AVL price focus, page-25

This merger will be a disaster for both companies, it should never have gone ahead because the timing was all wrong. It would have made sense to combine both 5 years ago or more, before either side spent $millions developing their own separate plans, funded by mutiple cap raises (and share base dilution). Now those plans have to be combined into one anyway, at even more expense, just to get to the starting gate. TMT's EPA application that is about to be approved will be out of date and useless even as the minister's signature is being written. The EPA only gives permission for half the combined ore deposit to be mined (~14,000 tpa of V2O5 over 25 years), and any financier will want to have EPA approval for mining the whole deposit (TMT + AVL), so the whole EPA proposal will need to be updated. How many more years will that take ? TMT should have pushed ahead on their own to get into production, then bought out AVL (or vice versa). I don't believe AVL will ever get this project over the line. At the very best hope, it will be another 4-5 years to do "integration studies" and to formulate one plan. The V mines in Queensland will probably be in operation by then.

All IMHO, DYOR