As quoted in the press release:
Maracás Vanadium Project
Procurement continues with approximately 70% of the equipment and material orders already having been placed.
Delivery of all long-lead items is either on or ahead of schedule with the most critical of these, the rotary kiln, scheduled to be delivered in time for commissioning in the fourth quarter of 2013.
Largo also reports that civil works and the pouring of concrete are proceeding very well with the current focus being on the service water tanks and work on the foundations for other tanks, and pipe-racks.
The installation of the main power line also remains on schedule with completion scheduled in July 2013, which will allow commissioning of the plant to commence as planned. A temporary power line which will service the project while in construction has already been put in place.
Currais Novos Tungsten Project
The availability of water from the 11 wells currently in use has dropped by 50% as a consequence of this drought that has affected the whole north-east region of Brazil over the last year.
Due to this extraordinary environmental situation, operations will be suspended imminently at Currais Novos. As a result of this suspension, full production of tungsten concentrate will not be achieved by November 2012 as earlier disclosed.