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Eramet Announces 2019 Results

Metal News - Published on Tue, 25 Feb 2020

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Eramet announced EBITDA of EUR 630 million in 2019, reflecting good operating performance in a deteriorated manganese price environment. It’s sales was down 4% in 2019 financial year at EUR 3,671 million in a contrasted price environment: sharp decline in manganese ore prices by -21% on average over the year and rise in nickel prices at the LME of +6%. Eramet Chairman and CEO Christel BORIES said “In 2019, we have made major breakthroughs in implementing our strategic roadmap again and we have improved our intrinsic performance. We achieved production records in all our mines and the strong increase in nickel ore exports in New Caledonia demonstrates the relevance of SLN’s business model. 2020 marks a key milestone in our transformation. This year we will start up our plant in Weda Bay in Indonesia; we will expand mining production in Moanda in Gabon; we will continue implementing the SLN rescue plan and a normal level of activity should resume at Aubert & Duval. In an uncertain start to the year, particularly for China, which is facing a difficult period, more than ever we stay close to our employees and customers; we would like to express our solidarity with the Chinese people. In light of the volatile and deteriorated global economic environment, we have decided to adopt a cautious and controlled strategy for our cash position. We have thus revised the scope and schedule for our investment projects, specifically in Gabon and Argentina. The Group is also considering initiatives to strengthen its financial structure such as disposals or partnerships.”

Manganese ore production: 4.8 Mt vs. target at 4.5 Mt
Nickel ore exports: 1.6 Mwmt vs. target at 1.5 Mwmt
Mineral Sands production: 735 kt vs. target at 720 kt

Manganese ore production target of more than 5 Mt
Continued implementation of SLN rescue plan: target to export 2.5 Mwmt in nickel ore
Production start-up at Weda Bay (Indonesia) expected as early as H1
New modular approach for the production capacity expansion project of the mine in Moanda, Gabon
Lithium development project in Argentina on hold: subject to meeting launch requirements

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Posted By : Rabi Wangkhem on Tue, 25 Feb 2020
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