Wrong maths. The maths is how much capex to set up and then opex to mine it, process it and then ship it.
But it might be feasible in its own right. Vanadium is typically mined around 0.25%+, but then it usually comes with other credits (e.g. Ti). Obviously here the credits are graphite (or vice versa), but this moot point is about a stand alone proposition. Touch and go if I think longer about it.
Ton Thursday, page-104
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