PARIS (Reuters) – Eramet fell sharply on Wednesday morning on the Paris Stock Exchange, the mining group having lowered its production targets the day before for its manganese mine in Gabon and its nickel mine in Indonesia.
At 07:57 GMT, Eramet fell 15.7%, compared to a decline of 0.55% for the SBF120 index. This is its strongest daily decline since August 30, 2023.
The group cites “particularly degraded market conditions for carbon steel in China” to justify lowering its production targets for its Moanda mine, in Gabon.
“The target volume of manganese ore produced and transported for 2024 is therefore revised to be between 6.5 and 7.0 Mt (compared to 7.0 to 7.5 Mt previously),” warns the group.
For its PT Weda Bay Nickel operation, Eramet explains that the nickel ore sales permit issued this week by the authorities was “lower than expectations”.
“Consequently, the objective of volumes of nickel ore marketed externally is revised to 29 Mth in 2024, (…) (vs. 40 to 42 Mth previously)”, adds the group.
(Written by Corentin Chappron, edited by Blandine Hénault)
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