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It's a Mexican standoff at the moment, with the convertible notes proving to be a problem for AXO. The Chinese could just wait another until they mature and force management into a corner because 26 million in the bank doesn't quite cover it. We could be waiting another year for anything to happen but it all depends on how badly the Chinese want the vanadium. Both parties will be watching to see whether FIRB approves Chinalco's deal with Rio. The decision will set the ground rules for local companies.