I wonder what price they will get for their concentrate when...

I wonder what price they will get for their concentrate when they try selling it. If the industry average is $6-8 a pound cost of production, with the majority of that being for roasting and production of pentoxide, leaving $5 a pound of profit to share around from the $13/lb basket price preferred by the competitors, I wonder what the target profit share of the 'low capex' magnetite concentrator model is?

If there is a major dearth of mine supply to the processors, maybe TNO will be able to sell their mag cons to processors and book a decent profit on the contained vanadium. If there isn't, I fail to see how this model of business is going to work when there is literally trillions of tonnes of Bushveld complex that can be drilled, blasted, concnetrated and trucked. There is effectively an endless supply of magnetite ore out of the Bushveld and we're supposed to believe there's an endless demand for magnetite concentrates?

We will have to await the PFS!