Ann: Quarterly Activities and Cashflow Report, page-42

Why would I bet with somebody, especially an anonymous person on Hot Copper?
Lets just see how the next quarter turns out.
I'd say a loss, you say a profit.
I haven't bothered posting here for a while as I knew this last quarter would be a loss, not as bad as the last loss, but a loss is a loss.
The price of oil at US$90/barrel ain't helping although the low AUD$ is helping a bit.

As I said earlier why bother digging manganese ore and processing it when iron ore is considerably more profitable.
Manganese ore is at the mercy of over supply. BHP and RIO learnt their lesson in the last boom bust cycle.
Manganese ore producers haven't learnt the lesson yet, they just keep pumping out more.
Global manganese ore production was up 6% last year to 20 million t in 2021.
South Africa (7.4 million t; +13.8%), **on (3.6 million t; +8.8%) and Australia (3.3 million t; -0.9%) were the leading producers.
S32 is a cheap producer at Groote Is, close to the coast, E25 a high cost producer 600km by road.
Nobody in their right mind trucks Mn ore 600 kms and expect to make a profit.

Its a disaster waiting to happen. The battery Mn is a dream, E25 don't even have a clue where they'll produce it. Maybe SE Asia, but where? How many years will it take to get approval to build, by the time a plant is built there will be thousands of producers in China if theres money to be made.
Why isn't OMH interested, they're currently making US$1000/tonne profit on FeSi, even Mn alloys are making US$700/t profit.