Well lets look at the comparatives again.
The AXO project has similar stripping ratios to PMA now the are taking the whole deposit. The grade of AXO is higher and the metallurgy is vastly better - unless PMA have solved their problems.
Future port developments only 25 km from AXO will cut operating costs of their vanadium-iron ore operations. The chinese will get lots of very cheap vanadium from the iron ore, this is gonna hurt the vanadium price = inability for most primary vanadium producers to be profitable.
True, PMA have some cash, but no amount of money can save the project if the metallurgy is still mediocre and the vandium price collapses. Xstrata mark 2. The question is - what will be the excuse for failure this time?
PMA
precious metals australia limited
money cant save it
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