• Adjusted turnover of €980m in Q3 2023, down 26% versus Q3 2022, including the strong decrease in selling prices (-27% vs. Q3 2022), partly offset by the growth in volumes for mining operations (+7%)
    • Positive intrinsic performance over the quarter:
      • Continued exceptional growth at the Weda Bay mine in Indonesia, with 8.3 Mwmt in volumes of nickel ore sold (+184%)
      • Record production in Gabon at 2.1 Mt (+4%) and stable transported volumes (2.0 Mt)
      • Reduction in fixed costs
    • Continued significant decline in selling prices, particularly for manganese
    • Decrease in the price of reductants and lower freight prices
    • Sale of Norwegian subsidiary Eramet Titanium & Iron (“ETI”) at end-September with a positive impact of around €200m on the Group’s cash position
    • 2023 adjusted EBITDA revised to around €800m, reflecting:
      • a decline in average manganese ore price estimated at around $4.7/dmtu over the year
      • a volume target for nickel ore at Weda Bay revised to 30 Mwmt (-5 Mwmt) in the absence of an approval obtained to date
      • despite the solid intrinsic performance expected in Q4, combined with a higher ore grade and a premium on prices for nickel ore at Weda Bay, as well as lower input costs (particularly reductants)

Christel BORIES
Group Chair and CEO

In the third quarter, in a difficult macroeconomic environment, with selling prices significantly lower than last year, we achieved a very good operational performance, thanks to the increase in our produced volumes and strict financial discipline. As a result, we successfully recovered from the production delays in the first half, which were caused by exceptional incidents.

We remain focused on improving our operational performance, adapting production to market conditions and strictly controlling our costs. Now more robust, Eramet, despite the economic situation, continues to make progress in its development projects. We are on track to start our lithium carbonate production in Argentina in the second quarter of 2024 and are close to deciding on the project’s expansion in order to double our production by 2027.

Through our partnership with Suez, we will soon open our pilot plant for recycling lithium-ion batteries.

With these projects, Eramet confirms technological leadership in the value chain of metals needed for the energy transition.