Latest news with #Gabon-based
Yahoo
03-06-2025
- 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
03-06-2025
- 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.
Reuters
06-05-2025
- Business
- Reuters
Gabon names prominent banker as minister of finance
May 5 (Reuters) - Gabon's leader Brice Oligui Nguema has named a new cabinet, after his landslide victory in a presidential election in April, choosing a prominent banker and businessman to tackle the country's acute liquidity shortage. President Nguema, inaugurated over the weekend, has said he will boost agriculture, industry and tourism in the oil-dependent economy and fight corruption. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. On Monday he named Henri-Claude Oyima, the chief executive of Gabon-based BGFI Bank and head of the Gabonese Confederation of Businesses, to be minister of state, economy, finance and debt. Prior to his election win, Nguema seized power in 2023 from the Bongo family that had ruled the Central African nation for over 50 years.
