How to Invest in Manganese Stocks

What is manganese?

Manganese is a silvery white transition metal that is nearly as abundant in the earth’s crust as another transition metal, iron. It has many of the same properties of iron, but is harder and more brittle. Manganese is also an essential nutrient for plant growth and human health.

What is manganese used for?

The steel sector accounts for most manganese demand, and its use in batteries is the largest demand growth driver.

Used as an alloy constituent, manganese improves the strength, toughness and stiffness of steel. Manganese is also mixed with aluminum to manufacture tin cans. In addition, manganese may be used as an additive in refined oil to help coat and protect vehicle engines.

Manganese dioxide has long been used as a cathode material in alkaline batteries, but this is not the manganese battery market that is now the most interesting. Manganese is drawing attention for its role in several types of lithium-ion battery cathodes that require the metal, including the popular nickel-manganese-cobalt (NMC) and lithium manganese iron phosphate (LMFP) batteries.

NMC batteries are in high demand in the electric vehicle sector as they improve energy loading and lifespan, and electric vehicles using this cathode type have been popular in North America. LMFP batteries show improved energy density, capacity and low-temperature performance over lithium-iron-phosphate (LFP) batteries by adding manganese. Battery makers seeking to reduce costs and secure supply chains have been adopting this battery chemistry as an alternative to nickel and cobalt chemistries.

Manganese supply and demand trends

The battery industry is the second largest consumer of manganese today, and many market watchers believe that demand from this sector could be set to increase in the future. However, the steel sector still remains the biggest drive of manganese demand.

However, mining companies are increasingly focusing on the growing battery market for their projects.

“When looking for investment, companies like to align their projects with growing market sectors, so when companies are talking about new mine investments, they often reference the EV supply chain — even if in practice, most of the ore will likely go to ferroalloy producers for consumption in steel production,’ Hanna added.

That strategy on the part of manganese miners makes sense given Fastmarkets’ forecast for the metal’s role in the battery metal in the next decade. “We expect demand to grow from now and into the 2030s, driven in part by new chemistries like LMFP,” the firm stated.

China represents the geographical focal point of the manganese market as the country is the largest producer and consumer of steel. It also dominates the manganese battery market as it is the top producer of high purity manganese sulphate. Investors keen on the manganese space should watch for signs of strength or instability in the Chinese economy, particularly the real estate, infrastructure and EV markets.

Looking at supply, the three top manganese producing countries are South Africa, Gabon and Australia. Global manganese production reached 20 million metric tons in 2024, a slight increase of 400,000 metric tons from 2022, as per the US Geological Survey.

With an output of 7.4 million metric tons, South Africa accounts for about 37 percent of total global manganese production. The country is also home to almost 33 percent of global economic manganese mineral reserves.

South32 (ASX:S32), which has operations in South Africa and Australia through the Samancor 60/40 joint venture with Anglo American (LSE:AAL,OTCQX:NGLOY), is the world’s largest manganese-producing company. Disruptions to its operations can have major impacts on the manganese market and prices for the metal.

For example, the suspension of operations at its Australia-based Groote Eylandt Mining Company (GEMCO) operations in March 2024 due to a tropical cyclone was one of the key drivers of manganese prices that year.

While a phased return to mining began in June 2024, the severity of the flooding brought about by the cyclone damaged the wharf with which the company exported its products to the global market. The company officially opened its reconstructed wharf in late August 2025.

How to invest in manganese

As the manganese story has picked up speed in recent years with its necessity to popular electric vehicle cathodes, more publicly traded companies are focused on manganese, offering investors more choices for exposure to the metal.

Manganese mining and junior stocks

Large-cap manganese stocks

While there are plenty of large companies are involved in manganese production, many of them are private. Still, there are a few major publicly traded mining companies currently producing manganese products for the steel and battery industries.

Anglo American (LSE:AAL,OTCQX:NGLOY)
Anglo American is a British multinational miner that owns 40 percent of the Samancor manganese joint venture alongside operator South32. Samancor’s operations include the GEMCO manganese mine in Australia’s Northern Territory and the South Africa Manganese operation. GEMCO is the world’s second largest manganese mine.

Eramet (EPA:ERA)
Eramet produces manganese ore from the Moanda mines in Gabon. Eramet is the largest producer of manganese worldwide and also produces manganese alloy at its plants in four countries.

Jupiter Mines (ASX:JMS)
Jupiter Mines operates the Tshipi Borwa manganese mine in South Africa’s Kalahari Manganese Field, considered the largest manganese mine in the country by export volume and one of the largest in the world. Jupiter holds a 49.9 percent interest in the Tshipi joint venture.

South32 (ASX:S32)
South32 is the operator of multiple manganese operations through its 60/40 Samancor joint venture with Anglo American. Samancor holds a 74 percent interest in the South Africa Manganese operations in South Africa’s Kalahari Basin alongside Broad-based Black Economic Empowerment entities. South32 is also the operator of the joint venture’s wholly owned Groote Eylandt, or GEMCO, mine in Australia.

Junior manganese mining stocks

Investors interested in smaller-cap manganese companies may want to look at junior manganese mining stocks. These manganese stocks are some of the options available to investors. They had market caps above $20 million as of September 16.

Element 25 (ASX:E25,OTCQX:ELMTF)
Element 25 is working on an expansion and a restart to operations at its Butcherbird manganese mine in Western Australia by 2026. The company is also planning to build a battery-grade high-purity manganese sulphate monohydrate refinery in Louisiana, US.

Euro Manganese (TSXV:EMN)
Euro Manganese is developing its Chvaletice manganese project in Czechia. Instead of mining manganese, the company plans to recycle tailings from a past-producing mine to produce manganese and decontaminate the site. The EU designated it as a strategic project under the Critical Raw Materials Act.

Firebird Metals (ASX:FRB)
Firebird Metals aims to create a vertically integrated manganese company, mining high-purity manganese from its Oakover project in Western Australia, and processing it into battery-grade manganese sulfate at its proposed plant in China.

Giyani Metals (TSXV:EMM)
Giyani Metals has a portfolio of manganese oxide projects in Botswana, including its flagship K.Hill project, from which it plans to produce high-purity manganese sulfate monohydrate, with first production on track for Q3 2025.

Manganese X Energy (TSXV:MN,OTCQB:MNXXF)
Manganese X Energy is exploring and developing its Battery Hill manganese project in New Brunswick, Canada, with the goal of producing high-purity manganese for the North American market.

OM Holdings (ASX:OMH,OTCQX:OMHI)
OM Holdings is a vertically integrated manganese ore and ferroalloys company based in Singapore with global operations. It holds a 26 percent interest in the Tshipi joint venture that owns the Tshipi Borwa manganese mine in South Africa.

RecycLiCo Battery Materials (TSXV:AMY,OTCQB:AMYZF)
RecycLiCo Battery Materials’ technology recycles cathode materials from battery waste and upcycles them into lithium and battery cathode precursors. The company designs and installs on-site battery material recycling plants globally.