Ann: Intermin Announces World Class Vanadium Resource, page-174

KRC's problem even if they produce a 2% concentrate(not cheap with grind and separation) it is still huge tonnes to try to get to market without suitable infrastructure. Infrastructure is so important, just look at all the big phosphate deposits that failed to get to production from the phosphate boom, transport infrastructure/distance/funding were the killers. What deposits are pretty much takes second place to location, available infrastructure, and funding.
IRC/AXF will be starting at 0.6% if it can upgrade this easily, on the rail and off to China to be processed, dirt cheap, highly profitable mine. IRC has ticked a lot of boxes over the years and the missing part to the puzzle could well have arrived with AXF' deep pockets keen to get the project up and going. IRC/AXF have a railway ready to go to port, doesn't get much better.