maximus emerging as a major force in iron ore, page-73

Pelm, have a read of this....

http://www.windimurra.com.au/aurora/assets/user_content/File/WVL_24Apr08.pdf

2 products being produced. V205 and FeV. Not straight magnetite, but FeV.

FORECAST PRODUCTION 2008f 2009f 2010f 2011f 2012f
FeV Prod’n t 0 1,600 5,400 6,400 6,400
V2O5 Prod’n t - 250 700 1,000 1,000
Total V cont t 0 1,400 4,700 5,700 5,700
Total Cash Cost US$/kg V 25 25 20 17 18
Assumptions
FeV Price US$/kg 54.5 60.0 45.0 40.0 40.0
V2O5 Price US$/lb 11.3 13.3 10.0 8.9 8.9
FX Rate A$1=US$ 0.89 0.88 0.83 0.80 0.80

From the BRR interviews with Big Kev, sounds like MXR has the option of Selling the straight FE (with high levels of Vanadium and Titanium) to China or South Africa, or going down the WVL route and further processing to a Vanadium based product.