At least its looking like that break-even point is back into the...

At least its looking like that break-even point is back into the US$5's/dmtu which is a sensible/conservative price for Manganese if the world economy starts to have good growth in its key engines (US, Europe, China).

So we know at least part of the solution is to get the economies that come from doing things efficiently. They just don't seem to be able to do it. E25 have stated (but whether you believe it is another issue) that most of the butcherbird costs are basically fixed. If those near fixed Butcherbird were to deliver a 50% increase in output at 90kt not 60kt/qtr then the A$201/t becomes perhaps A$140-A$150/t (if 100% fixed it could even be A$133/t). That would take US$1/dmtu out of the cost structure and E25 would be nearer breakeven on current manganese prices and making money on higher prices.