Forget Copper and Gold as Steel-Making Raw Material Outperforms – by Paul-Alain Hunt (Bloomberg News – June 12, 2024)

(Bloomberg) — Manganese, an essential steel-making ingredient, has outstripped copper, gold and many other commodities this year after a cyclone halted exports from the world’s second-largest mine in March.

Prices of 44% grade manganese ore have almost doubled since the start of the year, beating gains of 15% in copper, 12% in gold and almost 30% in tin.

A cyclone hammered into the Groote Eylandt Mining Co. (GEMCO) operation in northern Australia, damaging key port and haulage infrastructure and halting high-grade exports. Shipments are likely to remain suspended until 2025. South32 Ltd. owns 60% of GEMCO and Anglo American Plc has 40%.

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