how will pma compete with this

I refer to Aurox's (AXO) announcements of 29 Jan and 31 Jan regarding the Balla Balla project:

Aurox will sell up to 3 million tonnes per annum of titanomagnetite concentrate which has a 1% V205 grade to the chinese.

This amounts to 30,000 tonnes of contained V205.

Assuming Chengde (the Chinese steel mill) achieves a 75% recovery of V205 as a byproduct of steelmaking after processing the Vanadium rich slag, they will produce 22,500 tonnes of V205. This will be in addition to existing Vanadium production from Chengde.

Most of the production will be converted to Ferro Vanadium, so there would be an extra 15,750 tonnes of Fe80V (80% contained Vanadium) on the market from the world's lowest cost producer.

There may be higher future demand for Vanadium, but with the Russians buying SouthAfrican Highvelt operations and expanding their own...............how will the likes of PMA compete in this market as they will be a HIGH COST primary producer, NOT a low cost producer selling the Vanadium as a by product of steel production?

PMA have announced all sorts of modifications which will supposedly correct all the technical problems they had in their past life as a producer but where is the pilot scale testwork to show that the modifications to design will work in reality?

PMA still have the same LOW GRADE ORE and their directors have collectively sold about $7,500,000 of shares, so it seems many of the punters have more faith in PMA than their own directors!