I would take a slightly more conservative approach. I think it's...

I would take a slightly more conservative approach. I think it's definitely worth considering, although the arguments against the reacquisition are formidable, shareholder confidence being the first and foremost! Vanadium was added to the strategic metals list in 2018, so I think there's still some money to be made in the market globally. However with 50% production coming from China doubtless on a cost base nobody else can compete with, combined with a sinking price would mean a very careful due diligence (something new for HDY in recent times) would need to be conducted. The argument for attending to your own backyard before you plough the neighbours field is also strong, I guess time will tell.