Ann: Smelter Arrival Update, page-26

Abacoolloo, happy to answer your question. The fact is dividends will NEVER be paid as the profit per share will be NIL.

Given that GMC management have NEVER mentioned that their method to produce MC FeMn will require 0.43 tonnes of FeSi at US$1600/tonne to produce 1 tonne of FeMn then frankly you cannot even consider any of the figures that GMC management have published
My call is that GMC won't make any money EVER and will be bankrupt within a couple of years as they won't be able to compete in the ferro manganese market
You need to remember that Eramet Norway Sauda is the worlds largest LC and MC FeMn producer and utilizes the worlds cheapest hydro power.
http://www.eramet.com/en/our-activi.../our-products/mc/lcfemn-medium-and-low-carbon
Eramet also is the worlds second largest high grade manganese ore miner.

http://www.eramet.com/en/our-activities/extracting-generating-value/manganese/our-activity

Eramet has recently signed a new power agreement with Statkraft which will continue to give Eramet the worlds cheapest power, on par with Sarawak Malaysia.
https://www.statkraft.com/media/press-releases/Press-releases-archive/2017/power-contract-eramet/