TMI (NTM) had big plans to build ships but came to nought. They don't own any ships.
GMC ore is very low Mn content (25-27%) but also low in impurities such as iron. It is sought after by EMM producers, such as TMI (NTM), which is why they bought ConsMin. Being a carbonate ore it is well suited as a feedstock for EMM production.
GMC was only producing about 2.5Mtpa in 2020/21, hence @ 26% Mn content you get about 650k contained metal per USGS. GMC's annual throughput is capped at 5Mtpa by the Ghanaian government.
When they have produced at a 5Mtpa run rate there is too much supply for the EMM market so tonnes get pushed into the alloys market, hurting the price of higher grade (oxide) ore.
E25 Price at posting:
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