Investing

Investing in Manganese

The investment landscape for Manganese offers 3 primary vehicles for exposure, ranging from equities of mining and processing companies to ETFs and commodity instruments. With prices currently around 5-8 $/dmtu (44% Mn ore), the Manganese market reflects both structural demand growth and ongoing supply chain challenges.

Investment Vehicles

Key investment vehicles providing exposure to Manganese:

Key Companies

The Manganese value chain includes these publicly listed and major private companies:

Market Drivers

Manganese investment performance is driven by demand growth in steel production (ferromanganese) and lithium-ion battery cathodes, supply concentration in South Africa (37% share), new project development timelines, and government policies including export restrictions and strategic stockpiling programs.

Risk Factors

Investing in Manganese carries risks including commodity price volatility (see price history below), geopolitical risk in producing regions, regulatory uncertainty, and potential substitution.

Recent Price History

Manganese prices remained volatile through 2025, with manganese ore (44% Mn, CIF China) trading around $5.5-6.5/dmtu. South Africa dominates global manganese ore production with over 35% market share, while Gabon and Australia are other major suppliers. The battery sector has emerged as a significant new demand driver - manganese-rich cathode chemistries like LNMO (lithium nickel manganese oxide) are gaining traction as a lower-cost alternative to NMC formulations. High-purity manganese sulfate for batteries commands substantial premiums over metallurgical-grade material. Traditional demand from steelmaking - which accounts for approximately 90% of manganese consumption - remained steady but unspectacular amid mixed global steel market conditions.