Facts, page-38

Maybe one of you GMC experts can explain the situation in Indonesia. Whilst there is currently no ferro (Mn) alloy plant in Indonesia, it has been considered before but never done due to the majority of Indonesian Mn ore being low grade and a low Mn/Fe ratio.
There doesn't seem to be as much high grade Mn ore around in Indonesia as you GMC shareholders think.

"Thus the utilization of low-grade manganese ore for making ferromanganese should be done due to the depletion of this high-grade manganese ore."
https://aip.scitation.org/doi/pdf/10.1063/1.4974423

There are a number of small silico manganese smelters in Indonesia.
Why do these smelters use low grade Mn ore? If high grade Mn ore is so available why are these smelters using low grade Mn ore?

I also wonder why in a statement GMC states
"Gulf says discussions are under way to finalize contracts, with 75% of ore requirements coming from the local market and the remaining 25% from overseas suppliers."

Maybe GMC plans to buy Mn ore from OMH in Australia or Tshipi in South Africa?

Some interesting reading for GMC shareholders, although I'm sure you'll all know more than the experts.
The more I look at the GMC venture, the holes that appear.
https://aip.scitation.org/doi/abs/10.1063/1.4978094
https://aip.scitation.org/doi/abs/10.1063/1.4974423?ai=1gvoi&mi=3ricys&af=R