Jupiter Mines eyes growing Mn sulphate supply deficit

Market: Battery materials
16/04/24

ASX-listed Jupiter Mines forecasts a widening supply deficit for manganese sulphate by the end of the decade, delegates at the Paydirt conference in Perth, Australia, heard.

The firm, which holds a 49.9pc stake in South Africa's 3.3mn t/yr Tshipi Borwa manganese open-pit mine, predicts the surplus of supply last year of about 5pc for high-purity battery-grade manganese sulphate (HPMSM) will flip to a shortage of more than 25pc — approximately 100,000 t/yr — by the end of the decade.

This supply shortage will be most acute in North America and Europe, where demand for nickel-cobalt-manganese and lithium-manganese-nickel-oxide batteries is forecast to be strongest, the firm said. Jupiter also forecast demand for non-manganese LFP batteries, particularly in China, to outgrow supply.

Jupiter Mines believes it is well-placed to expand Tshipi's production. Last month it began a pre-feasibility study for a High Purity Manganese Sulphate Project set to last 12 months. The report details the firm's capacity to produce 50,000 t/yr of HPMSM within three years of the project's start date, before increasing to 100,000 t/yr by 2030.

Jupiter is currently looking at building its refinery in North America, where it expects demand for the metal to grow substantially. It already has access to more than 2mn t of readily available manganese ore with a grade of above 30pc.

The firm has produced 3mn-4mn t/yr of manganese since 2018, the majority of which has been high-grade (44pc) manganese, more easily processed for lithium-ion batteries.

South Africa is the world's largest producer, with 36pc of manganese production today, and also holds 76pc of global reserves. Manganese is the fourth-most abundant metal contained in the average electric vehicle at 24.5kg, according to the firm's estimates, behind graphite, copper and nickel.

Argus assessed manganese lump minimum 95pc at an average of 12,400 yuan/t ($1,713/t) ex-works China today, trending down from Yn13,000/t on 26 January. Argus assessed battery-grade minimum 32pc manganese sulphate at an average of Yn5,050/t China ex-works today, trending up from Yn4,750/t on 12 March — the lowest price since Argus began its assessment on 21 May 2019.

By Chris Welch

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