Yes, Money Made you are right and that is a limited market...

Yes, Money Made you are right and that is a limited market (several hundred thousand tons per annum); compared with billions of tons of vanadium on the planet (remember the earth contains as much vanadium as it does copper). If the use of vanadium is restricted to hardening steel then the survivors will be those operations that can produce vanadium in the bottom quartile and it will be a very competative market. This means many of the low grade vanadium hopefuls will never be developed. As an example, why is Barrick the largest gold company? Answer because it has a business model of only buying or financing gold operations whose costs are in the bottom quartile so while its high cost competitors might struggle it has assurred profits. KRR is fortunate in that it has a basket of metals to subsidise its vanadium production if needs be; as well as a long life deposit. VREDOX batteries have the potential, in my view, to be game changer for vanadium consumption and the vanadium hopefuls.