I agree that shipping rates have gone through the roof, however...

I agree that shipping rates have gone through the roof, however the majority of this is linked to the increase in bulk commodities being shipped, and therefore if the shipping of iron ore and other bulk materials does start dropping on weaker demand, the shipping rates will pull back.

However I do think higher rates are here to stay, I'm just not sure they will stay as high as they currently are as it is becoming unsustainable.

Don't forget E25 has already built some freight costs into their cost of production.

When we add in the credits being received for the type of ore we are sending I still believe we will be receiving over US $4 for our product FOB.

The Chinese market is well known for doing what they are at the moment. But this can change at any time, depending on what their government wants to do. No doubt they are trying to reel in the iron ore price, but lets see what happens over the next six months.

The big picture here is HPM, but we do need to be banking some money from bulk manganese to get the ball rolling.