South32 exits nickel market with Cerro Matoso sale to Corex

South32

South32 exits nickel market with the sale of Cerro Matoso to Corex. The deal is valued at up to $100 million. It ends South32’s nickel exposure after a strategic review. However, closing requires regulatory approvals and conditions.

Deal structure and recent performance

Corex will pay up to $80 million, linked to future nickel prices. It may pay up to $20 million, tied to project permits. Therefore, proceeds depend on both the market and permitting outcomes.

Cerro Matoso produced 40,600 tonnes of payable nickel in 2023–24. The mine expected 35,000 tonnes in 2024–25, per April guidance. Production results for 2024–25 remain undisclosed.

Strategy shift and market context

South32 exits nickel market to concentrate on copper and zinc growth. Meanwhile, it continues manganese mining in Australia and South Africa. It resumed Gemco exports in May after flood damage earlier in 2024. As a result, portfolio risk tilts toward copper, zinc, and manganese.

Industry peers are also reshaping portfolios under weak nickel prices. Anglo American plans to spin off nickel, coal, and diamonds. Therefore, South32 exits nickel market in line with sector consolidation.

The Metalnomist Commentary

Full divestment simplifies South32’s capital allocation and cost focus. Execution risk now centers on closing conditions and handover stability. Watch Corex’s investment plan and ferronickel margins through 2025.

Australian Government Loan Supports Butcherbird Manganese Mine

Element 25

Butcherbird Manganese Mine Expansion Gains Federal Backing

The Australian government has approved a A$50mn ($32mn) loan package to support Element 25’s Butcherbird manganese mine expansion. The financing consists of a A$42.5mn debt facility and a A$7.5mn overdraft, enabling the company to triple annual concentrate output from 365,000 tonnes to 1.1mn tonnes.

Western Australia’s state government granted project approval in March, allowing Element 25 to target a 2026 production start. However, the company has yet to secure all required capital and continues discussions with potential partners. Element 25 may also raise funds through offtake agreements, royalty streams, and prepayment deals.

Strategic Supply for US and Global Markets

The Butcherbird manganese mine expansion will strengthen Element 25’s role in the global manganese supply chain. The company plans to channel concentrate to its planned 135,000 t/yr manganese sulphate monohydrate refinery in the US, with additional output directed toward steelmakers worldwide.

The US government has already backed Element 25’s refinery project with a $166mn grant, reflecting Washington’s strategy to reduce reliance on Chinese critical minerals supply. Automakers General Motors and Stellantis have also pledged to fund the refinery, ensuring long-term offtake for battery-grade manganese products essential for electric vehicles.

The Metalnomist Commentary

Element 25’s Butcherbird expansion underscores how financing frameworks are reshaping manganese supply chains. With strong support from both Australian and US governments, the project highlights the strategic importance of manganese for steelmaking and battery manufacturing. Partnerships with automakers further illustrate how downstream industries are actively securing upstream resources in the race toward electrification.

South32 Gemco Manganese Exports Resume After Cyclone Megan Recovery

South32

South32 Gemco manganese exports restarted as the Australian metal producer shipped its first ore cargo since early 2024 from the Northern Territory mine. The South32 Gemco manganese exports resumption follows extensive recovery operations after Cyclone Megan damaged the export wharf and flooded mine areas in March 2024, forcing a four-month suspension that disrupted global manganese supply chains and affected key customers including GFG Alliance's Tasmania ferromanganese plant.

Production Recovery Targets Pre-Cyclone Output Levels

South32 Gemco manganese exports began with the loading of 56,606 tonnes aboard the Singapore-flagged Stenia Colossus on May 19th, bound for Tianjin, China according to marine analytics firm Kpler. A second shipment of 54,078 tonnes will depart on the Panamanian-flagged Loch Crinan on May 28th, demonstrating operational momentum recovery. These initial shipments mark the end of a 15-month export hiatus that severely impacted Australian manganese supply to Asian steel markets.

Meanwhile, South32 plans production ramping at Gemco's 6 million tonne annual nameplate capacity facility throughout the 2025-26 financial year. The company achieved 5.9 million tonnes production in 2022-23, the last complete year before Cyclone Megan disrupted operations. Northern Territory government projections indicate 5 million tonnes expected production over the coming year, though South32 has not released official 2025-26 guidance.

Customer Supply Chain Disruptions Highlight Market Dependencies

However, the extended Gemco shutdown created severe supply chain disruptions for downstream customers dependent on Australian manganese ore. GFG Alliance's Liberty Bell Bay ferromanganese plant in Tasmania moved to limited operations on May 19th due to manganese ore supply shortages. This operational reduction demonstrates the critical importance of Gemco's production for regional ferromanganese manufacturing capabilities.

Therefore, the export resumption addresses urgent supply needs across Asia-Pacific steel and ferroalloy markets that experienced significant manganese ore shortages during Gemco's closure. Chinese steel mills particularly depend on Australian manganese imports for steel production, making Gemco's recovery essential for regional supply chain stability. The mine's strategic location in Northern Territory provides efficient shipping access to major Asian industrial centers.

Infrastructure Recovery Enables Full Operational Restart

Furthermore, South32 completed extensive infrastructure repairs including export wharf reconstruction and comprehensive mine dewatering operations during January-March 2025. These recovery investments ensure sustainable long-term operations while improving resilience against future extreme weather events. The company's commitment to full production restoration demonstrates confidence in manganese market fundamentals and customer demand recovery.

As a result, Gemco's operational restart strengthens Australia's position as a critical manganese supplier to global steel industries while reducing supply chain vulnerabilities exposed during the extended shutdown. The successful recovery operations establish operational precedents for managing extreme weather impacts on mining infrastructure. Market participants welcome the supply restoration as global steel production continues recovering from pandemic-related disruptions.

The Metalnomist Commentary

The resumption of South32's Gemco manganese exports illustrates both the vulnerability of critical mineral supply chains to extreme weather events and the interconnected nature of global steel production networks. The 15-month disruption's impact on downstream ferromanganese producers like Liberty Bell Bay demonstrates how single-mine shutdowns can cascade through entire industrial sectors, highlighting the need for greater supply chain diversification and resilience planning in critical minerals markets.

Anglo American Q1 Copper Output Drops as Nickel Rises and Manganese Slumps

Anglo American

Anglo American's Q1 copper output declined 15% year-on-year to 168,900 tonnes due to planned production cuts in Chile. While Peru’s higher ore grades partially offset losses, the drop in Anglo American Q1 copper output reflects the company’s broader operational recalibrations in South America.

Copper Falls, Nickel Climbs Amid Strategic Asset Reallocation

Anglo American continues to manage regional output variability, with Peru boosting copper grades while Chile scaled back production. For 2025, the miner expects 690,000–750,000 tonnes of copper output. Meanwhile, nickel production rose 3% to 9,800 tonnes in Q1, thanks to stable operations at Brazil’s Barro Alto mine.

However, Anglo is preparing to exit the nickel sector altogether. It plans to sell its Brazilian nickel assets to China’s MMG later this year, signaling a strategic pivot amid shifting commodity markets and capital priorities.

Manganese and PGM Output Weaken on Weather and Suspension Impacts

First-quarter manganese ore output plummeted 60% year-on-year to 317,000 tonnes. The drop was tied to the suspension of Australian operations following cyclone damage in 2023. Sales are expected to resume in Q2 2025.

Platinum group metals (PGM) production also fell 17% to 696,000 ounces. Anglo American attributed the decline to reduced concentrate purchases and adverse weather at its Amandelbult mine in South Africa, where heavy rains impacted mined output.

Guidance Holds Steady Despite Operational Headwinds

Despite the declines in copper and manganese, Anglo American maintained its 2025 guidance. It forecasts 37,000–39,000 tonnes of nickel and expects export sales of manganese to resume shortly. The company continues to rebalance its portfolio amid market volatility, focusing on long-term asset optimization.

The Metalnomist Commentary

Anglo American’s mixed Q1 results underscore the volatility facing diversified miners. The drop in copper output aligns with a strategic slowdown, while stable nickel production—soon to be divested—hints at broader portfolio streamlining. Weather and logistics remain persistent risks across multiple assets.

Anglo American Faces Decline in Copper, Nickel, and PGM Output in 2024

Anglo American

Decreased Production from Chile, Peru, and South Africa Affects Key Metals

Anglo American, the UK-South African mining giant, reported a drop in its copper, nickel, and platinum group metals (PGMs) output for 2024. This decline, particularly from its assets in Chile, Peru, and South Africa, reflects challenges faced in production and ongoing operational adjustments.

Copper Production Decline Driven by Chile and Peru

Anglo American’s total copper output for 2024 decreased by 6%, reaching 772,700 tonnes. Copper production in Chile dropped by 8% to 466,400 tonnes, with a 20% decline at the Los Bronces mine, which was placed on care and maintenance in July. Additionally, production at the Collahuasi mine fell by 3%, though higher grades at El Soldado partially offset these declines, with a 22% output increase.

In Peru, the Quellaveco mine saw a 4% reduction in copper output to 306,300 tonnes, due to lower grades and recoveries. Anglo American’s Q4 copper output also saw a notable drop, decreasing by 14% to 197,500 tonnes compared to the previous year.

Looking ahead, the company projects copper production to range between 690,000 and 750,000 tonnes in 2025, with an expectation of increasing production to 760,000 to 820,000 tonnes in 2026 and 2027.

Nickel and PGM Production Challenges

Nickel output for Anglo American fell by 2% in 2024, totaling 39,400 tonnes. A 13% drop in production at the Codemin site in Brazil was partially offset by a 2% increase at the Barro Alto plant due to operational improvements. In Q4, nickel production declined by 10%, amounting to 10,000 tonnes, primarily due to planned lower grades.

The company also faced a 7% decline in PGM production from its operations, including mines in South Africa and Zimbabwe. Full-year production of PGMs in concentrate decreased to 3.55 million ounces. However, refined PGM production rose by 3%, reaching 3.92 million ounces in 2024. In 2025, Anglo American expects to produce between 3 million and 3.4 million ounces of PGMs.

Manganese Ore Decline and Future Expectations

Anglo American’s manganese ore production fell sharply by 38% to 2.29 million tonnes in 2024. This was largely due to the suspension of Australian operations following damage caused by Tropical Cyclone Megan in March.

Despite the setbacks in 2024, the company’s projections for future production of copper, nickel, and PGMs indicate a positive outlook for 2025 and beyond, as it continues to adjust operations and focus on optimizing output at key sites.

OM Holdings Increases FeSi Output Amid Si Metal Shift

OM Holdings

OM Holdings boosted ferro-silicon (FeSi) production in Q4 by converting silicon metal furnaces. However, manganese alloy output declined due to a furnace outage.

Production Shifts and Furnace Operations

OM Materials produced 48,061t of FeSi in Q4, an 18.3pc year-on-year increase. 2024's total FeSi output reached 190,517t, up 36.5pc from 2023. This increase resulted from switching two silicon metal furnaces to FeSi production due to weak silicon demand. At year-end, six FeSi furnaces and two silicon metal furnaces produced FeSi, while seven furnaces produced manganese alloys. One manganese alloy furnace restarted after a November outage.

Manganese Alloy and Ore Output Decline

Consequently, manganese alloy production fell 14pc to 72,769t in Q4. Manganese sinter ore production dropped 46.2pc to 23,204t. Full-year manganese alloy production rose 8pc to 317,013t. Sarawak's capacity, after furnace conversion, includes 120,000-126,000 t/yr of FeSi, 333,000-400,000 t/yr of manganese alloys, and 21,500-24,500 t/yr of silicon metal. The sinter plant can produce 250,000 t/yr of sinter ore.

Trading and Mining Developments

OM Materials traded 387,271t of ores and alloys in Q4, down from 514,757t last year, driven by lower manganese ore volumes. However, late-quarter market quotes showed signs of increase. The group trialed restarting its Bootu Creek manganese mine, aiming for 35pc Mn grades. Initial grades reached 30-33pc Mn. A second trial is planned this quarter. The ultra fines plant restart is delayed to Q2. Tshipi Borwa Manganese mine, where OM holds a stake, exported 683,090t in Q4, up from 624,681t last year. 2024's total exports increased 8.9pc to 3.5mn t.

South32 Maintains 2024-25 Production Guidance, Excluding Mozal Aluminium

South32

Diversified Miner Reports Stable Output Across Key Assets

South32 has reaffirmed its 2024-25 production guidance for most of its operations, excluding Mozal Aluminium in Mozambique due to transportation disruptions from civil unrest. The Australian-based miner continues to ramp up production across its aluminium, copper, nickel, zinc, and manganese operations despite regional challenges.

Mozal Aluminium Faces Uncertainty Amid Civil Unrest

South32’s Mozal Aluminium smelter produced 90,000 tonnes of aluminium in Q4 2024, marking a 2.3% increase from the previous quarter. However, ongoing violent protests in Mozambique have led to the withdrawal of production guidance. While production and exports remain operational, raw material transportation remains disrupted.

Aluminium and Alumina Production Remains Strong

• Brazil Aluminium (40% South32 ownership): Q4 2024 output increased 13% quarter-over-quarter to 34,000 tonnes. Production guidance remains 130,000 t/yr.
• Hillside Aluminium (South Africa, 100% ownership): Production remained steady at 182,000 tonnes, with guidance unchanged at 720,000 t/yr.
• Brazil Alumina (36% South32 ownership): Q4 2024 production rose 4.2% to 348,000 tonnes, with guidance steady at 1.35 million t/yr.
• Worsley Alumina (Western Australia, 86% ownership): Production surged 18% to 1 million tonnes after maintenance, with 2024-25 guidance at 3.75 million t/yr.

Copper, Zinc, Nickel, and Manganese Performance

• Sierra Gorda Copper Mine (Chile, 45% ownership): Payable copper production rose 10% to 24,300 tonnes due to higher grades and improved molybdenum recovery. Guidance remains 84,800 t/yr.
• Cannington Zinc Mine (Australia, 100% ownership): Zinc output surged 50% to 79,200 tonnes, driven by higher plant throughput and improved silver and lead grades. Guidance holds at 265,400 t/yr.
• Cerro Matoso Nickel Mine (Colombia, 99.9% ownership): Nickel production rose 15% to 9,900 tonnes with improved plant utilization. Guidance remains 35,000 t/yr.
• Gemco Manganese Mine (Australia, 60% ownership): Production resumed after Cyclone Megan, reaching 639,000 tonnes.
• Hotazel Manganese Mine (South Africa, 54.6% ownership): Output declined 19% to 485,000 tonnes due to a temporary shutdown at Wessels mine.

Green Aluminium Incentives and Industry Outlook

The Australian government has pledged A$2 billion in production credits to support aluminium producers transitioning to renewable energy by 2036. The Green Aluminium Production Credit will be available from 2028-29 for up to 10 years, though specific details remain undisclosed.

South32’s production stability, despite regional disruptions, positions it strongly within the evolving global metals market.

Element 25 Secures $166M US Grant for High-Purity Manganese Plant

Element 25

Louisiana Refinery to Strengthen North American Battery Supply Chain

Element 25 (E25) has received a $166 million grant from the US Department of Energy (DOE) to develop its high-purity manganese sulphate monohydrate (HPMSM) refinery in Louisiana. The project, set to begin construction on April 1, 2025, will refine manganese concentrate from the Butcherbird mine in Western Australia. This initiative aligns with the US government’s $3 billion plan to boost domestic battery materials production, reducing reliance on Chinese supply chains.

Strategic Financing and Automaker Partnerships

The DOE grant supports a critical part of Element 25’s financing strategy, supplementing an $85 million loan from General Motors (GM) and a $30 million investment from Stellantis in 2023. Under these agreements, E25 will supply 32,500 t/yr of HPMSM to GM and 10,000 t/yr to Stellantis. These partnerships reflect automakers’ efforts to secure stable battery material supplies amid increasing demand for manganese-rich battery chemistries.

Rising Demand for Battery-Grade Manganese

In 2024, global HPMSM production reached 300,000 tonnes, but analysts forecast a 1.2-1.3 million t/yr supply deficit by 2034 due to surging EV battery demand. The Louisiana refinery positions Element 25 as a key supplier in the North American EV supply chain, addressing the growing need for high-purity manganese in lithium-ion battery cathodes.

EPA Supports Expansion of Woodie Manganese Mine in Western Australia

Consolidated Minerals

The Environmental Protection Agency (EPA) of Western Australia has endorsed Consolidated Minerals' plan to expand its Woodie manganese mine, aiming to extend its operational life until 2031. This decision follows an in-depth evaluation of the company’s proposal, which seeks to secure the mine's productivity for an additional decade.

Environmental and Economic Impact

As part of the expansion, Consolidated Minerals intends to clear 2,340 hectares of native vegetation to accommodate new mining pits, waste rock dumps, storage facilities, and additional mining infrastructure. Despite the significant development, the mine’s annual ore production and processing capacity is set to remain steady, with a maximum output of 1.6 million tons per year, consistent with past averages of 500,000 tons of ore processed annually between 2010 and 2020. It is important to note that the mine had previously faced a temporary closure between 2016 and 2017.

The proposal was initially submitted to the EPA in early 2020, and after careful consideration, the agency has now formally backed the expansion plan. The public has until 23 December to appeal the decision, ensuring transparency and community involvement in the approval process.

Broader Implications for Trade

The expansion comes at a crucial time as Australian manganese ore exports to China have experienced a significant decline, falling 48% year-on-year as of September due to disruptions like Cyclone Megan. The extended life of the Woodie Woodie mine could help stabilize supply chains and reinforce Australia's position in the global manganese market.

Georgian Manganese Halts Silico-Manganese Production Amid Market Decline and Protests

Georgian Manganese

Georgian Manganese, a leading producer of silico-manganese based in Georgia, has announced a suspension of its silico-manganese production for four months. This decision follows a prolonged decline in global demand for ferro-alloys and the resulting fall in prices. The suspension, which began on October 2, will continue through March 1, 2024, at the company's processing plant in Zestafoni, Georgia. The company confirmed the shutdown through a post on social media, citing market conditions and ongoing operational challenges.

Market Conditions and Operational Challenges

Georgian Manganese has faced a steady downturn in the silico-manganese market for the past two years, with prices continuing to soften. As a result, the company ceased sales to its primary market, the United States, in September. The market slump, coupled with protests at the company’s mining operations in Chiatura, Georgia, has made it increasingly difficult to maintain production levels.

Protests at the Chiatura mine, which accounts for a significant portion of Georgian Manganese's manganese ore supply, have worsened since March. Local picketing activities have caused a 70% decrease in production at the mine, further compounding supply issues. As a result, Chiatura Management, the contractor responsible for the mine, has been unable to ensure a consistent feedstock supply to the Zestafoni plant, prompting the decision to halt production.

Despite these setbacks, Georgian Manganese remains hopeful that market conditions will improve and the company can resume operations ahead of schedule. A crisis management plan is being developed to address the ongoing issues at the mine, with an emphasis on stabilizing the supply of manganese ore and improving overall operational efficiency.

The Importance of Georgian Manganese in the US Market

Historically, Georgia has been a significant supplier of silico-manganese to the United States. In the period from 2019 to 2023, Georgia accounted for 24% of the US’s silico-manganese imports, amounting to 415,182 metric tonnes. This year, the country has already shipped 60,253 tonnes of the 254,771 tonnes of silico-manganese imported by the US up until the end of August.

Georgian Manganese is owned by Florida-based Georgian American Alloys, which also owns Feldman Trading. Through this subsidiary, Georgian American Alloys markets its products in the US. The company also owns CC Metals and Alloys, previously a ferro-silicon producer in Kentucky, and Feldman Production, which manufactures silico-manganese and high-carbon ferro-manganese in West Virginia.

Marula Mining Ships First Manganese Ore from Kenyan Larisoro Mine

Marula Mining

First Shipment Marks a Milestone for Marula

London-listed Marula Mining has completed its first shipment of manganese ore from the Larisoro Manganese Mine in Kenya, in partnership with Gems and Industrial Minerals (GIM). This initial delivery marks a significant step under the Mine Support Services Agreement (MMSA) between Marula and GIM.

Export to China Under Existing Agreements

The first batch, totaling 476 tonnes of manganese with an average grade of 37%, was exported from stockpiles managed by GIM in Nairobi. The ore was delivered to the port of Mombasa and shipped to China on 16 September, where it will be received by customers under existing offtake agreements. Marula will receive 60% of the net proceeds from this sale.

Marula has committed to selling ore from the Larisoro mine on a monthly basis, with sales expected to rise in Q4 2024. A $1.5 million investment will accelerate mining, crushing, screening, and processing at the site, increasing production capacity to 5,000-10,000 tonnes of high-grade ore over the next 3-6 months. Marula’s long-term exploration strategy targets an annual output of 60,000 tonnes.

Euro Manganese and Blue Grass Chemical Ink Offtake Agreement for High-Purity Manganese

Blue Grass Chemical

Strategic Partnership to Boost U.S. Supply Chains

Euro Manganese, a specialty manganese products developer listed in both Australia and Canada, has successfully secured its second offtake agreement this month. The company announced yesterday that it will supply high-purity electrolytic manganese metal (HPEMM) from its Chvaletice project in the Czech Republic to U.S.-based specialty chemicals producer, Blue Grass Chemical. This agreement marks another milestone for Euro Manganese as it continues to solidify its presence in the global manganese market.

Chvaletice Project: A Sustainable Approach to Manganese Production

The Chvaletice Project, a unique recycling initiative by Euro Manganese, focuses on reprocessing old tailings from a decommissioned mine. Recently, the company completed the commissioning of its plant, which boasts a capacity to produce 32 kg/day of HPEMM and 100 kg/day of high-purity manganese sulfate metal (HPMSM). This innovative project not only addresses the demand for sustainable manganese production but also contributes to the circular economy by utilizing previously discarded resources.

Offtake Agreement Details and Future Deliveries

The newly signed offtake agreement between Euro Manganese and Blue Grass Chemical is set to cover a portion of Chvaletice’s HPEMM output. Deliveries are expected to commence as soon as Chvaletice begins production, contingent upon Blue Grass Chemical's successful supply-chain qualification. This partnership highlights the growing demand for high-purity manganese products, driven in part by companies seeking to align with the U.S. Investment Reduction Act's compliant supply chains.

Rising Demand and Future Prospects

As the market for high-purity manganese continues to expand, Euro Manganese is seeing increased interest in its HPEMM. Earlier this month, on August 19, the company signed a non-binding offtake agreement with Wildcat Discovery Technologies, a U.S.-based battery technology developer. This series of agreements underscores Euro Manganese's strategic positioning within the global supply chain for critical minerals, particularly in response to evolving regulatory and market demands.

Ferroglobe Sees Boost in Q2 Silicon and Manganese Alloy Sales Following French Plant Restart

Ferroglobe, a leading Spanish producer of silicon and ferro-alloys, reported a significant rise in sales volumes and earnings for the second quarter of 2024, primarily driven by the resumption of operations at its French facilities in April. The restart bolstered production levels, resulting in a 124% increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching $57.7 million for the quarter. However, this figure reflects a 44% decline compared to the same period last year.

Silicon metal shipments surged to 62,872 tons, marking a 24.1% year-on-year increase and an 18.2% rise from the first quarter of 2024. This growth was largely attributed to stronger sales in Europe, the Middle East, and Africa. The average sales price for silicon metal also saw a modest 2.8% increase from the previous quarter, reaching $3,244 per ton, though it remained 15.8% lower than in the previous year.

Despite a decrease in demand in the U.S., shipments of silicon-based alloys reached 46,953 tons, a decrease of 5.1% year-on-year and 8.2% from the first quarter. Nonetheless, the average selling price for these alloys rose by 2.4% to $2,241 per ton in the April-June period.

Manganese-based alloys experienced a significant boost, with shipments totaling 81,464 tons, up 30.2% from the previous year and 30.7% from the previous quarter. The average sales price for these alloys increased by 12.9% to $1,204 per ton.

Ferroglobe's strategic decision to increase manganese ore purchases in the first quarter, taking advantage of a market disruption caused by weather-related shutdowns of South32's manganese ore mine in northern Australia, allowed the company to secure ore at below-current market costs.

Looking ahead, Ferroglobe anticipates that higher prices for its metals and alloys will positively impact its performance in the third quarter. However, the company remains cautious, noting that market dynamics may shift following the end of the summer holiday period in Europe.

China's Yunnan Jiangnan Halts Manganese Production Amid Environmental Inspections

Chinese manganese producer Yunnan Jiangnan has suspended its daily output of 90-100 tons of manganese flake in response to recent environmental inspections. According to a company source, the timeline for resuming production remains uncertain. The smelter, situated in Wenshan city in southwest China's Yunnan province, boasts an annual production capacity of 50,000 tons of manganese flake.

The suspension could impact not only Yunnan Jiangnan but also other smelters across China. The country's manganese market is experiencing tight supply conditions, contributing to the recent surge in manganese ore prices over the past few weeks.

Compounding the situation, South32's GEMCO mine in Australia has also halted production due to cyclone damage, further destabilizing the manganese market. This disruption has led to decreased manganese ore inventories at ports and smelters, fueling expectations of continued price increases among market participants.

The production halt at Yunnan Jiangnan is closely tied to the Chinese government's intensified environmental regulations, which are expected to similarly affect other industries.