The resources are similar, MEI may end up having a slightly higher grade resource (few hundred ppm). MRE will be more than sufficient for both (VMM 2nd MRE due end of year will bring it further in line with MEI). Recoveries similar as well.
Difference is VMM are going downstream, already locked in tech as you said with IXR to completely bypass Chinese refining. Western refining (or the lack of) is the biggest issue right now.
VMM lets say ~6 months behind MEI, if both the companies aren't taken over, or merged into a monster, what I expect to shake out over the coming months and years is the value of the downstream technology to put VMM in front if you had to compare the two. Still a lot of work to be done for VMM to prove the downstream technology works but that is being completed through the concurrent scoping study. As far as I can tell MEI has not started any such work.
This is where the value is for VMM over MEI, I just don't think most punters have realized it yet.
All IMO
VMM - General Discussion, page-552
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