Except it's not a direct comparison. If TNO and PUR were both to DSO PUR have to dig and concentrate 4-5x more ore than TNO does. It might not be the most intensive part of a full flow sheet but it still costs a lot of money and much higher CAPEX as you need a plant with 4-5x the front end.
Secondly other than the headlines average concentrate grade over full intersections is less than 2% whereas TNO were consistently producing concentrate at above 2% over full intersections.
Finland/Sweden = better sovereign risk prospects. South Africa = cheaper production jurisdiction.
It's not really apples and apples in my opinion.
Ann: Exceptional Vanadium Grades Confirmed at Koitelainen Vosa, page-39
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