French miner Eramet (EPA:ERA) has advanced plans for a €500 million ($790 million) capital raising while reporting a 4% increase in third-quarter adjusted turnover to €746 million.
The company says completing the raising before the end of 2026 remains essential to strengthening its balance sheet.
Subscription agreements have been signed with Eramet’s reference shareholders, while the required waiver has been obtained from France’s Financial Markets Authority.
Under the proposed ownership arrangements, the French Government could increase its stake to as much as 49% from 27%, becoming Eramet’s largest shareholder, as reported by Mining.com.au earlier this month. The Duval family, which currently holds 37%, would become the second-largest shareholder.
Eramet’s latest quarterly update shows lithium carbonate production more than doubled year-on-year to 4,260 tonnes as the Centenario operation in Argentina continued to ramp up.
Manganese ore transported in Gabon increased 7% to 1.7 million tonnes, supported by upgrades to the Transgabonese railway.
However, external nickel ore sales fell 83% to 1.6 million wet tonnes (WMT) after production at PT Weda Bay Nickel in Indonesia remained suspended for most of the quarter. Operations resumed in September after new permits were secured.
Eramet has subsequently raised its 2026 external nickel ore sales target to 23–26WMT from 9WMT, although it expects an unfavourable product mix during the fourth quarter.
The company maintained its forecast for 2026 adjusted earnings before interest, taxes, depreciation, and amortisation of €540–610 million. Capital expenditure is expected to total €250–290 million.
The funding plan was announced after a fall in 2025 earnings and an increase in debt, as reported by Reuters in February. It also includes operational improvements and potential asset sales.
Eramet produces manganese, lithium, nickel, and mineral sands across Africa, South America, and Asia.
Write to France Pinzon at Mining.com.au
Main image: Eramet
