
Deposit Characteristics
Vanadium is contained in magnetite with a
higher iron content than others
Better recoveries, less power required, less
chemicals
concentrate with much higher V2O5, higher
Fe, and lower SiO2 (contaminant) than any
other deposit
LOWEST COST PRODUCTION
*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 18
Highest Grade/Quality Vanadium Deposit in the World
=
=
= Ore V2O5% Concentrate
SiO2%
Concentrate
V2O5%
Gulcari “A” Deposit Detail
Maracás concessions
and strike length
Concessions and Mineralization
19
8km
Potential to Expand
Location of Gulcari “A” and proposed open pit
(400 m x 450 m)
13,000 Meter Drill Program
Completed in 2012
• Five new satellite deposits
delineated with total Inferred
resources of 27.8 MT containing
232,100 tonnes @ 0.83% V2O5
• Increased M&I resources at
Gulcari “A” by 1.4 MT
• Total M&I 24.6 MT containing
272,900 tonnes @ 1.11% V2O5
• Increased Inferred resources at
Gulcari “A” by 2.6 MT containing
19, 800 tonnes @ 0.76% V2O5
20
Gulcari “A” deposit is
location of entire Mineral
Reserve
projection
Maracas Cash Flow Projections
Maracas: Catalysts for Growth
Year 1+ = Current production parameters
Years 4+ = 50% increase in production capacity
21
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the
business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development
activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, unexpected
events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;
actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates.
•Projections assumes pricing of $6.40 per lb V2O5
Tungsten
22
Tungsten Uses: Supply Constraints Drive Pricing
Strategic metal with highest melting point of all metals
23
*
projection
Maracas Cash Flow Projections
Maracas: Catalysts for Growth
Year 1 = Current production parameters
Year 2 = Sale of tailings material (pig-iron)
Years 4+ = 50% increase in production capacity
24
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the
business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development
activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, unexpected
events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;
actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates.
•Projections assumes FeV pricing of $28.00 per Kg
Implementation Summary Highlights
25
Commercial Production Commenced December
2011
90 tonnes of concentrate shipped
Initially commissioned without mill due to
importation delay at port
Mill commissioned in February
Plant optimization proceeded to adjust milling
circuit
3 additional screens were added in order to
increase yields
Screens presently being commissioned
Undergoing minor modifications to plant
Full production anticipated by November, 2012
4 shipments per month (72 tonnes of
concentrate) Currais Novos Site Visit – August 2012
Identify and Acquire Additional Resources
Historical production district
Significant production from 1940s to 1970s
(approx 8% of global supply)
Numerous potential acquisitions in
immediate vicinity – both underground and
tailings
Provides significant expansion potential
Preliminary exploration underway with goal
of defining additional resources
26
Currais Novos Cash Flow Projections
Currais Novos: Catalysts for Growth
Year 2 = Current production parameters
Year 4+ = following 3 year exploration ramp-up on
recently acquired additional underground properties
* Projections assumes exploration success on aditional properties ramp up
27
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the
business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development
activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, unexpected
events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;
actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates.
projection
Currais Novos Cash Flow Projections
Currais Novos: Catalysts for Growth
Year 2 = Current production parameters
Year 4+ = following 3 year exploration ramp-up on
recently acquired additional underground properties
* Projections assumes exploration success on aditional properties ramp up
28
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the
business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development
activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they 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 Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, unexpected
events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;
actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates.
projection
29
Campo Alegre Project
Non NI 43-101 Compliant Resource:
133 Million Tonnes Grading 50% Fe,
21% TiO2, 0.75% V2O5*
100% owned iron, titanium, and vanadium
deposit - seven concessions covering 9,274.66
hectares
Purchased in 2009 for USD $250,000.00 from
Bahia State Mining Development Agency
(CBPM)
Originally purchased for potential inventory of
vanadium and as stop-gap for acquisition by
potential competitors
Preliminary metallurgical testwork completed in
2011 suggested potential for a large-scale
titanium dioxide (TiO2) project
Further metallurgical testing underway in 2012
* Historical resource provided by CBPM (Bahia State Mining Development Agency)
14 km x 2.5 km trend
Multiple mag-targets
Historical drill program
only tested to 60 m
Potential expansion at
depth
Mag-survey indicates
fold structure
Campo Alegre: Potential to Expand
30
31
Northern Dancer Project
Northern Dancer Resource Estimate
223.4 MT grading 0.102% WO3 and
0.029% Mo (M&I)
Higher-grade tungsten and molybdenum zone:
60.3 MT of 0.14% WO3 and 0.045% Mo (M&I)
201.2 MT grading 0.09% WO3 and
0.024% Mo (I)
Development Milestones
PEA complete
Environmental permitting under way
Discussions with off-take partners and
JV partner
Northern Dancer: PEA Highlights
Highlights*
49 year mine life
Positive NPV of US$918 million at $275 MTU APT and an 8% discount rate
Current trading price of US$430 MTU
Low cash cost producer: US$116 per MTU
Cumulative cash flow US$4.8 billion
Average annual production of 833,000 MTU tungsten (18.3 million pounds)
Average annual production of 5,959,000 pounds molybdenum over initial 23 years
Pre-production capital costs: $645 million
Tungsten
(US$ per MTU)
Molybdenum
(US$ per lb) IRR (%)
NPV @ 8%
(US$ millions)
$275 $17.50 20.0 918
$300 $17.50 22.2 1,110
$325 $17.50 24.4 1,302
$350 $17.50 26.5 1,494
$365 $17.50 27.8 1,769
* The PEA is preliminary in nature, and includes inferred resources that are too speculative geologically to have economic considerations applied to them.
There is no certainty that the PEA will be realized. 32
33
Northern Dancer: Highlights
IRR and NPV’s at Higher Tungsten Price Points*
* Derived from PEA sensitivity analysis
Tungsten
(US$ per MTU)
Molybdenum
(US$ per lb) IRR (%)
NPV @ 8%
(US$ millions)
$400 $17.50 31.0 2,074
$450 $17.50 35.0 2,500
* ** Roskill: Tungsten Market Outlook, 2012
**
Largo Resources
@LargoResources1
Largo Resources
34
Darcie Ladd Business Development Manager
416-861-9406
Mark Brennan President and CEO
416-861-9797
Investor Connect
www.LARGORESOURCES.com
55 University Ave. Suite 1101
Toronto, ON – M5J 2H7
Appendix
35
Management Breakdown
Vanadium – Growth in Green Tech
Earthworks Photo Gallery
Mauro Silva Electrical Engineer
Mauricio Coletti Mining Engineer
Israel Nonato Senior Exploration Geologist
Kurt Menchen General Manager, Brazil
Carlos Lorenzo Environmental Geologist
Les Ford Technical Director of Operations
Eldes Bittencourt Geologist
Management Breakdown
Main Office Location
Mike Henderson Geologist
Mark Brennan President & CEO
Tim Mann, P.Eng. Chief Operating Officer
Robert Campbell, P.Geo. VP Exploration
Kevin Brewer General Manager, Yukon
Brazil
Toronto
Yukon
36
Donald Clarke Mining Engineer
Douglas Herbst Project Manager
John Laurie Chief Financial Officer
Darcie Ladd Manager Business Development
Paulo Vianna Chief of Administration, Brazil
Luciano Chaves Chief of Finance, Brazil
Vanadium Redox Storage Batteries
Vanadium Uses: Growth in Green Technologies
Vanadium has shown to increase the
effectiveness of energy storage in traditional
batteries
Mass amounts of energy can be stored
longer and batteries can be re-charged faster
Low-cost, low-volatility, high-performance
batteries
Vanadiu
m A
dvanta
ges
Sto
rage A
pplic
ations
Wind turbines
Solar panels
Backup electrical systems
Hybrid/electric cars
Source: USGS, Byron Capital Markets
Vanadium redox storage batteries are the potential solution to green energy’s storage issues.
37
Voltage with Different Cathodes (v)
4.8
4.1 4.0 3.7 3.6
3.3
Li3V2(PO4)3 LiVPO4F LiMn2O4 LiCoO2 Li2FePO4F LiFePO4
Photo Courtesy of Tesla Motors
Vanadium Uses: Growth in Green Technologies
Vanadium phosphate cathode material can
support 20% more energy storage than
cobalt oxide, 26% more than iron phosphate
and 56% more than manganese oxide,
solving the issue of quick discharge in
electric cars
Highest voltages measured, generating a
more powerful battery
Vanadiu
m
Advanta
ges
Lithium Vanadium Electric Car
The potential demand for electric cars can substantially increase the demand for lithium-ion batteries with cathodes compounded by vanadium.
Source: USGS, Byron Capital Markets 38
Earthworks Photo Gallery
39
Earthworks - cutting and filling of
plateaus for plant site