Ann: Vanadium Fluorite Project Update, page-39

OPEX
210mil – reagents + power/water/gas >150mil of opex

CAPEX
896mill

Output – using 2012 assumptions – all >99% (end product purity) – NB they were recovering 91/94/97% respectively at that time from concentrate. USD/AUD parity
75,000 tonne titanium – 3750 USD/tonne – today ~150mill ($281.2mill) – hard to really find used ~2k/tonne
12,400 tonne vanadium – 13500 USD/tonne – today 98% flake (ignoring 99.5% premium) – ~41k PMT (using 18.7usd/lbs) = $508.4mil (from 167.4mil)
410,000 tonne iron – 160 USD/tonne – today -~68USD/tonne = $27.9mill (from 65.6mil)
200,000 tonne ammonium sulphate – 275 USD/tonne – today ~120/tonne = $24mil (from 55mill)

Using the above calculations -
Today - ~$700mil+ pa - with USD @ 0.75 = $933mil AUD
Then – 569mill pa with USD parity
Overall we can earn up to 150mill more pa now compared to then

Annual revenue 569mill
Annual operating costs 359mill
Cashflow 210mill
IRR 23.4% - payback 4-5 yrs

Capex is unlikely to change too much. However, profit margins majorly increased by above with tweaks to be made to the opex. The new method to create 99.5% ViO2 will be interesting to see cost wise if we can drop that back by recycling acid more efficiently. Other strings in the bow not included obviously (fluorite + gold). Just converting prices tit for tat to update to today, nothing more.