no hope now, page-3

there are a few differences since the xstrata days too.

One would hope the vanadium price stays up for a while or this is going to be tough.

Patersons research report estimate $10.50Gj for gas, this is some of the most expensive energy in the country - gas is a major chunk of the operating cost.

The largest chemical consumable is being procured from australian monopoly supplier penrice, can't imagine what the cost is.

The reserve grade this time around is even lower than the original. It is about a third of the grade of the mapochs mine in south africa.

The operation is blending 80% fresh ore with 20% oxide this means greater stripping to get the required mill feed.

The original operation suffered from very poor plant performance at the beneficiation end and with high silica (>2%). Nowhere have we seen any evidence that these operational problems have been solved.