Valuation, page-30

pretty sure it spiked because of massive earth quakes in China in 2008 and the subsequent demand for V on the rebuild! only difference then was the supply scenario came online quick and tanked the price! things are different this time round! alot of vanadium was produced as byproduct of processing other elements which was very polutive and these avenues are now banned... way forward is to mine V as a primary source! so as we know theres bugger all V mines! only 3 outside of china owned by LARGO, bushveld and glencore... so long story short supply will take a very long time to keep up with demand and potentIally crash the price