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.
TMT Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held