have seen pma qtrlyIs it really "bankable" if they haven't...

have seen pma qtrly

Is it really "bankable" if they haven't solved the plant design yet?

Having had coffee with a vanadium expert, who explained the technology to me, I am a bit puzzled. PMA claim that their new method for recovering vanadium gets 80% of the vanadium in the primary fraction.

From what I understand, it still has to go through other processes before it can be put in the roaster. So if the secondary fraction recovers another 80%, this would mean that only 64% of the vanadium is being recovered before being put into the roaster.

And apparently the roaster only recovers about 80% again. By my fairly feeble mathematical ability, this means the Windimurra project only recovers about 50% of the vanadium it processes. How can such a process be "bankable"