the simple truth is pma are approaching the limits of their...

the simple truth is pma are approaching the limits of their valuation, whilst axo are trading at a huge discount, with a markedly larger more robust project.
the last time i checked, any new project or in windimurra's case total ground up rebuild, is required to go through a significant environmental and licensing approvals process. it would seem axo are miles in front as they have been doing this work continuously over the past year.
axo have recently announced offtake negotiations with the same steelmaking company who did their pilot kiln work and who could be involved in the supply of equipment. this is a marriage made in heaven. pma still has to prove enough reserves to justify its existence; by contrast axo do not require any more drilling - it has 30 years of high grade ore. the supposed mining cost advantage of pma is hard to comprehend, their strip ratio is something like 5:1 compared to axo 3:1.
irrespective of drilling and blasting costs, the low density of pma ore (2.7) compared to axo ore (4.1) requires more cubic metres to be moved- and this is where the real costs creep up. the poor grade and poor recoveries of pma requires that a huge number of cubic metres be mined and hauled to get the same production as axo. even if pma did get up and produce before axo, it is hard to imagine how pma could possibly produce at lower unit cost than axo and would once again be forced to close if the vanadium price shits itself. the axo folk also appear to be a bit more advanced on the ferrovanadium side. i have noted a lot of leading by axo and following by pma. time to flock to the undervalued leaders in this game.