Vanadis IPO, page-258

Look at UUUU, you may find what you are looking for. Most of the vanadium is extracted from magnetite because vanadium is usually coexist with uranium and iron. Producing steel from outside of China is like suicide and China only import high grade iron ore. The company like Largo and others start treat fe as wast and focus on vanadium only and they seems survive well. But when you find uranium you are unlikely to treat uranium as wast (it is more valuable than vanadium) and focus on vanadium only. Unless you can not produce uranium. Most of the uranium production has been shut down due to the low price of uranium and their leaching process was not design for the vanadium only. In order to survive, the vanadium company need to focus on designing the leaching process for vanadium only and treat other elements as wast.