the vanadium occurs in magnetite mineralization, which is not the whole rock (figs 3+4 describe the other rocks). Magnetic attraction can be used to separate the magnetite from other material, a relatively cheap process that is reliant on power (power cheaper than Oz in Scand). Magnetite concentrates can be potentially sold as a DSO product to downstream processors.
This link describes the purpose and process in terms of iron recovery, probably ripped from an old mining book.
Ann: Exceptional Vanadium Concentrate Grades at Airijoki, page-21
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