Reasons for slowness:
1. V2O5 Phase 1 production = 17,560tpa (12.5% of world demand) - DONE
2. TiO2 Phase 1 production = 236,000tpa (3.5% of world demand) - in progress
3. Pig Iron Phase 1 production = 637,000tpa (0.05% of world demand) - DONE
4. Capex Phase 1 = $970M AUD - appears to be well in hand
I think we often underestimate the sheer size of this project - any percent of world demand is going to require considerable effort just to find a buyer in my mind, let alone a life of mine buyer!
To keep it in perspective, if TNG eventually realises a capitalisation roughly resembling its NPV of $5B, then TNG will become the 6th largest mining company listed on the ASX, behind only BHP, RIO, Newcrest, Fortescue and SOUTH32. Whether TNG (rather than the project) actually realises a $5B market capitalisation will of course depend entirely on the dilution resulting from the finance structure and market sentiment.
Poor old PB, constantly being told he's taking too long to setup a top 100 ASX company... lol
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