Hello. I doubt they build a blast furnace. A ferroniobium converter transforms the niobium oxide concentrate into ferroniobium via an aluminothermic reaction on a batch basis. If we use WA1 as an example: if they can produce 15,000 tonnes of ferroniobium at US$20kg at $15/kg margin at 70 cent exchange rate that is AUS$200M net profit after tax per year. PE ratio x 15 = $3 billion company.
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