The Dawn of EV, page-1086

Well not quite. The Gemco resource that is 60% owned by S32 is bigger. At 30 June 2021 it was 147mt @ 43.7% with a 47% yield (30mt contained Mn).

E25 is 263mt @ 10% and the recovery is 82-83% for 21.8mt contained tons. If i've got my maths right E25's resoure would appear to be only 73% of S32's mine. S32's share of the EBIT was however US$308m last year and has been higher in other years.

I sometimes wonder if E25 should have an alternative resouce figure where the clay surrounding the Mn bearing rock is considered over-burden in the calculation. The resource grade then climbs from 10% into the mid-high 20's. The resource size drops to nearer 94MT. The strip ratio climbs from 0.3:1 to around 0.8:1, noting S32 was at 5.4 in the 2020 year (not quoted in 2021 AR) and the recovery ratio should remain excellent. With this change the resource starts to look normalish to what investors are used to seeing.