The delay in construction probably delibarate. If they started construction 18 months ago, they would have started production by now.
cost blowout is very normal in mining. So, in reality there cost would be higher than 3.24 /ib. With lowest possible vanadoum price they would hatdly making any money.
Moreover there would have been loan repayment to the tune of 20 to 30 million a year. Guaranteed bankruptcy in 2/3 years if they follow your advice.
Vanadium forecasted to in deficit by 2026 and that's when they are targeting the production.
The board is prudent and clever.
The delay in construction probably delibarate. If they started...
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