Largo Resources’ subsidiary Vanadio de Maracas has received a loan facility of $150m for the development of its Maracas vanadium project in Brazil.

The firm has received the facility from a consortium of commercial banks, led by Itau Unibanco Group’s subsidiary Banco Itau BBA and Brazilian Development Bank (BNDES).

Vanadio will receive $150m in funds from the BNDES on a 60:40 basis, with equity contributions from Largo Resources from the subscription receipt financing completed in April.

The 270 km² Maracas project is located 813km northeast of Brasilia, with the vanadium deposit hosted within the Jacare River mafic-ultramafic intrusion.