PARIS, Oct. 29 — Eramet’s adjusted third-quarter turnover grew 4% to €746 million, but an 83% drop in Indonesian nickel ore sales left the miner’s planned €500 million rights issue central to its financing plan.
The company said pricing lifted the year-over-year comparison by 15%, while lower volumes reduced it by 12%. Mining at PT Weda Bay Nickel in Indonesia was suspended for most of the quarter, Eramet said, weighing on sales volumes.
Manganese turnover reached €482 million, compared with €421 million a year earlier, while lithium turnover rose to €70 million from €7 million. Adjusted nickel turnover excluding SLN declined to €51 million from €142 million.
Eramet transported 1.7 million tonnes of manganese ore, up 7% year over year, and produced 4,260 tonnes of lithium carbonate equivalent, a 105% increase. PT Weda Bay Nickel’s external ore sales, measured on a 100% basis, fell to 1.6 million wet metric tonnes from 9.3 million. Eramet said mining resumed in September after the company received new permits; the operation had been in care and maintenance for four months.
The €500 million rights issue remains planned for the fourth quarter. Eramet said subscription undertakings with the French State Shareholding Agency (APE) and Sorame-CEIR were signed Oct. 23. The French Financial Markets Authority (AMF) granted the APE a waiver from the obligation to make a mandatory public offer on Oct. 26. Eramet said preparations with a banking group were continuing.
Under the company’s outline, the APE would subscribe to its 27.1% pro-rata share and could acquire some or all of Sorame-CEIR’s subscription rights, subject to a limit on effective voting rights. If the issue launches, eligible shareholders may exercise or sell their subscription rights during the offer period, subject to applicable securities laws, Eramet said.
The company reported net debt of €1.935 billion and adjusted leverage of 5.5 times at the end of 2025. It has described the planned raise as necessary to strengthen its financial position and support compliance with loan covenants. For 2026, Eramet forecast adjusted EBITDA of €540 million to €610 million and capital spending of €250 million to €290 million. It is targeting completion of the rights issue before year-end, subject to market conditions.
