Eramet revises its 2024 targets for manganese activities in Gabon and nickel activities in Indonesia [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Manganese This summer's strong decrease in carbon steel production in China has led to a sharp decline in manganese ore purchases by Chinese manganese alloys producers, in parallel to a sudden increase in the supply of low-grade ore, mainly from South Africa, boosted by the temporary fly-up of prices before summer. This situation resulted in a market oversupply, which weighed heavily on sales of high-grade manganese ores such as that produced in Moanda, Gabon, as well as on the market price index (CIF China 44%) which currently amounts to around $4/dmtu. As a result, the Group's full year sales volumes of high-grade manganese ore, which were strongly constrained over Q3, are now estimated to be between 6.0 and 6.5 Mt in 2024, of which approximately 0.7 Mt is internal sales. Against this current backdrop, Eramet, as a responsible mine operator, has decided to suspend ore production at the Moanda mine for a minimum period of 3 weeks; sales and shipments will continue during this
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