on or about 31 january 2013?, page-12

I think you are right about the grades, Nathan.
There is no mention of 48% from the Dec 24 announcemnet and on.
Lump ore price for 38% is currently $4.38dmt
If they can keep the blend over 44%, then $5.49

There is also this released today.

"Prices for 44% manganese ore fell slightly on Friday February 22 as market sentiment faltered after Chinese New Year."
Metal Bulletin’s index price for 44% manganese ore cif Tianjin fell 3 cents to $5.49 per mtu. “On Friday, people were not as sure as they had been that the market would"

But for trading purposes. I'm hoping you guys get a tradable positive ann.