If they can get this mine operational, it will be a lower...

If they can get this mine operational, it will be a lower quartile cost producer. This should make it a profitable operation. Once producing, the only 2 things that you need to be mindful of are

1) Vanadium is a specialist metal. There is not the huge demand on the world scale that you get for iron ore, nickel, copper, etc.

2) Vanadium Pentoxide is a by product of the Uranium mining process. As the world strives toward nucleur power over the next 10-30 years, there will be a number of yellowcake producers who will dump their V2O5 by product on to the market for basically anything they can get for it (similar to the way Cobalt gets dumped on to the market from the Latherite Nickel process). This will lead to a fall in the spot price, for the basic product. However, this is where Windamurra has a potential future advantage over other producers with the ability to produce the value added Ferro-Vanadium product.