From what I understand they want to pretty much just offload the ore to someone at a port to minimize initial capex. So I'm not exactly sure what they would do to extract the vanadium prior to that, especially on a floating vessel. I haven't looked into vanadium extraction processes, but it would seem highly unlikely given the tonnages we are talking about here and being on a ship.
So unless they find someone who values that V2O5 in the ore (because they can extract it) hard to see where the value is in 500g V2O5/t. That being said since the project is ~20 years long it isn't out of the question in that period they could process it themselves prior to offloading the rest or someone does become interested in ore with V2O5 in it and offers a premium price for it.
The EPA news is the only thing that's going to matter right now because we've already seen these numbers. Grease the wheels Eggers get it done.
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