TNG appoints German giant for vanadium study, page-28

My free-carried interest in both **anintha juniors probably adds a bit of bias but I still sense some upward adjustments to timelines and both CAPEX and OPEX as they progress toward DFS stage - just like us longterm TNG holders most holders over there seem to be underestimating the time and capital involved in building a robust business case. There's a lot of talk of grade which is great if they're only going to be marketing concentrate but the juicy ore - which also happens to be the stuff most amenable to salt roasting - is located at depth. I want to what they're planning on doing with all the disseminated ore that has to be stripped to access these higher grades.  

Neither have completed bulk scale testing for a high value V2O5 product - one company hasn't even started and the other has done some bench testing. Salt roasting is also ridiculously energy intensive and there's currently no natural gas infrastructure out there. Let's say that one of both companies completely abandon the idea of refining a high-purity V2O5 product and ship concentrate they still have to optimise this concentrate to suit customer requirements.

As we know from TNG's work with SMS, METS and CSIRO - not all concentrate is equal. The fact the TNG are now testing BBI's Balla Balla ore is also testament to that.