Maracás Menchen / Vanadium

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The mine is located in the eastern Bahia State of Brazil, 250km south-west of Salvador, the capital of Bahia, and 800km north-east of Brasilia, the capital of Brazil.






Largo Resources



Royalty rate and type
2% NSR

Balance sheet classification
Royalty intangible

The Group has a 2% NSR royalty on all mineral products sold from the area of the Maracás Menchen mine to which the royalty interest relates. The project covers an area in excess of the current mining permits which offers potential for exploration upside. Maracás Menchen is 99.97% owned and operated by TSX-listed Largo Resources Limited (‘Largo’)

According to Largo Maracás Menchen is one of the lowest cost and highest grade vanadium mines in the world. Largo has a vertically integrated business model where its vanadium is used to produce long-duration grid scale vanadium redox flow batteries (VRFBs) for the renewable energy storage market.

The Maracás Menchen mine is a high grade vanadium mine located in the state of Bahia, Brazil. Operated by Largo, a Canadian producer of vanadium, it is the only vanadium mine in Latin America and boasts one of the highest-grade vanadium resources in the world. The mine was commissioned in 2013, with initial mining operations commenced on the Gulçari A Deposit, which is now known as the Campbell Pit. The first vanadium pentoxide (V2O5) from the mine was produced in August 2014.

In December 2021, Largo filed a technical report which highlighted an extension of the mine life to 20 years with operations expected to commence in 2022 and last until 2041.

Royalties from the Maracás Menchen mine totalled $3.1m in 2023 (2022: $3.6m). The mine produced 9.6Kt of V2O5 in 2023 (2022: 10.4 Kt). The average realised vanadium price of $9.21/lb was lower than in 2022 ($10.47/lb).

Largo has announced production guidance for 2024 of 8.7Kt to 10.7Kt of V2O5. Ilmenite sales are expected to ramp up over the year and average 60-67kt.

Key facts


Production and sales during 2023 was 9.6Kt with annual V2O5 production guidance for 2024 at 8.7Kt– 10.7Kt


95% of the water used in ore processing is recycled; the rest is lost in evaporation


Vanadium redox flow batteries (VRFBs) are an innovative solution to store renewable energy for a low carbon future