The Dawn of EV, page-359

Good summary. Adding a few notes:

EMN based their PFS calcs using US$4,800 (EMM price) and US$2,630 (!!) for HPMSM. Furthermore, they used "US$110/tn" processing cost...And with all these "magic" numbers, their NPV was not even $500M (IRR 25%)


Locky and I have done a realistic/conservative costing for E25 upcoming PFS. Even at US$1,500 for HPMSM, and realistic "~US$400/tn" processing cost, we come up with NPV ~$2B+ (IRR 100%). Capex $150M to $200M.

If I were to use EMN's HPMSM pricing (US$2,630), our NPV goes up to NPV ~$5B !!!


PS: The Chinese make HPMSM from electrolytic manganese 99%. Their process use Selenium (Hazardous), big no-no for handling and for usage in batteries that can end up in landill as it is poisonous af. We will produced selenium-free manganese sulfate.

PS2: The current price for Manganese Sulfate battery 99.7% grade made in China is US$1,360. High Purity Manganese Sulfate 99.9%+ attracts a premium (at least US$500 premium). So I think we have right now prices over the figure Locky and I used.

PS3: We should be fast tracking these Behemoth project, even in stages, maybe Stage 1 for just 50,000 tn/y ($50M capex and possibly NPV ~$1B) assuming current price of US$1,360 + US$500 = US$1,860. Payback in just months !!!

Food for thought.