The sale price for the Vanadium WILL BE CALCULATED FROM MARKET PRICES AT ANY GIVEN TIME which is currently SIGNIFICANTLY HIGHER than production costs and is forecast to be much higher over coming years. The minimum price only comes into play in the scenario whereby the spot price falls significantly in which case we are protected by a MINIMUM OF 20% MARGIN OVER THAT OF PRODUCTION. It is essentially protecting us from a severe downturn in the commodity price (vanadium). Great hedge from PB.
DYOR
Mafew.
Ann: TNG signs Life-of-Mine offtake and technology agreements, page-87
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