Surprise in store, page-30

TNG is trying a hydrometallurgical route to recover all 3 products at high purity. This involves a complicated chemical process, a BOOT style hydrochloric acid plant feeding HCl into the TiVan plant under a take-or-pay model (externalised Capex there), and the vast majority of TNG's revenue comes from the titanium pigment sales, not V or Fe. But they are capturing 100% of the downstream value of the Fe, V and Ti.

TMT is proposing...a

• CMB circuit
• separation of a magnetite concentrate (and getting a vanadium credit from Sinosteel, of 10-25%; this is a common feature of Chinese VTM processors)
• possibly an ilmenite circuit (testing TBA)

There's no hydromet at all. Zip. Zilch. The two projects are not comparable at all, in any way except that they mine VTM deposits.