The Dawn of EV, page-1349

Smelter credits?
You can be sure OMH won't pay a dollar more than necessary. OMH definitely won't be paying more than the 44% grade /dmtu price calculated on the actual E25 grade.
The price paid will also reflect discounts for the marketing and trading costs which OMH will deduct from the overall price as well as any discounts in the contract agreement as any large purchaser would require.
Looking at OMH recent results its also worth noting the marketing and trading profits which were $28.6 million. This is the profit they make from trading and selling the ore and alloys. OMH must work on a 10% minimum charge to make profits like this.
With the manganese ore price moving upwards it should benefit E25, whether E25 can make a profit remains to be seen. THe next quarterly report will be the big test.