PMA still only has <15 years of reserves and is still oxide.
AXO Balla Balla project doesn't need another drillhole and already has more than 30 years of fresh ore reserves.
According to the diagram in the recent RM Research report, 20m widths of greater than 0.84% appear to be quite normal for Balla Balla.
Some of the recent AXO announcements have mentioned more than 70% recovery in the oxide at Balla Balla - much better than Windimurra ever achieved. However, AXO have realised the truth - metallurgical recovery is the most important factor. It seems that AXO would not even consider processing ore that has less than 80% recovery in the mill.
All of the winners in this game process fresh ore.
It will be good to see the results of the ongoing tests for the Balla Balla phosphate, if this comes up with the goods, then the "waste" will become ore.
Balla Balla is next door to major ports, and the titanomagnetite is beginning to look very attractive as an alternative iron ore.
The Bluescope Steel titanomagnetite iron ore export operations in New Zealand have recently increased their production by something like 50% - there is a market for this material and good prices are being paid.
There will be one sustainable vanadium producer in Australia - the project with the best metallurgy, best location, low cost energy and the ability to make more than just vanadium.
When the hype dies out, and the reality takes over there will be some interesting times ahead for PMA.
PMA
precious metals australia limited
