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The global manganese market has experienced a systematic shift over the past decade driven by:

  • Declining Chinese domestic manganese ore production driven largely by overall lower production grades
  • South Africa, the largest global exporter of manganese continues to face logistics, labour and sovereign risk challenges
  • Forecast EV and battery demand has highlighted future demand growth and the growing importance of manganese
  • Continued infrastructure investment across major economies highlights the importance of manganese as a critical ingredient in steel production

Manganese Resources Snapshot

Significance of the Company’s flagship Oakover Project cannot be underestimated from the perspective of world supply, with continued decline of worldwide Mn production grades and limited number of ASX manganese developers


(~6% of Seaborne Trade)

  • Full carbonate ore
  • Overall grade decreasing
  • 27%Mn
  • Production grown under Chinese ownership


  • Mainly carbonate ore
  • Combination of depleting resources and environmental policies making mines unprofitable
  • Overall grade decreasing
  • Production decreasing
  • Largest market for Mn ore
  • Imports grow each year (currently ~30Mtpa)


(~20% of Seaborne Trade)

  • Oxide ore
  • Only country to significantly increase high grade (>40% Mn) ore production


(~50% of Seaborne Trade)

  • Semi Carbonate
  • Overall grade decreasing
  • Production mainly 35-37% Mn (semi-Carbonate ore)
  • Grown from 18% in 2011 to 39% in 2022 of World (IMnI)
  • However, plagued with logistics issues
  • Semi Carbonate most suited to steel production


(~16% of Seaborne Trade)

  • Oxide ore
  • Overall grade and production decreasing
  • Several existing producers
  • Some of existing mines approaching end of mine life and processing tailings

Manganese is a key element required in the production of cathodes for lithium-ion batteries, which are at the centre of the clean energy transition to meet global decarbonisation targets. The use of these batteries in EVs continues to grow exponentially forming a major market for supply and consumption.

Ford F150

65-95 kg/Mn


40-60 kg/Mn

Chevrolet Bolt

30-40 kg/Mn

Manganese content (kg) in per battery in each vehicle above

Source: Benchmark Mineral Intelligence

Manganese is also an important chemical compound within the battery cathode and plays a critical role in NMC (Nickel, Manganese, Cobalt) batteries.

According to projections by Benchmark Mineral Intelligence in 2023, it is anticipated that batteries will represent approximately 90% of manganese consumption by 2030. The demand for manganese in batteries is predicted to rise significantly, surpassing the demand for key battery metals such as lithium, nickel, and cobalt (Benchmark Mineral Intelligence).

Recent developments led by auto manufacturers has further driven strong demand forecasts with the likes of Chinese battery giant Contemporary Amperex Technology Co., Limited (CATL) introducing manganese into their Lithium Iron Phosphate Batteries (LFP) and the growing emergence and demand for LMFP batteries.

Electric vehicle and battery cathode manufacturers have publicly proclaimed a desire to increase manganese content to improve battery and electric vehicle cost competitiveness while maintaining energy density. The growing electric vehicle market and battery cathode changes will lead to greater demand and growth for HPMSM.

In addition to the energy sector, demand for manganese remains steady other industries including the steelmaking sector, which continues to display robust, long-term demand fundamentals for manganese ores and concentrates.

Manganese (Mn) and its Uses
Rapid Growth in Batteries

Battery Terms


Electrolytic Manganese Dioxide


Electrolytic Manganese Metal


Battery Grade Mn Sulphate & High Purity MnSO4 & HPMSM means the same



Li Mn Fe PO4


Ni Co Mn


Li Mn O


Li Ni Mn O