The Dawn of EV, page-408

Hi PC,

We are genius sitting on gold, black gold, soon to be light pink gold.
I've done the whole rationalising against EMN thing myself already which simply adds to my levels of confidence.
I saw an interesting post on another company HC page, made by a director who posts regularly on HC. He was talking about how better informed the small guys are v big players - this is how we are ahead of the game and this is how we will make money. https://hotcopper.com.au/threads/rac-charts-price-action.5499241/page-7364?post_id=55105448

Key difference's are (ranked in terms of importance)
1) Feed Grade - EMN starting with a 6% tailings product and I think upgrading it to like 10% Mn before feeding into their battery grade Mn circuit (this is where it gets expensive) while we are starting with a 33% Concentrate (that only costs $120/t to produce)

2) Electrowinning - If i punch 6.5MWh/t @ $40/MWh into my model it literally doubles the cost of production. Maybe this is why the market refuses to give us any value, the CSIRO HPMSM process seems to be a game changer. The reason Feed grade is more important is because you want to reduce the volume going through this expensive processing circuit - even if I apply Electrowinning costs to E25 we would still come out cheaper than EMN because of (primarily) the higher feed grade even though they don't have to mine anything.

If I adjust for these two assumptions in my model (@200ktpa HPMSM production) I come out at $2,328/t of HPMSM produced - almost exactly where you suggested EMN should be... I guess that means the rest of the assumptions are at least in the right ballpark??