I'm with you bene449, I'm looking to buy back in but with the current turmoil its wise to wait and see.
The manganese ore price could change quickly and Ghana Government could be the key.
Will they stick to the 5 million tonne limit annually for Ghana manganese (TMI)?
Or will the roll over again?
Column 1 0 Ghana's Mn Ore Export Leaves Nearly 40,000 Tons as This Year's Export Quota 1 = 4.961 million tons are already exported at the moment = 2 According to the local news report, the Government of Ghana made it clear on October 17 that the export volume of manganese ore reached 4,960,654 tons and is coming close to 5 million tons.The company which produces manganese ore in this country is Ghana Manganese Company Limited (GMCL), and the export meant for China is main. The remaining export quota is slightly less than 40,000 tons, and the focus now is on how the company and the Government of Ghana will do with this matter from now onward.A cumulative total of 3,091,791 tons (a monthly average of 386,474 tons) of Ghanan manganese ore in the period from January to August this year were exported to China, and are used mainly for production of electrolytic manganese metal. For this reason, some of the market participants have an opinion that the decreased supply of Ghanan manganese ore will lead to the decreased production of manganese metal, which will become a factor to resolve the current oversupply and consecutive price drops.However, the Government of Ghana has no small likelihood of increasing the export quota for the purpose of having GMCL continue operation. As a matter of fact, GMCL was suspected of manipulation of export volumes and prices in February and August this year, and received an order to suspend operation from the government, but the operation restarted within a short period for the reason that the impact to the employee's life was serious.
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Price($) | Vol. | No. |
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