Gulf Manganese Research Report, page-3

Yes, an interesting read.
GMC needs to purchase reagents like ferro silicon , most likely will buy from the closest supplier in Asia ie. OM Sarawak (OMH)

Power contracted for the initial 14MVA at US$0.09c/KWh, bearable but about triple the cost  to be profitable.

BUT, the power/electric shock will come in a year or so now that PLN has announced the necessity  to issue global bonds to pay down debt.
PLN is losing money hand over fist.

"The company has announced plans to follow this up with $2 billion in rupiah-denominated global bonds in the second quarter of 2018. This flurry of financing activity is earmarked for funding capital expenditures, paying down debt and weaning the company off its reliance on government cash."

Why PLN is likely to raise electricity tariffs as costs escalate
"It plans to bring over $1b debt offering to the international bond market.
Indonesia’s state-owned utility may raise electricity tariffs to offset its growing costs, concludes an investment-research memo published today by the Institute for Energy Economics and Financial Analysis.
The memo—“PLN’s Coal IPP Funding Gap Suggests Tariffs Must Rise in 2020”—comes as the utility plans to bring more than $1 billion debt offering to the international bond market."

“The need for tariff increases is an issue that investors cannot ignore, particularly given the expectation of sharply-rising operating losses in the next four years,” Brown warned. “But it is one that the government and PLN likely do not want to talk about now with local elections looming later this year and a presidential election in 2019.”

"A key weakness in PLN’s finances is the guarantees it has made to buy power from costly independent power producers (IPPs).
“The biggest funding challenge for PLN over the next four years is to find a way to pay for its planned increase in spending on new IPP capacity and the associated grid expansion needed to ensure that the new capacity can be dispatched,”