I omitted DSO because the way things are going GMC could be in...

I omitted DSO because the way things are going GMC could be in production before those permits come, but also because it was stated that they could export "up to" 5,000 tonnes per month, or 60ktpa, which coincidentally is about how much ore they'll need annually to feed 2 smelters.

With the smelters initially operating at 70% capacity, I wondered if that it may be due to a lack of initial ore supply. DSO would have been great for generating cash flow pre-production, but it seems the ore would be better used towards producing FeMn alloy once the smelters are operational. It certainly is another factor that could surprise to the upside though.

The graph was sourced from CRU & Metal Bulletin. Sounds like it would be quite difficult to find more credible data.

CRU Group (Founded 1969)
Our market analysis delivers a global view on supply and demand dynamics, trade and prices across commodities such as ferromanganese, silicon metal, silicomanganese, manganese ore, ferrosilicon and manganese metal, with regularly updated five-year price forecasts.

CRU’s ferroalloys prices are the leading benchmark in North America and Europe where 80% of market participants who use a benchmark use CRU prices. Across all key regional markets, our reputation is for robustness and transparency thanks to our methodologies and the IOSCO standards that we adhere to.

Metal Bulletin (Founded 1913)
Our price reporters assess over 2,000 non-ferrous, ferrous, raw material and non-metallic mineral prices, many of which are the industry standard benchmarks, trusted and used across the industry supply chain.

We are a completely impartial and independent price reporting agency and engage with all sides of the market, including sellers, buyers and traders, during the price discovery process.

Metal Bulletin’s price reporters are highly skilled and our pricing practices align with core IOSCO principles. Wholly independent and transparent methodologies and price specifications are central to Metal Bulletin price assessments.