Just had a look at TNG for the first time in months, the...

Just had a look at TNG for the first time in months, the valuation is still a little big even with TIVAN (AVL is more over valued comparatively though), but i'd be interested to see what the impact from a Ti/Fe circuit would have on our NPAT/OPEX calcs. Especially the addition of the pig iron circuit. They've assumed a sale price of $400/t for the iron, the 10mt makes it a valuable proposition ($400m rev) . For TMT, who has near 40mt of (pure) Fe globally (120mt x 37% in-situ) at a higher grade in the ground, this would have a major impact. Add the 10mt of titanium TMT have (120mt x 9%), and the extra Capex should be near worth it to produce Fe/Ti for TMT.

From what i've seen, TMT could just run a concentrate like TNO was planning on doing. Use the disseminated portion (Lower Grade Zone), Crush, Screen, Wet/Dry Magnetics and ship it as a premium DSO Iron Ore for the first 3-4 years while we're whacking the profit into an efficient plant. The capex would be similar overall, but the path to revenue would be quicker. Less tailings to store also. Still though, theres less overall integrated value if we arent selling V2O5.