Hi Garant, E25 is in production for high quality Manganese concentrate (concentrate with manageable quantities of non Mn minerals). The linked prices were manganese concentrate prices. E25 is also progressing towards producing high purity manganese but that as you correctly state is several years away.
My understanding is Manganese concentrate prices are then multiplied by the ore content and you get the price of the ore. If the 2nd shipment was at the Roskil price and was at the bottom end of the contract specification it would appear to be US$3.5m (27,000 * US$4.37 * 30). If it was at the top end of the contract specification and was to get a price of say US$5, then it would appear to be US$4.7m (27,000 * US$5.00 * 35). We should get a pretty good idea what's happened as the quarterly comes out.
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E25 Price at posting:
$1.88 Sentiment: Buy Disclosure: Held
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