in real simple terms AVL have a higher capex and lower opex....

in real simple terms AVL have a higher capex and lower opex. compare integrations study estimates vs their BFS

AVLs byproduct being a iron/titanium blend will have very little value but they are assuming a $2.80lb offset to their opex.

AVLs development plan in inferior imo. trucking bulk ore 500-600kms when there is a pipeline on 180kms away i don't believe is feasible. (note they used a 0.79 cent diesel price in their BFS)

TMT are trucking small amounts of high value material such as finished product V205 vs AVL trucking large amounts of low value material (bulk concentrate) from an ESG point of
view it doesn't pass the pub test imo.

TMT already have a BOA with CNMC and multi year relationship with LE systems which is backed by some big Japanese Coys.

also the tie with TATA steel gives us the door into India which is gonna be the biggest growth market for steel this next decade.