It is quite simple, you need a a resource, funding, off-take agreement, power station and a port and ESI has none of these.
MNM have applied for a large resource, they have a 50/50 JV with large backers, Tata have an off-take agreement, there is no need for a power station with Exergen's proess and there is rail access to port from the tenement.
mnm v esi, page-20
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