I personally think the challenge is also the overall European battery space. It's increasingly difficult for European battery manufacturers to compete with Chinese battery manufacturers - the Northvolt collapse is a case in point. Chinese LFP (which currently isn't using Manganese) is winning the race against European NMC. Sure there are new lithium battery chemistries that will use Mn and are expected to be superior, but EMN need long term contracts now to get the FID funding. I think all this makes the European battery sector (and by extension their local suppliers) deemed high risk by investors, which impacts EMN share price.
Nonetheless - the above risk is I believe priced in. We've completed DFS and are looking at a whopping NPV over $1B; 100x more than the current MC. A pretty good risk/reward IMO.
EMN Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
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