Ann: High Grade Results from SPD Vanadium Project, page-14

Most of the production cost is associate with processing the concentrate. The factor influence most is what is the concentrate grade of the mine. When you look at the proportion of deleterious materials you need to look at the percentage on vanadium not the concentrate ore. That's why krc are associated with high market value relative to TMT and AVL.

Getting the Fe out is easy and relatively cheap. Percentage of SIo2 and AI2o3 scale by the vanadium in the concentrate ore is the figure need to be look at carefully.