The supreme court ruling is the biggest thing against it currently. They can apply again at the EPA and will likely have to double their costs to please the people against it (grease squeeky wheels, etc). Still at current costs and prices that still gives a hearty 200M costs for ~1B revenue from iron ore. As to the titanium/vanadium in the sands it isn't something I know a lot about right now in regards to processing but you are probably right.
My take on how they want to operate is they want to initially lease ships capable of collecting and semi processing the ore then deliver it to people who can process it (potentially including the vanadium/ti). So you aren't looking at too much initial capital expenditure for such a thing. They pretty much wanted to package TTR in a very attractive way financially for investors and on the surface it looked decent until the objections started. Remember there is an oil project literally next door to where these mineral sands are so the fact that got the green light does gives you the impression it can happen.
If the mining approval comes it will instantly make that part of the company worth 200-400M AUD overnight. *IF* . If you read what those people are saying against it, and the supreme court ruling it looks bad and this is why TTR was purchased for so little and why most people currently think it is a bad idea.
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