There is two links below that one should visit to understand some of the dynamics of Vanadium .
You need to understand these to reconcile how different end uses relates to mine production of V2O5.
Most mines produce pure V2O5 to meet demand of offtakers who transform it into specific variants for their use and further sale.
This is important to funders who seek security and a level of margin and continuity. They look to teir 1 endusers.
In TMT case we recently learnt of a minor addon in possible Co,Ni and CU.allthough not the main game with very little cost could reduce overall V205 price by selling this product to other locals whose main game is refining such product..there is several here. This could happen over the life of mine.
We are soon to here latest drill results. We should see significant increase in indicated resource leading to considerable increase in mine life…..the important point here is limited oixidised,transitional ore..we need primary.this enables less throughput less chemical/mechanical treatment. Also higher grades for early and long term production before the need to treat lower grades.
Finally it may be best to have many offtakers rather than being controlled by a single major.
Q. Will Glencore enter the picture once it ends its Largo arrangement…stranger things can happen.
Finally TMT first to market strategy will be a winner.
GLTA
please review these
http://vanitec.org/vanadium/using-vanadium
http://vanitec.org/technical-library