the best, page-9

Aurox will be the only vanadium producer in australia in the long run.

It will make money out of iron ore sales regardless of the volatility in vanadium price. Vanadium will be a nice by-product.

They have 300 million tonnes of iron ore and are one of the closest deposits to port hedland.

I envisage Aurox will smash the vanadium price down and use the iron ore to meet its operating costs. Ths will kill any would be vanadium competitors such as PMA.

The way I see it the floor price for vanadium that PMA has negotiated is an admission that their operating costs are uncompetitive and that PMA shareholders can only look forward to break even performance for the life of the mine.

I wish these AXO guys would hurry up and start buliding the plant. At least they already have electricity supply on site from the start and are therfore miles ahead.