Can We Move On, page-154

Regarding prospects for takeover, this will be my focus of research over Xmas :

• Companies potentially affected by a disruptive low cost, TiO2 extraction process from low grade feedstock
• Iron Ore Companies with low grade ore looking to improve Fe content & thus market price
• Steel companies looking to improve the Vanadium Content of steel to address increased standards
• Traditional power industry players looking for a hedge against further deterioration in their business model due to electrification of vehicles & solar panels/wind replacing traditional combustion based power generation
• End users of Vanadium, Titanium, Iron Ore - Redox batteries, steel, alloy manufacturers, pigment users etc.

At a strategic minerals by country
• China - High grade rebar, higher grade IO at low cost, lower environmental impact to obtain Vanadium, projected booming battery industry, FangChengang industrial park, Vanadium/Titanium Alloys, defence applications, China proposing 4 Trillion USD stimulus through to 2022, China's Belt & Road initiative
• India - In country Iron ore low grade, large stockpiles of surplus low grade ore which can't be sold, Low grade ore not compatible with India's mills, Environmental issues shutdown much of Goa which TIVAN potentially addresses, India's economic growth dependent on growth in iron ore consumption

Independent of the above, an in depth look at the feasibility of the following associations :
FMG low grade ores
FMG statement from 2017 looking to diversify into ignored, undervalued greenfield, stranded assets which they will bring the old team back together to develop
Links between key FMG people, Roy Hill, BBI & TNG
BBI grades, recent announcement, potential of the MOU & synergies were BBI to redirect focus towards Mt Peake, Darwin refinery

The above is off the top of my head, I'm sure there is much more when I get into it.

Oh & I'll have another go at producing an estimate of what the financials will actually look like based on divulged operating cost, output & current commodity price.