Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-39

I agree with this but are there any new primary V sources that aren't going to be marginal in your opinion? Or do you just see existing producers expanding to fill any demand capacity over the next 5-10 years?

This and Co have both been learning curves this year. I didn't own any of the laterite plays but ARL this week was the first to put project on hold. AVL have done it before with V. Mining investment has been piss poor this decade though on the whole for a lot of commodities though. Just look at Cu which has a much more robust outlook than speciality metals and is still very cyclical and sentiment driven.