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Largo Inc. (LGO) terminates US$56M iron ore sale after missed payment
Largo Inc. has terminated a US$56 million iron ore sale agreement involving approximately 4.5 million tonnes of calcine material. The termination occurred because the buyer failed to make an initial payment of US$2.9 million, even after the due date was deferred and a cure period was provided. Largo Inc. intends to pursue its rights and remedies against the counterparty following this breach of contract.