Ann: Revised Shipping Strategy Yields Substantial Cost Reduction, page-12

Production costs will go up, not down. When E25 ramps up to 1 million tonnes annually this could lower C1 costs, however its not till H2 2022, ( according to the announcement)
The cost of trucking so many tonnes of manganese over a large distance will be the death of E25. Producers of manganese ore or iron ore who transport by truck will go broke eventually when prices go down. There is no detail on the cost of truck transport and this will be increasing with the oil price.
The cost of labour is only going to increase, the cost of equipment and repairs will only increase.
I can see no possible way for E25 to make a profit, if it was DSO then it could stand a chance, but the extra transporting and benefication process is always going to be a problem which I said from the outset.
I've always been howled down, but so far I've been proved correct.
The drop in shipping rates has helped for sure, but the loss of A$65/tonne remains
Its just like iron ore, low grade producers suffer the most. E25 is low grade.