Ann: Gulf Capital Raising Update, page-5

Only a fool would build a manganese alloy smelter in Indonesia. Power/electricity costs are too high. Obviously when GMC management get paid such huge salary packages they don't really care or are too stupid to realise that the power costs will stop Gulf Manganese being competitive.

GMC would be better shipping the manganese ore to OMH in Sarawak.

http://www.antaranews.com/en/news/108667/indonesia-should-cut-unnecessary-electricity-costs

"In Serawak, Malaysia, the price of a hydro power plants (PLTPs) electricity is only two US cents per kWh, while in Indonesia, it is seven US cents per kWh."

OMH needs more manganese ore for their ferro alloy plants as they project they'll need up to 2 million tonnes pa.