now...todays gotta be the day, page-12

interesting extra from a post by fingermark off the UMC board concerning Vd and Fe2o3, steel manufactur and chinese interest;

Aurox Resources
Major project: Balla Balla
Last share price: 60c
Market capitalisation: $91 million

The Balla Balla project is one of the more unusual magnetite plays in the Pilbara. With a resource of 155Mt grading 45.2% iron and 0.64% vanadium pentoxide, the project will eventually produce 6Mt of magnetite concentrate, which includes vanadium.

This will be known as a “titano-magnetite” concentrate, grading roughly 57% iron and 1% vanadium.

Vanadium is a steel-strengthening ingredient that is becoming more highly prized by Chinese customers.

In March, Perth-based Aurox said that a bankable feasibility study completed in September last year gave the project an enterprise value of $A1.5 billion, identifying its potential to become a relatively low-cost magnetite mine.

Aurox has started detailed engineering work and orders for all long lead items such as crushers and mills, and hopes to make first delivery of concentrate in 2010. The company has two 15-year offtake deals in place with Chinese steel producers Chengde Iron and Steel, and RockCheck Steel.