Really do not want to compare different vanadium mine. I hold equally on TMT and TNO. For TNO, the quality of the mine is way better than any of the Australian mine. It is high grade, high concentrate grade and the mine is really shallow. Base on the pfs of TMT and AVL, the mining and separation count 30% of the operating cost and leaching process count 70%. TNO really have advantage in the leaching process since it have high concentrate grade. Of course on the mining part as well because the mine is really shallow. TNO have really large tons of deposit and if they focus on the high grade location like AVL and TMT, their whole rock grade will be much higher.The vanadium industry in South Africa is really mature compare to Australian. Several processing plant is available to do DSO for TNO. TNO located in the place with energy available. This saved a lot of construction cost and the operation cost will be much lower than AVL and TMT.
Investor always ignore the energy supply and the shallowness of the mine. When you compare the high grade mine, these make a lot of the difference.
I bought TMT because it have really good financial position and it just did the issuing to the institutional investor. I will sell my tmt until it reach $1 but TNO I will hold for long term.
