Ann: Merger Presentation, page-33

Here's how I see it playing out. Only one V2O5 refining plant will be needed now, the economicals won't allow for two in different locations, and the output will still be ~12,500tpa, because that's the plant size each has decided (and strictly limited by what has been submited in EPA applications). The LOM gets extended to ~50 years, the best ore (TMT's) gets processed first. The project NPV stays much the same (because NPV doesn's increase much for increased LOM, 25 to 50 years). So same NPV from same V2O5 production, much the same revenue, opex, EBITDA, initial capex. Future earnings per share drops by ~50% due to doubling of SOI. A 50 year LOM makes it slightly easier to convince financiers to back project. For the forseeable, merged project won't proceed anyway because V2O5 price remains too low.
TMT and AVL merger now subject of an even bigger "integration" plan. Based on previous track record of both companies, this integration plan will drag on for several years.

All IMHO, DYOR