Yes production cost and shipping costs are not really concerning. Starting up always comes with higher production costs and these are almost certainly going to come down. As will shipping costs.
The received price of just over $3Aud per dmtu is the real worry here. Even with very high shipping cost this is simply way below market value. Even if we assume a very high shipping cost of $50 usd per ton, that is about $1.50 usd per dmtu. So at market prices of around $5usd we should still get around $3.50 usd (nearly 5 aud) per dmtu. We are no where close. The received amount would make a lot more sense if it was based on just the first shipment which was just over 30K ton....
The quarterly does appear to state the receipts was for both shipments.
So the question is why was our manganese sold so cheap?
Really would be good to get a lot more detailed information from E25. This leaves us retail holders guessing.
E25 Price at posting:
$1.68 Sentiment: Buy Disclosure: Held
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