e25 will never make money on the concentrate business unless Mn price gets to $US15 and above. Simply does not have the scale or grade to make up for the distance from port. Paying a lot of money to haul and ship waste.
There was basically no mention of Stage 2 (1 Mtpa) in the quarterly. Why? Dead in the water that's why. When you are still only going at a run rate of 200ktpa, who is going to take you seriously that you can get to 1Mtpa? Certainly not the port. Utah is extremely capacity constrained, and even more so when Strike Resources gets up and going soon:
e25 are completing with other junior's like Strike for port access and capacity. Not getting enough runs on the board to warrant getting that capacity.
E25 Price at posting:
68.0¢ Sentiment: None Disclosure: Not Held
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