Without knowing the actual C1 cost/tonne we'll never know what it will take to make E25 profitable. The current cost per tonne by dividing income by tonnes produced is over US$6.00/dmtu.
The only time E25 will be profitable is when the Mn ore price is above US$8.00/dmtu.
The next quarterly report will be ugly, not only the Mn ore price is down but the final price settlements on provisional settlements as per the sales agreements will have a negative impact. This is why E25 has panicked to get extra cash in the kitty.
Until Chinese housing construction is back to a high level then Mn ore price will stay low.
The Mn ore market needs the low hanging fruit to drop off the tree for the Mn ore price to increase. Unfortunately E25 is the lowest fruit in the orchard and is close to being left rotten on the ground.
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