Global manganese ore prices eased somewhat in 2025, after a period of price volatility in 2024 thanks to major supply disruptions. Now in 2026, the prices are going up again, influenced by the increase in oil prices.
Conflict in the Middle East has influenced costs across the mining sector, and manganese producers especially are feeling the pinch, says the IEA in its Global Critical Minerals Outlook 2026.
Manganese mines are usually open-pit mines, with a heavy dependence on diesel for mineral extraction, ore transport and generators for backup power. Production in South Africa and Gabon is far inland, which makes the mines heavily dependent on diesel for rail and road transport.
“Given the surge in diesel prices, manganese margins are being compressed, adding pressure on manganese prices,” say the IEA.
South Africa mined almost 40% of global manganese supply in 2025, with Gabon coming in second at a quarter of global supply. Ghana (10%) and Australia (8%) make up the other major suppliers for 2026.
All have experienced the supply disruptions that remain a big source of volatility for the world’s manganese market.
New export controls are also being implemented globally on critical minerals and their processing technologies, affecting supply in various ways. Gabon said in the middle of 2025 it would ban exports of unrefined manganese from 2029.
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Platinum, manganese and the supply dilemma
Prices for platinum group metals (PGMs) have strengthened as mine supply constricted and demand prospects improved.
Platinum, palladium, rhodium, ruthenium, iridium and osmium production are all highly concentrated in specific locations. For example, South Africa mined around 70% of the world’s platinum in 2025, followed by Russia at 12%. While Russia leads palladium mining at 34%, followed by South Africa. Zimbabwe and the US produce PGMs in smaller shares.
The IEA says mined PGMs output declined in 2025 because of structural challenges. In South Africa, electricity supply constraints and rising production costs were both factors. A specific example would be Bokoni Platinum Mine suspending ore mining and milling operations because of the cost of ore mining and milling operations.
While the Bokoni mine closed in September 2025 when PGM prices collapsed, the mine owner has since announced plans to develop and reopen the mine to increase capacity. African Rainbow Minerals sees structural decline across other PGM-producing regions as reducing primary supply, which incentivises them to get back in the game.
Case in point, PGM output in Russia edged lower in 2025 compared to 2024, “reflecting declining ore grades, equipment replacement and maintenance at Norilsk Nickel facilities.”
In Gabon, the world’s number 2 producer of manganese wants to introduce an export ban on raw manganese ore in 2029. Major operators in the region are now investigating ways to scale up or localise semi-finished and battery-grade manganese refining facilities ahead of the deadline.
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The IEA did point out that secondary supply from PGM recycling registered strong growth in 2025, “increasing by about 17% year-on-year”. Continued incentive schemes in China to encourage scrapping older vehicles have increased the volume of end-of-life autocatalyst scrap, contributing to growth in recycling. But this only partially offsets primary supply constraints.
Find out more in the IEA’s Global Critical Minerals Outlook 2026 report
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