Latest news with #Eramet
Yahoo
12 hours ago
- Business
- Yahoo
Eramet to work with Gabon despite manganese exports ban
Eramet said it will work with the Gabonese Government despite a forthcoming ban on unrefined manganese exports, set to take effect from 1 January 2029. This regulatory change could disrupt operations for the French mining giant, particularly its Gabon-based subsidiary Comilog, currently the world's largest manganese mine. The Gabonese Government's weekend statement regarding the ban aligns with a broader trend of African nations such as Guinea (bauxite) and Zimbabwe (lithium) moving towards local processing of raw materials instead of exporting them, reported Reuters. The demand for manganese is on the rise globally, not only for steel production but also for electric vehicle batteries. In response to the announcement, Eramet acknowledged the Gabonese Government's intentions and expressed its commitment to continue working with the authorities 'in a spirit of constructive partnership and mutual respect'. The company emphasised its goal to protect the jobs of the 10,460 Gabonese employees at Comilog and its railway transport unit, Setrag. Despite an initial 5.5% drop, Eramet's shares later stabilised, trading around 4% lower by 08:00 GMT. Gabon's President, Brice Oligui Nguema, who came to power following a coup in 2023 and was elected last month, is focused on uniting the country and revitalising its struggling economy. While Comilog, partly owned by the Gabonese state, does process some manganese locally, most of its ore is exported. Eramet's growth has been largely driven by the Moanda mine and the Weda Bay nickel mine in Indonesia, in contrast to its traditional nickel operations in New Caledonia, which have been hampered by losses and social issues. The company's recent memorandum of understanding (MOU) with Indonesia's sovereign fund, Danantara, reflects its strategy to explore potential investments in nickel processing, following Indonesia's own nickel ore export ban to foster local industry development. Moreover, Firebird Metals has secured a non-binding MOU with Eramet in February for the supply of manganese ore, which will be utilised in the initial phase of Firebird's planned facility in China to produce battery-grade manganese sulphate and manganese tetra-oxide. "Eramet to work with Gabon despite manganese exports ban" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
TimesLIVE
13 hours ago
- Business
- TimesLIVE
Eramet's shares slide as Gabon plans manganese ore export ban
Shares in Eramet fell sharply on Monday after Gabon announced an export ban on unrefined manganese from 2029, potentially upending the French mining group's massive export-orientated production of the steel ingredient in the West African country. Gabon's plan, announced by the government in a weekend statement, comes as several African countries — including Guinea with bauxite, Zimbabwe with lithium, and Mali and Tanzania with gold — seek to move from exporting raw material to local processing. Demand for manganese, used in steel production and increasingly in electric vehicle batteries, has grown globally. Eramet is the main shareholder in Gabon-based manganese mining firm Comilog, whose Moanda mine is the world's biggest for manganese. Eramet said in a statement that it noted the Gabonese government's intention to ban crude manganese exports from January 1, 2029 and would continue to work with the authorities "in a spirit of constructive partnership and mutual respect". The group will aim to safeguard the 10,460 Gabonese jobs sustained by Comilog and Comilog railway transport unit Setrag, it added. Eramet shares fell as much as 5.5% before paring losses to trade about 4% lower by 8am GMT.
Bloomberg
a day ago
- Business
- Bloomberg
Eramet Shares Drop as Gabon Aims to End Manganese Ore Exports
Eramet SA shares fell as much as 5.7% after Gabon decided to ban the export of manganese ore from 2029, jeopardizing the French miner's biggest source of profit. Friday's announcement, which threatens to upend the supply chain of a metal that's used to harden steel products chiefly used in construction, is part of the African nation's aim to boost jobs and add more value domestically to the country's oil, timber and manganese resources.
Reuters
2 days ago
- Business
- Reuters
France's Eramet says it will work with Gabon despite manganese export ban
PARIS, June 2 (Reuters) - French miner Eramet ( opens new tab, the main shareholder in Gabon-based manganese mining firm Comilog, said it will aim to safeguard the 10,460 Gabonese jobs sustained by Comilog and Comilog railway transport unit Setrag, despite Gabon's announcement of an export ban on manganese starting in 2029. Eramet said it "takes note of the Gabonese government's intention to ban crude manganese exports from January 1st, 2029. This move is described as part of the country's stated ambition to strengthen its industrial base, initiated by H.E. President Brice Clotaire Oligui Nguema and his Government". It said it acknowledged the government's move and, as the main co-shareholder in Comilog, will continue to work with the authorities "in a spirit of constructive partnership and mutual respect". In August 2023, Eramet temporarily halted manganese mining operation following a military coup that ended 56 years of rule by former President Ali Bongo. In April 2025, Gabon's Constitutional Court confirmed that coup leader Brice Oligui Nguema won the oil-rich Central African nation's presidential election. In October 2024, Eramet sharply cut 2024 production targets for its manganese mine in Gabon - the world's biggest - citing a downturn in the manganese market. Eramet's Comilog subsidiary processes some manganese, which is mainly used to produce carbon steel, locally in Gabon but mostly exports its mine production as ore.
Yahoo
2 days ago
- Business
- Yahoo
Eramet's response to the Gabonese government's announcement on crude manganese export ban starting in 2029
Paris, 2 June 2025, 8:00 a.m. PRESS RELEASE Eramet's response to the Gabonese government's announcement on crude manganese export ban starting in 2029 Eramet takes note of the Gabonese government's intention to ban crude manganese exports from January 1st, 2029. This move is described as part of the country's stated ambition to strengthen its industrial base, initiated by H.E. President Brice Clotaire Oligui Nguema and his Government. A long-standing partner of Gabon and with over 30 years of presence in the country, Eramet has a track record as a committed investor in Gabon, supporting the country's industrial development ambitions through investing in sustainable mining operations, constructing value-adding transformation facilities and upgrading key infrastructure. Eramet acknowledges the Government's ambition and, as the main co-shareholder in Comilog, will continue to work with the authorities in a spirit of constructive partnership and mutual respect. Eramet will remain attentive to this policy shift and will work collaboratively to identify further opportunities for it to contribute to Gabon's economic development in the long term, whilst maintaining the sustainability of its mining and metals operations. In particular, the Group aims to safeguard the strategic role of Comilog and Setrag in being an internationally significant supplier of manganese to the global steel industry — and the 10,460 Gabonese jobs they sustain. Calendar 30.07.2025: Publication of 2025 half-year results 30.10.2025: Publication of 2025 Group third-quarter turnover ABOUT ERAMET Eramet transforms the Earth's mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition. Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present. Manganese, nickel, mineral sands and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world. As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices. Fully committed to the era of metals, Eramet's ambition is to become a reference for the responsible transformation of the Earth's mineral resources for living well together. INVESTOR CONTACTDirector of Investor RelationsSandrine Nourry-DabiT. +33 1 45 38 37 02 PRESS CONTACTMedia Relations OfficerNedjma AmraniT. +33 6 65 65 44 Attachment 2025 06 02 - Eramet - PR - Response_ Gabonese government's Announcement EN VFSign in to access your portfolio
