Largo (LGO) said Monday that it has terminated an agreement to sell up to 4.5 million tonnes of iron ore calcine material following the non-receipt of a $2.9 million initial payment.

Largo said it plans to pursue its rights and remedies under the agreement against the buyer. It added that the termination is not expected to have a material impact on its financial position.

The company also said it is monitoring recent developments on US tariff policy and assessing its operational flexibility, including over its bonded inventories in US ports.