Ridiculous Market Cap and Stock Price, page-12

Please show me where all of these manganese ore producers now plan on producing High Purity Manganese Sulfate for EVs, as far as I know of there is one South African company (Eramet) who intends on only supplying their ore to Vibrantz in Mexico (albeit only producing a measly 40kt vs EMN's 100kt of HPMSM and 15kt of EMM). Also,there is a large difference between high grade ore and high purity manganese sulfate, namely processing. There is no shortage of manganese (most manganese is supplied for the steel/ferroalloy markets which is what the aforementioned Eramet is solely focused on). 92% of current HPMSM supply is located in China, with the current trend of on-shoring processing of critical minerals (see US IRA and EU Critical Minerals Act), it makes a ton of sense for Europe to be investing in the only significant source of manganese located on the continent.

The cost to dig up the EMN "crap" is outlined in their feasibility study at US$2.44/t, so not really that expensive. As for processing, their feasibility study indicates that their total operating cost per tonne of tailings processed into HPMSM is US$214.54, comparisons to another future HPMSM producer Giyani metals who has their total operating costs per tonne of tailings processed at US $671.8. As you can see EMN's crap is cheaper to dig up and process.

As for you stating that China will be producing most EVs for the EU market, I think you are incorrect. There's no doubt that China's (namely BYD) EV market will supply some cars to Europe but at the end of the day there is a large amount of OEMs and battery manufacturers either already producing in Europe or are expected to begin producing in Europe by 2030 (see here for list of operating and planned capacity: https://www.reuters.com/business/autos-transportation/companies-invest-ev-battery-factories-europe-2023-05-18/). Thats a pretty long list, who do you think will be supplying HPMSM to all of them?