EMN cost you quote at $111/tn is for processed raw ore, not tn of finish product, therefore you need to take into account yield of finish product over raw material. EMN starts with an ore of 6% Manganese. Hence the "apparent low capex", which is not low. Their process is complex with million steps and includes electrolysis to make EMM first,.then MS. Very electrical intensive and they will use a coal power plant next door... their carbon footprint will be higher than a volcano in eruption.
the good thing is that those projected prices of finish product expected for 2025, are here already, and even higher.
E25 does not have few more steps. The cost you mentioned is just for the ore beneficiation, i.e. turning ore from 10% to 30% Mn content. The process E25 will use is simpler as they will produce mn sulphate hydrometallurgically, no electrolysis.
The carbon footprint will be Zero, using Solar energy. E25 trademarked the commercial name "Zero Carbon Manganese".
Now, to produce in 2024, you need to build a plant in 2023, and have a qualified product by users in 2022. That is my concern re competitors, they are not making profit at present but they are focused on the target, with product in their hands and talking to end users.
we have been told on every announcement that we have a team focused on sulphate for 6 months, but the progress to date is that we are still modifying/optimising the first step of the 5 step process..... this seems to be a classic 80:20 approach, and we are wasting time in the 20.
Look forward to a positive PPFS, pre-pre-feasibility study.
E25 Price at posting:
$1.80 Sentiment: Buy Disclosure: Held
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