Eramet: Strong increase in first-half results
Paris, July 28 2021, 6:15 p.m.
PRESS RELEASE
Eramet: Strong increase
in first-half results
-
Strong increase in Group EBITDA to
€293m in H1 2021, including intrinsic progress of
more than €110m
-
Positive Free Cash-Flow (“FCF”) of
€111m; reduction
in net debt to €1.2bn at 30 June 2021
-
Net income, Group share at
€53m
-
Stable manganese ore prices.
Favourable price environment for manganese alloys
and nickel, partly offset by the strong increase in freight
prices and the negative currency impact
-
First-half well oriented with a good operating
performance:
-
Continued organic growth in manganese ore
production in Gabon (+13%), and favourable change in the
manganese alloys
mix in favour of refined products
-
Excellent performance of Weda
Bay Nickel1:
nearly 7 Mwmt of nickel ore produced, with an acceleration in
growth dynamics and a contribution of €70m to Group FCF
- Mining
production low season
accentuated by particularly unfavourable weather
conditions in New Caledonia
-
Continued adaptation of the High-Performance Alloys
division to the aerospace market environment which is
still depressed. EBITDA improvement: significantly reduced loss
versus H1 2020
-
Validation of the commitment to reduce CO2
emissions by 40% for 2035
-
Outlook:
-
Mining production targets maintained in Gabon and New
Caledonia, with a considerably more favourable seasonality
in H2, and revised upwards for
Weda Bay Nickel
-
Forecast EBITDA over the year revised
up: considering a particularly favourable price
environment for manganese alloys and a revised consensus for 2021
of average manganese ore (CIF China 44%) prices at $5.01/dmtu and
LME nickel prices at $7.9/lb2, forecast EBITDA would
be more than €850m
Christel
Bories, Eramet group Chair and
CEO:
"We achieved a promising first half-year, driven
by good operating performance and an overall high price
environment. We remained focused on cash generation and, thanks to
progress made in all our businesses, our debt decreased at
end-June.
These results show that the Group’s
transformation started four years ago is delivering success: our
business fundamentals are improving and our strategic roadmap is
progressing and is consistent with a strong environmental, social
and societal commitment addressing global as well as local
challenges.
On-site, employees are bringing about change by
combining performance and the positive contribution of our
activities to surrounding communities. Building on this momentum,
we enter with confidence the second semester with very good
prospects, both in terms of results and cash generation."
In first-half 2021, Eramet
included its purpose in the company’s statutes. By stating its
ambition to “become a reference for the responsible transformation
of the Earth's mineral resources for living well together”, the
Group is strengthening the integration of the CSR roadmap at the
heart of its strategic transformation.
Responsible management of the health crisis and
the safety of employees are major priorities for the Group:
-
regular reviews are conducted regarding health protocol implemented
on all Group sites in March 2020, based on pandemic developments
and the recommendations of local authorities;
-
the total recordable injury rate (TRIR3) stood at 2.4 year-on-year
at end-June 2021, and posted a very significant improvement versus
2020 (vs. 4.1 at end-2020). The Group is focusing all of its
efforts on the elimination of High Potential Incidents.
The Group has committed to an objective to
reduce its CO2 emissions by 40% in absolute value
for 2035 (vs 2019), validated by SBTi (Science-based target
initiative), confirming the contribution to the international
effort to limit global warming to below 2°C and achieve carbon
neutrality in its scope 1 and 2 emissions by 2050.
The Group’s societal commitment was notably
reflected during the half-year by the creation of two CSR funds
with the Gabonese government, aimed at financing new development
programmes for the benefit of local populations. In Gabon, the
Group also inaugurated the Lékédi Biodiversity Foundation4.
Eramet scored 3rd among the 44 companies in the
European mining and metals panel of Vigeo-Eiris5, with an
“Advanced” performance level. The overall score of 66/100, which
places the Group in the 1st decile as in the previous assessment
conducted in 2019, confirms the constant progress of the Group's
extra-financial performance over the past three years.
Eramet group key figures
(Millions of euros)1 |
H1 2021 |
H1 2020 |
Chg. (€m) |
Chg.2 (%) |
Turnover |
1,878 |
1,687 |
191 |
+11% |
EBITDA |
293 |
120 |
173 |
+144% |
Current operating income (COI) |
159 |
(32) |
191 |
n/a |
Net income, Group share |
53 |
(623) |
676 |
n/a |
Free Cash-Flow |
111 |
(210) |
321 |
n/a |
|
|
|
|
|
|
30/06/21 |
31/12/20 |
Chg. (€m) |
Chg.2 (%) |
Net debt |
(1,244) |
(1,333) |
89 |
-7% |
Shareholders' equity |
1,059 |
997 |
62 |
+6% |
Gearing (Net debt-to-equity ratio) |
117% |
134% |
-17 pts |
n/a |
Gearing within the meaning of bank
covenants3 |
92% |
106% |
-14 pts |
n/a |
ROCE (COI/capital employed4 for previous
year) |
11% |
3% |
+8 pts |
n/a |
1 Data rounded to the nearest million.2 Data
rounded to higher or lower %.3 Net debt-to-equity ratio, excluding
IFRS 16 impact and French state loan to SLN. 4 Total shareholders'
equity, net debt, site restoration provisions, restructuring and
other social risks, less long-term investments, excluding Weda Bay
Nickel capital employed. At 30 June 2021, ROCE is calculated on a
12-month rolling basis.
N.B.: all the commented changes in H1 2021 are
calculated with respect to H1 2020, unless otherwise specified.
The Group’s H1 2021 turnover
totalled €1.9bn, up 11% (+18% at constant scope
and exchange rates6, factoring in a negative currency effect of
-7%). This growth was driven by the Mining and Metals division with
a volume/mix effect of +7% and a price effect of +15%. Turnover for
the High-Performance Alloys division declined and remains heavily
penalised by the aerospace crisis.
Group EBITDA was
€293m, up significantly (by nearly 150%)
reflecting notably:
- an intrinsic
performance of +€112m, representing nearly two thirds of the
increase;
- an impact of
external factors of +€61m, with a positive price effect largely
offset by higher input costs (freight and materials) and by a
negative currency effect.
Net income, Group share
totalled €53m, and included the share of income of
Weda Bay Nickel (+€77m). The loss posted in H1 2020 particularly
reflected asset impairments related to the health and aerospace
crises.
Capex cash amounted to
€109m at end-June, declining versus H1 2020 (which
included investments made in the lithium project before it was
mothballed), reflecting the reduction in capital expenditure in
2020. Capex cash breaks down as €67m in current capex and €42m in
growth capex, mainly dedicated to supporting the organic
development of mining production in Gabon. Capex-related
disbursements will be higher in H2 than H1.
Free Cash-Flow (“FCF”) came out
at €111m, of which €222m for the Mining and Metals
division and -€47m for the High-Performance Alloys division. The
improvement in FCF of +€321m reflects the good operating
performance, the Group’s good cash control and the partial recovery
of A&D.
Net debt ended at
€1,244m at 30 June 2021. This included €88m linked
to the application of IFRS 16.
As of 30 June 2021, Eramet’s cash levels
remained high at €1,944m. In July, Eramet repaid
early all the bonds issued by TiZir which are still outstanding for
an amount of $225m as well as a part of the credit line drawn down
in the RCF (€500m). Eramet also signed an agreement with RCF’s
banking pool in order to integrate into this last an incentive
scheme for achieving two of the Group’s main CSR indicators.
Key figures by activity
(Millions of euros)1 |
H1 2021 |
H1 2020 |
Change (€m) |
Change2 (%) |
MINING & METALS DIVISION |
|
|
|
|
Manganese BU |
Turnover |
887 |
839 |
48 |
+6% |
|
EBITDA |
280 |
234 |
46 |
+20% |
Nickel BU |
Turnover |
515 |
366 |
149 |
+41% |
|
EBITDA |
10 |
(70) |
80 |
n/a |
Mineral Sands BU |
Turnover |
138 |
139 |
(1) |
-1% |
|
EBITDA |
47 |
44 |
3 |
+6% |
Total Division3 |
Turnover |
1,540 |
1,344 |
196 |
+15% |
EBITDA |
337 |
208 |
129 |
+62% |
HIGH-PERFORMANCE ALLOYS DIVISION |
|
|
|
|
A&D and Erasteel |
Turnover |
337 |
345 |
-8 |
-2% |
|
EBITDA |
(10) |
(66) |
56 |
n/a |
1 Data rounded to the nearest million.2 Data
rounded to higher or lower %.3 Excluding the lithium project (see
half-year performance Indicators Table by activity in Appendix
4).
The activities of the Mining and Metals division
benefitted from positive market momentum in H1 2021 with strong
demand driven by the rebound in global economic growth, resulting
in overall higher price levels. However, the increase in the cost
of freight, combined with an unfavourable €/$ exchange rate,
weighed significantly on results.
Over the half-year, the division posted turnover
up 15% and EBITDA up more than 60% to €337m.
Manganese BU
The Manganese BU continued to record
excellent operating performance in H1 2021, notably with an
increase in ore production by 13%.
Turnover totalled €887m (+6%) and EBITDA
increased by 20% to €280m, reflecting the strong increase in
manganese alloys selling prices.
The increase in the cost of freight by more than 60% in the
Gabon-China route nonetheless
weighed significantly on the results of ore activity.
Market trends & prices
In H1 2021, global production of carbon steel,
the main end-product for manganese, was up considerably by +13%7
ending at 1,007 Mt7 in H1 2021. Production in China increased
strongly (+12%7), driven by good momentum in the local economy and
particularly in the automotive, construction and infrastructures
sectors. Production in the rest of the world also saw strong growth
in H1 2021 (+15%7), thanks in particular to India, but also the
recovery in Europe and North America which still have not returned
to their pre-crisis level. In this context, manganese ore
consumption increased by 10%7 in H1 2021 to 10.5 Mt7. Global
manganese ore production was up 9%7 to 9.8 Mt7, reflecting the
increase of nearly 28%7 in volumes produced in South Africa
compared with H1 2020, marked by the closure of mines faced with
the health crisis. The supply/demand balance was thus in deficit in
H1 2021 with Chinese port ore inventories declining versus
end-2020, now representing 11 weeks’ consumption.
The average CIF China 44% manganese ore price
stood at approximately $5.1/dmtu8, 9 in H1 2021, up c.2%8 from H1
2020 ($5.0/dmtu8, 9), but down 7% in euros.
Driven by the increased demand in the steel
market and shortage of supply in the European market, manganese
alloy prices in Europe increased very considerably in H1 2021. In
June, they reached a record level versus a previous high point in
2008, particularly for refined alloys (MC ferromanganese at
€1,886/t8, 9, +33%8 vs. H1 2020; +20%8 in Q2 2021 vs. Q1) but also
for standard alloys (silicomanganese at €1,191/t8, 9, representing
+26% vs. H1 2020; +26%8 in Q2 vs. Q1). Given the one quarter lag
between changes in market prices and those in sales contracts, the
increase in prices in Q2 will again have a very favourable impact
on the BU’s turnover in Q3.
Activities
In Gabon, thanks to the mine
expansion programme, Comilog’s manganese ore production increased
+13% to 3.1 Mt in H1 2021.
Transported volumes stood at 2.9 Mt and were
almost stable compared with a particularly high level in Q2 2020,
which had notably benefitted from the temporary shutdown in
passenger traffic, factoring in the health crisis. The incidents
that occurred on the railway line in H1 2021 also weighed on
transported volumes, which nevertheless reached a level at 563 kt
in June and should achieve a higher pace in July, benefitting from
the progress made in the operations of Setrag thanks to the plan to
modernise the Transgabonese railway. Transported volumes are
expected to support the ramp-up in production in H2. External sale
volumes amounted to 2.5 Mt (+4%).
Manganese alloys production increased by 7% in
H1 2021 to reach 367 kt. Sales were up 3% to 357 kt with a change
in the mix in favour of refined products.
The margin for manganese alloys significantly
increased in H1 2021, mainly driven by the increase in alloy
selling prices (representing a positive impact of more than €60m).
Moreover, operating performance also progressed over the half-year,
particularly with better optimisation of costs and technical
ratios10.
Outlook
Global carbon steel production is expected to
remain sustained in H2 2021, thanks to the recovery which is
continuing, notably in Europe and the United States. This situation
should continue to contribute to an increase in demand for
manganese ore and alloys.
As part of the modular and optimised manganese
ore growth programme, the production target is confirmed at 7 Mt
for 2021. Transported and shipped volumes should total more than
6.5 Mt.
Nickel BU
Nickel BU turnover stood at €515m in H1
2021 (+41%), including €108m from the trading activity of nickel
ferroalloys produced at Weda Bay
(off-take contract) which continues to ramp up.
The BU’s EBITDA was €10m (vs. –€70m in
H1 2020).
The recovery in the stainless steel and
batteries markets was reflected by a strong increase in prices over
the half-year, offset however in part by the increase in freight
costs on ore export sales. SLN11
only partially benefitted from the recovery, considering
production difficulties: blockades in New Caledonia at end-2020 did
not enable the necessary inventories to be built in order to
anticipate the particularly penalising rainy season this year. This
weighed on ferronickel production and constrained the growth in ore
export volumes. As a result, turnover increased only slightly to
€330m (+3%) but EBITDA was positive at €17m (vs. -€49m in H1
2020).
The
Sandouville refinery reduced its losses
with EBITDA of -€14m in H1 2021 (vs. -€21m in H1 2020), reflecting
a progressive improvement in operating performance.
Market trends & prices
Global stainless steel production, which is the
main end-market for nickel, amounted to 29 Mt12 in H1 2021, an
increase of 28%12 on H1 2020, which at the time was strongly marked
by the beginning of the global health crisis and the decline across
the global economy. China continued to be the main driver of this
growth by posting production which also increased by 28%12. This
was also the case in Indonesia, where production more than doubled
compared to H1 2020, exceeding 2.3 Mt12 over the half-year
(+114%12). Stainless steel production also recorded a strong
rebound in the rest of the world in H1 2021 (+17%12), without
returning to its pre-crisis level.
Global demand for primary nickel thus increased
in H1 2021 to 1.4 Mt12 (+28%12), driven by demand for primary
nickel in stainless steel (+30%12) and strong growth in the
batteries sector (+80%12 mainly linked to electric vehicles).
Global primary nickel production also increased
but to a lesser extent in H1 2021, reaching 1.3 Mt12 (+12%12). This
increase reflects the growth in Indonesian NPI13 production
(+81%12), whereas Chinese NPI production declined (-13%12).
Traditional nickel production declined slightly in H1 (-3%12), with
some producers experiencing difficulties in their operations.
After having largely been in surplus in 2020,
the supply/demand balance was heavily in deficit in H1 2021 (-66
kt12). LME14 and SHFE14 nickel inventories declined at end-June
2021 to 239 kt, equivalent to approximately 9 weeks’
consumption15.
LME nickel prices increased 40% in H1 2021 (+29%
in euros). LME price average was $7.93/lb ($17,485/t). Ferronickel
selling prices were also up considerably in H1 2021 (+43% in US
dollars, +31% in euros), despite a significant discount versus the
LME over the period.
1.8% CIF China nickel ore prices continued to
evolve at high levels (more than $95/wmt16 on average), up very
significantly (+39%) on H1 2020. The nickel ore market remained
difficult in H1 due to the unfavourable seasonality, with the rainy
season significantly reducing the ore offer, particularly from the
Philippines. As a result, ore inventories in China reached
relatively low levels, which contributed to sustaining high
prices.
In Indonesia, the official domestic price index
for nickel ore (“HPM Nickel”) averaged approximately $38/wmt in H1
2021, for nickel ore with 1.8% nickel content and 35% moisture
content.
Activities
In New Caledonia, activities in
the mine and the Doniambo plant were penalised by an environment
which was once again difficult, between societal disruptions and
the strong impact of an exceptional rainy season that continued in
April and May. SLN mining production, which had started the year
with low inventories due to blockades in the territory in December
2020, amounted to 2.3 Mwmt in H1 2021, an increase of 5%. In
parallel, low-grade nickel ore exports were up 2%, reaching 1.1
Mwmt. Since the bad weather stopped, the situation has improved
with 415 kwmt exported in June, representing an annual pace above 4
Mwmt. Ferronickel production particularly suffered with a decrease
in produced volumes in H1 2021 of 22% (to 19 kt). This resulted in
a decline in sold volumes of 27% (to 19 kt). The plant is also
supplied better since end-June.
Cash cost6 amounted to $6.9/lb on average in H1
2021, reflecting the significant decline in produced volumes and
the unfavourable €/$ exchange rate.
As a result, SLN’s cash position again
deteriorated in H1 2021. This highlights the need for SLN to not
only be able to operate its mines and its plant under normal
operating conditions, but also be in a position to fully implement
the levers identified in the rescue plan: an increase in export
capacity of non-recoverable ore locally to 6 Mwmt per year with
demand obtained to authorise 2 Mwmt in additional exports as well
as an electricity price reduction. The consultation process with
suppliers for a long-term solution to the supply of electricity to
Doniambo is advancing on schedule.
At the
Sandouville plant in Normandy,
nickel salt and high-purity metal production reached 4.9 kt in H1
2021, an increase of 32% from H1 2020, which was very affected by
the health crisis. Sales volumes also significantly increased to
4.7 kt (+27%) thanks to the recovery in high-purity nickel markets.
The recovery of the plant is expected to continue in H2.
At Weda
Bay in Indonesia, mine operations, which now
employ approximately 4 000 people, continued to ramp up to an
exceptional pace with nearly 7 Mwmt produced in H1 2021. The level
of production achieved enabled the supply of the Joint Venture’s
plant, but also sold nearly 4.2 Mwmt of ore to other Indonesian
producers located on the industrial site of the island of Halmahera
which now has six plants. In parallel, the nickel ferroalloys plant
operated at maximum capacity in H1 2021, for a total of 20 kt
produced at a very competitive cash cost. The excellent operating
performance of Weda Bay was thus reflected in a contribution of
€70m to Group FCF over the period, including trading activity.
Outlook
Global stainless steel production offers good
growth prospects for the rest of the year in Europe and North
America. The strong rebound in nickel demand posted in H1 2021 is
expected to continue throughout the year, factoring in the very
good momentum of the Chinese and Indonesian stainless steel
sectors, but also thanks to the ramp-up in the batteries sector for
electric vehicles.
NPI production in Indonesia should still
accelerate in H2 2021 with the installation of new production
lines. Traditional production is expected to return to its
pre-Covid levels in H2, notably thanks to a return to normal on
operations sites which were affected in H1. Against this
background, the supply/demand balance should even itself out over
the full year.
Considering the good momentum in the stainless
steel market, the discount level compared to LME should decrease in
H2 2021 for ferronickel, whilst remaining substantial.
In New Caledonia, SLN’s nickel ore export volume
target is 3.5 Mwmt in 2021. Given the low level achieved in H1,
ferronickel production is expected to rise to nearly 45 kt.
Considering the favourable seasonality and subject to normal
operating conditions, the cash cost should considerably improve in
H2.
At Weda Bay in Indonesia, the mine production
target has been revised upwards to more than 12 Mwmt in 2021.
Nickel ferroalloys production is confirmed at approximately 40
kt-Ni. The Group is closely monitoring current developments in the
health crisis locally.
As part of the strategic review of the
Sandouville site, the option of a sale is now favoured, and
discussions are underway and at an advanced stage with a potential
buyer.
Mineral Sands BU
The Mineral Sands BU posted stable H1
2021 turnover at €138m, factoring in a negative €/$ currency
effect, which offset the favourable price effect. EBITDA was up by
6% to €47m, reflecting the good operating performance offset in
part by an increase in the cost of inputs, particularly the cost of
energy.
Market trends & prices
Global demand for zircon has rebounded since
early 2021 and was very sustained throughout H1 thanks to the
recovery in the global economy. Most of this increase is a result
of the ceramics sector (approximately 50% of the end-product) in
China and Europe. Parallel to this, zircon production increased at
a less fast pace, especially given that the market was plunged into
uncertainty in Q2 with the emergence of significant operating
difficulties at a major producer in South Africa. The supply/demand
balance was thus in deficit in H1 2021.
Zircon market prices ended at $1,338/t FOB17 in
H1 2021, with an increase of 6% in Q2 versus Q1. However, prices
remained below their H1 2020 level (-1% in US dollars, -10% in
euros), but stable on Q4 2020.
Global demand for TiO2 pigments18, the main
end-market for titanium-based products19, was again very
substantial in H1 2021 thanks to global economic growth. To date,
TiO2 pigment producers have managed to meet this demand, in a tight
market. In the titanium-based products market, factoring in the
difficulties encountered by some producers, the expected deficit in
supply results in tight demand, notably for CP titanium dioxide
slag as produced by TiZir in Norway.
This tight demand is not reflected in selling
prices in H1 2021 due to the inertia of operations in this market
in which prices are set on a quarterly and half-year basis. The
latter ended at $753/t FOB20 (-6% in US dollars versus H1 2020,
-13% in euros).
Activities
In Senegal, mineral sands
production21 remained at a high level in H1 2021 at 362 kt. The
slight reduction in average content in the targeted are being mined
over the period was offset by the very good operating performance
achieved. Zircon production declined by 3% to 28 kt with sales down
by 9% to 30 kt, compared to a high level in H1 2020.
In Norway, titanium slag
production reached a record level in the first half at 103 kt
(+5%), whereas sales volumes increased more significantly (+13%),
reaching 113 kt.
Outlook
The rebound in demand for zircon in H1 2021 should continue into
the second half of the year, contributing to a significant increase
in prices from Q3 2021.
The market for titanium dioxide slag should also
continue to be driven by strong demand for TiO2 pigments. The
titanium-based products market is expected to remain tight in H2,
penalised by a partial reduction in South-African supply as a
result of social and safety concerns. As a result, the price of
titanium slag should grow in H2 2021.
-
High-Performance Alloys division
The High-Performance Alloys division
posted turnover of €337m in H1 2021, down slightly by 2%. The loss
in EBITDA was reduced by more than six, amounting to -€10m in H1
2021.
The profound crisis in the aerospace
sector continues to weigh significantly on Aubert & Duval
(“A&D”)22. Sales down 9% to
€245m. Measures to adapt costs to the level of activity enabled an
improvement in EBITDA, which went
from -€52m in H1 2020 to -€14m in H1 2021.
Erasteel sales
increased to €91m (+20%). EBITDA ended at €3m (vs. -€15m in H1
2020), reflecting a more favourable product mix and productivity
gains.
In addition, Brown Europe, a subsidiary
of the division specialised in wire drawing of alloys used in the
aerospace sector, was sold at end-June for €12m, booked in FCF at
end-June 2021.
Market trends & prices
The aerospace sector, which accounts for nearly
70% of A&D’s turnover (pre-crisis level), still remains very
significantly lagging behind, particularly for long-range
aircraft.
National sovereign markets (defence and nuclear)
as well as energy markets only very slightly suffered from the
effects of the health crisis, notably thanks to large-scale public
investment programmes that sustain demand.
The automotive industry, which represents nearly
half of Erasteel’s sales, saw its recovery accentuate in H1 2021,
driven by Asia in the first instance followed by North America and
Europe to a lesser extent. However, the shortage of semiconductors
penalised this recovery.
Activities
A&D’s aerospace sector
turnover declined 24% to €143m in H1 2021. Sales continued to
suffer the full effects of the sharp slowdown in the aerospace
industry as production rates for the main programmes remained at
low levels.
Turnover in the Energy and Defence sectors was
up very significantly (+74%) to €73m in H1 2021. Sales in the
Energy sector increased considerably in Q2, reflecting the ramp-up
in volumes of deliveries to GE of parts for land-based turbines,
with a demand that is increasingly sustained. New contracts were
also signed with National Defence players notably regarding parts
for use in the military naval sector.
Moreover, A&D is pursuing the finalisation
of a review of quality processes and the adaptation of its cost
structure to respond to the degradation of its main market. The
Work Organisation Adjustment Plan23 signed in April is aimed at a
net reduction of 327 positions based on staff in June 2020 (427
positions cut and 100 new positions created), for an overall
estimated cost of €33m. The plan is under implementation, a first
round of departures was thus validated, leading to the recording of
a provision of €20m at end-June.
Measures to adapt the cost of labour – reduction
in temporary staff, departures of employees, use of part-time work
– enabled savings over the half-year estimated at €33m on an annual
basis, for a target of €50m. They will be supplemented by the full
effect of voluntary redundancies. At end-June 2021, A&D
headcount thus declined by -14% versus end-2019. This decline
should be c.-20% at the end of the Plan.
At Erasteel, turnover increased
20% to €91m, linked to the global economic recovery and new market
share gains in Asia for products made from powder metallurgy.
Recycling activity continued to grow (+67% to €10m). The cost
reduction plan also continued this year.
Outlook
The outlook for the aerospace industry improved
during H1. Thus, Airbus announced a strong recovery in its
production rates for the A320 family, with a return to pre-crisis
pace by early 2023. Conversely, the outlook for recovery remains
very uncertain for long-range aircraft, a market in which A&D
is very active.
As regards Erasteel, the automotive market
should continue to recover in H2 2021 with global production
expected to increase to nearly 10% in 2021.
The sale of A&D, which is strategic to the
aerospace sector, remains the Group’s preferred option in time.
Outlook
Assuming that the health situation does not
significantly deteriorate, the good momentum in the markets of the
Mining and Metals division should continue into second-half 2021,
with prices increases expected in Q3, notably for manganese alloys
and much more favourable seasonality. However, the high freight
costs and logistics issues are set to continue.
Despite an improved medium-term outlook for
single-aisle aircraft, the aerospace crisis continues to penalise
the High-Performance Alloys division.
The Group is expected to complete between
€400-€450m in capital expenditure in 2021, specifically to support
its growth.
Mining production targets are maintained in
Gabon and New Caledonia and revised upwards in Indonesia:
- 7 Mt of manganese ore production in
2021;
- 3.5 Mwmt in nickel ore exports;
- Weda Bay production to 12 Mwmt.
The Group is revising its 2021 EBITDA target
upwards: factoring in a particularly favourable price environment
for manganese alloys and a revised consensus for 2021 for average
manganese ore prices (CIF China 44%) at $5.01/dmtu and LME nickel
prices at $7.9/lb24, forecast EBITDA would be more than €850m in
2021.
This outlook is in line with the good momentum of H1, assuming
that the health situation does not significantly deteriorate.
Calendar
29.07.2021: Webcast and presentation of 2021 half-year
results
A live Internet webcast of the 2021 half-year
results presentation will take place on Thursday 29 July 2021 at
10:30 a.m. CET, on our website: www.eramet.com. Presentation
documentation will be available at the time of the webcast.
25/10/2021: Publication of 2021 third-quarter turnover
ABOUT ERAMET
Eramet transforms the Earth’s mineral resources
to provide sustainable and responsible solutions to the growth of
the industry and to the challenges of the energy transition.
Its 13,000 employees are committed to this
through their civic and contributory approach in all the countries
where the mining and metallurgical group is present.
Manganese, nickel, mineral sands, lithium and
cobalt: Eramet recovers and develops metals that are essential to
the construction of a more sustainable world.
As a privileged partner of its industrial
clients, the Group contributes to making robust and resistant
infrastructures and constructions, more efficient means of
mobility, safer health tools and more efficient telecommunications
devices.
Fully committed to the era of metals, Eramet’s
ambition is to become a reference for the responsible
transformation of the Earth’s mineral resources for living well
together.
www.eramet.com
INVESTOR
CONTACT Director of Investor Relations
Sandrine Nourry-DabiT. +33 1 45
38 37 02 sandrine.nourrydabi@eramet.com |
PRESS
CONTACT Communications Director
Pauline Briand pauline.briand@eramet.com
Image 7 Marie
ArtznerT. +33 1 53 70 74 31 | M. +33 6 75 74 31
73martzner@image7.fr |
APPENDICES
Appendix 1: Quarterly
turnover
€ million1 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
MINING & METALS DIVISION |
Manganese BU |
498 |
389 |
440 |
420 |
480 |
359 |
Nickel BU |
277 |
238 |
323 |
216 |
215 |
151 |
Mineral Sands BU |
82 |
56 |
74 |
63 |
69 |
70 |
Total Division |
857 |
683 |
837 |
699 |
764 |
580 |
HIGH-PERFORMANCE ALLOYS DIVISION |
A&D and Erasteel |
182 |
155 |
181 |
154 |
149 |
196 |
GROUP |
Holding company & eliminations |
1 |
0 |
(2) |
(3) |
0 |
(2) |
Eramet group published IFRS financial
statements2 |
1,040 |
838 |
1,016 |
850 |
913 |
774 |
1 Data rounded up to the nearest million. 2
Application of IFRS standard 11 “Joint Arrangements”.
Appendix 2: Productions and
shipments
In thousands of tonnes |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
MANGANESE BU |
|
Manganese ore and sinter production |
1,597 |
1,512 |
1,503 |
1,537 |
1,475 |
1,288 |
Manganese ore and sinter
transportation1 |
1,542 |
1,377 |
1,535 |
1,615 |
1,620 |
1,242 |
External manganese ore sales |
1,314 |
1,212 |
1,393 |
1,492 |
1,418 |
1,000 |
Manganese alloy production |
173 |
194 |
186 |
170 |
146 |
196 |
Manganese alloy sales |
183 |
174 |
208 |
162 |
165 |
181 |
NICKEL BU |
Nickel ore production (in thousands of wet
tonnes) |
|
|
|
|
|
|
SLN |
1,254 |
1,050 |
1,599 |
1,603 |
1,286 |
918 |
Weda Bay Nickel (100%) |
3,996 |
3,001 |
1,572 |
573 |
751 |
513 |
Ferronickel production – SLN (kt of Ni) |
8.5 |
10.0 |
11.3 |
12.8 |
11.7 |
12.1 |
Nickel ferroalloy production - Weda Bay Nickel (kt
of Ni – 100%) |
10.0 |
10.1 |
10.6 |
8.4 |
4.5 |
- |
Nickel ore sales (in thousands of wet
tonnes) |
|
|
|
|
|
|
SLN |
684 |
433 |
832 |
589 |
760 |
331 |
Weda Bay Nickel (100%) |
2,967 |
1,205 |
236 |
182 |
- |
- |
Ferronickel sales – SLN (kt of Ni) |
10.0 |
8.8 |
11.7 |
12.8 |
14.3 |
11.6 |
Nickel ferroalloy sales - Weda Bay Nickel/Off-take
Eramet (kt of Ni) |
4.1 |
4.3 |
5.4 |
0.8 |
- |
- |
Nickel salt and high purity nickel production |
2.6 |
2.3 |
2.1 |
1.6 |
2.2 |
1.5 |
Nickel salt and high purity nickel sales |
2.6 |
2.1 |
2.4 |
1.3 |
2.1 |
1.6 |
MINERAL SANDS BU |
Mineral Sands production |
191 |
171 |
208 |
183 |
183 |
188 |
Zircon production |
15 |
13 |
16 |
14 |
15 |
14 |
Titanium dioxide slag production |
55 |
48 |
49 |
52 |
50 |
48 |
Zircon sales |
16 |
14 |
16 |
13 |
16 |
17 |
Titanium dioxide slag sales |
71 |
42 |
45 |
51 |
48 |
52 |
1 Produced and transported
Appendix 3: Price and index
|
H1 2021 |
H2 2020 |
H1 2020 |
Chg. H1 2021 – H1 20206 |
Chg. H1 2021 – H1 20206 |
|
|
|
|
|
|
MANGANESE BU |
Mn CIF China 44%
($/dmtu)1 |
5.06 |
4.19 |
4.98 |
+2% |
+21% |
Ferromanganese MC - Europe
(EUR/t) 1 |
1,886 |
1,311 |
1,422 |
+33% |
+44% |
Silicomanganese - Europe (EUR/t)
1 |
1,191 |
870 |
949 |
+26% |
+37% |
|
|
|
|
|
|
NICKEL BU |
Ni LME ($/lb)2 |
7.93 |
6.85 |
5.65 |
+40% |
+16% |
Ni LME ($/t) 2 |
17,485 |
15,092 |
12,455 |
+40% |
+16% |
Ni ore CIF China 1.8%
($/wmt)3 |
95.4 |
91.0 |
68.5 |
+39% |
+5% |
|
|
|
|
|
|
MINERAL SANDS BU |
Zircon ($/t) 4 |
1,338 |
1,310 |
1,355 |
-1% |
+2% |
CP grade titanium dioxide
($/t) 5 |
753 |
775 |
798 |
-6% |
-3% |
1 Half-year average market prices, Eramet
calculations and analysis.2 LME (London Metal Exchange) prices.3
CNFEOL (China FerroAlloy Online) prices, “Other mining countries”
in H1 2021 and H2 2020; SMM (Shanghai Metals Market) “Philippines”
in H1 2020.4 TZMI, Eramet analysis (premium zircon).5 Market
analysis, Eramet analysis.6 Eramet calculation (based on CRU
monthly price index for manganese ore and alloys only), rounded to
the nearest decimal.
Appendix 4: Half-year performance indicators by
activity
€ million1 |
H1 2021 |
H1 2020 |
FY 2020 |
H1 Change (€m) |
H1 Change2
(%) |
MINING & METALS DIVISION |
|
|
|
Manganese BU |
Turnover |
887 |
839 |
1,699 |
48 |
+6% |
|
EBITDA |
280 |
234 |
442 |
46 |
+20% |
|
COI3 |
219 |
179 |
339 |
40 |
+22% |
|
FCF4 |
157 |
119 |
285 |
38 |
+32% |
Nickel BU |
Turnover |
515 |
366 |
905 |
149 |
+41% |
|
EBITDA |
10 |
-70 |
21 |
80 |
n/a |
|
COI |
-30 |
-114 |
-79 |
84 |
n/a |
|
FCF |
7 |
-88 |
1 |
95 |
n/a |
Mineral Sands BU |
Turnover |
138 |
139 |
276 |
-1 |
-1% |
|
EBITDA |
47 |
44 |
91 |
3 |
+6% |
|
COI |
25 |
22 |
44 |
3 |
+14% |
|
FCF |
51 |
34 |
43 |
17 |
+50% |
HIGH-PERFORMANCE ALLOYS DIVISION |
|
|
|
A&D and Erasteel |
Turnover |
337 |
345 |
680 |
-8 |
-2% |
|
EBITDA |
-10 |
-66 |
-119 |
56 |
n/a |
|
COI |
-18 |
-93 |
-153 |
75 |
n/a |
|
FCF |
-47 |
-164 |
-174 |
117 |
n/a |
|
|
|
|
|
|
|
Holding5,
elim. and Lithium BU (mothballed
project) |
Turnover |
1 |
-2 |
-7 |
3 |
n/a |
|
EBITDA |
-33 |
-22 |
-37 |
-11 |
n/a |
|
COI |
-38 |
-25 |
-46 |
-13 |
n/a |
|
FCF |
-57 |
-111 |
-192 |
54 |
n/a |
|
|
|
|
|
|
|
GROUP total |
Turnover |
1,878 |
1,687 |
3,553 |
191 |
+11% |
|
EBITDA |
293 |
120 |
398 |
173 |
+144% |
|
COI |
159 |
-32 |
106 |
191 |
n/a |
|
FCF |
111 |
-210 |
-36 |
321 |
n/a |
1 Data rounded up to nearest million. 2 Data
rounded up to higher or lower %.3 Current operating income (COI).4
Free Cash-Flow.5 Holding: reclassification, from 2021, of central
costs of the Mining and Metals division, mainly exploration and
sales team expenses, previously allocated to the various business
units of the division
Appendix 5: Performance indicators
Operating performance by
division
|
|
|
|
|
|
|
|
(€
millions) |
Mining and metals |
High |
|
|
|
Manganese |
Nickel |
Mineral |
Lithium |
performance |
Holding and |
Total |
|
|
|
Sands |
|
Alloys |
eliminations (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
887 |
515 |
138 |
- |
337 |
1 |
1 878 |
|
|
|
|
|
|
|
|
EBITDA |
280 |
10 |
47 |
(2) |
(10) |
(32) |
293 |
|
|
|
|
|
|
|
|
Current
operating income |
219 |
(30) |
25 |
(2) |
(18) |
(35) |
159 |
|
|
|
|
|
|
|
|
Net cash
generated by (used in) operating activities |
222 |
(30) |
59 |
(11) |
(45) |
(40) |
155 |
|
|
|
|
|
|
|
|
Industrial
investments (intangible assets and property, plant &
equipment) |
72 |
11 |
8 |
0 |
16 |
3 |
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
839 |
366 |
139 |
- |
345 |
(2) |
1 687 |
|
|
|
|
|
|
|
|
EBITDA |
234 |
(70) |
44 |
(2) |
(66) |
(20) |
120 |
|
|
|
|
|
|
|
|
Current
operating income |
179 |
(114) |
22 |
(2) |
(93) |
(24) |
(32) |
|
|
|
|
|
|
|
|
Net cash
generated by (used in) operating activities |
200 |
(47) |
40 |
(23) |
(135) |
(25) |
10 |
|
|
|
|
|
|
|
|
Industrial
investments (intangible assets and property, plant &
equipment) |
73 |
21 |
6 |
34 |
20 |
9 |
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial year
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
1 699 |
905 |
276 |
- |
680 |
(7) |
3 553 |
|
|
|
|
|
|
|
|
EBITDA |
442 |
21 |
91 |
(5) |
(119) |
(32) |
398 |
|
|
|
|
|
|
|
|
Current
operating income |
339 |
(79) |
44 |
(5) |
(153) |
(41) |
106 |
|
|
|
|
|
|
|
|
Net cash
generated by (used in) operating activities |
472 |
17 |
60 |
(52) |
(116) |
(72) |
309 |
|
|
|
|
|
|
|
|
Industrial
investments (intangible assets and property, plant &
equipment) |
195 |
44 |
16 |
34 |
38 |
15 |
342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
From 2021, increase of Holding costs due to a reclassification of
Mining and Metal Division corporate expenses. Corporate expenses
are related to operationnal and commercial costs previously
recognized in Mining and Metals Business Units. |
Turnover and investments by
region
|
|
|
|
|
|
|
|
|
(€
millions) |
France |
Europe |
North |
Asia |
Oceania |
Africa |
South |
Total |
|
|
|
America |
|
|
|
America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover (destination of sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year
2021 |
249 |
499 |
363 |
684 |
13 |
55 |
15 |
1 878 |
|
|
|
|
|
|
|
|
|
Half year
2020 |
141 |
489 |
226 |
738 |
10 |
51 |
32 |
1 687 |
|
|
|
|
|
|
|
|
|
Financial year
2020 |
253 |
845 |
669 |
1 622 |
24 |
103 |
37 |
3 553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial investments (intangible assets and property,
plant & equipment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year
2021 |
19 |
20 |
1 |
- |
9 |
61 |
- |
110 |
|
|
|
|
|
|
|
|
|
Half year
2020 |
31 |
9 |
1 |
- |
19 |
69 |
34 |
163 |
|
|
|
|
|
|
|
|
|
Financial year
2020 |
57 |
29 |
2 |
1 |
39 |
180 |
34 |
342 |
|
|
|
|
|
|
|
|
|
Consolidated performance indicators –
Income statement
|
|
|
|
(€
millions) |
Half year |
Half year |
Financial year |
|
2021 |
2020 |
2020 |
|
|
|
|
|
|
|
|
Turnover |
1 878 |
1 687 |
3 553 |
|
|
|
|
|
|
|
|
EBITDA |
293 |
120 |
398 |
|
|
|
|
|
|
|
|
Amortisation
and depreciation of non-current assets |
(130) |
(145) |
(281) |
Net change in
operating provisions and impairment allowances (excluding current
assets) |
(4) |
(7) |
(12) |
|
|
|
|
|
|
|
|
Current operating
income |
159 |
(32) |
106 |
|
|
|
|
|
|
|
|
Impairment of
assets |
- |
(381) |
(498) |
Other
operating income and expenses |
(27) |
(78) |
(63) |
|
|
|
|
|
|
|
|
Operating income |
132 |
(491) |
(455) |
|
|
|
|
|
|
|
|
Financial
income |
(82) |
(82) |
(186) |
Share of
income from associates |
77 |
7 |
86 |
Income
taxes |
(57) |
(73) |
(121) |
|
|
|
|
|
|
|
|
Net
income for the period |
70 |
(639) |
(676) |
|
|
|
|
|
|
|
|
- Attributable
to non-controlling interests |
17 |
(16) |
(1) |
- Attributable to the
Group |
53 |
(623) |
(675) |
|
|
|
|
|
|
|
|
Basic earning
per share (€) |
1,98 |
(23,48) |
(25,46) |
|
|
|
|
Consolidated performance indicators –
Net financial debt flow table
|
|
|
|
(€ millions) |
Half year |
Half year |
Financial year |
|
2021 |
2020 |
2020 |
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
EBITDA |
293 |
120 |
398 |
Cash impact of
items in EBITDA |
(128) |
(177) |
(384) |
|
|
|
|
|
|
|
|
Cash
flow from
operations |
165 |
(57) |
15 |
|
|
|
|
Change in
WCR |
(10) |
67 |
294 |
|
|
|
|
|
|
|
|
Net cash
generated by operating activities (A) |
155 |
10 |
309 |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Capital
expenditure |
(110) |
(163) |
(342) |
Other investment
cash flows |
66 |
(57) |
(3) |
|
|
|
|
|
|
|
|
Net cash
used in investing activities (B) |
(44) |
(220) |
(345) |
|
|
|
|
|
|
|
|
Net cash
from equity transactions |
(8) |
(3) |
(15) |
|
|
|
|
|
|
|
|
Exchange rate
impact and miscellaneous |
(9) |
(9) |
34 |
Vesting of rights
of use IFRS 16 |
(5) |
(7) |
(12) |
|
|
|
|
|
|
|
|
(Increase) / Decrease in net financial debt |
89 |
(229) |
(29) |
|
|
|
|
|
|
|
|
Financial debt
net of activities held for sale |
- |
(3) |
- |
|
|
|
|
(Net financial
debt)
opening |
(1 333) |
(1 304) |
(1 304) |
(Net financial
debt)
closing |
(1 244) |
(1 536) |
(1 333) |
|
|
|
|
|
|
|
|
Free Cash
Flow (A) + (B) |
111 |
(210) |
(36) |
|
|
|
|
|
|
|
|
(1)
In accordance with IFRS 5 “Non-current assets held for sale and
discontinued operations”, the assets and liabilities of TTI are
presented in the consolidated balance sheet at 30 June 2020 as
“assets held for sale”. |
Consolidated performance indicators –
Balance sheet
|
|
|
(€
millions) |
30 june |
31 december |
|
2021 |
2020 |
|
|
|
|
|
|
Non-current
assets |
2 999 |
3 003 |
|
|
|
|
|
|
Inventories |
971 |
906 |
Trade
receivables |
366 |
348 |
Trade payables |
(551) |
(541) |
Simplified Working
Capital |
786 |
713 |
Other Working
Capital items |
(298) |
(238) |
|
|
|
|
|
|
Total
Working Capital Requirements (WCR) |
488 |
475 |
|
|
|
|
|
|
Derivatives |
- |
7 |
|
|
|
|
|
|
TOTAL
ASSETS |
3 487 |
3 485 |
|
|
|
|
|
|
|
|
|
|
|
|
(€
millions) |
30 june |
31 december |
|
2021 |
2020 |
|
|
|
|
|
|
Equity
attributable to owners of the parent |
816 |
764 |
Non-controlling interests |
243 |
233 |
|
|
|
|
|
|
Shareholders’
equity |
1 059 |
997 |
|
|
|
|
|
|
Cash and cash
equivalents and current f inancial assets |
(1 944) |
(1 856) |
Borrowings |
3 188 |
3 189 |
|
|
|
|
|
|
Net financial
debt |
1 244 |
1 333 |
|
|
|
|
|
|
Provisions and employee-related liabilities |
941 |
936 |
|
|
|
|
|
|
Net deferred
tax |
242 |
219 |
|
|
|
|
|
|
Derivatives |
1 |
- |
|
|
|
|
|
|
TOTAL
LIABILITIES |
3 487 |
3 485 |
|
|
|
Appendix 6: Financial
glossary
Consolidated performance indicators
The consolidated performance indicators used for
the financial reporting of the Group’s results and economic
performance and presented in this document are restated data from
the Group’s reporting and are monitored by the Executive
Committee.
Turnover at constant scope and exchange
rates
Turnover at constant scope and exchange rates
corresponds to turnover adjusted for the impact of the changes in
scope and the fluctuations in the exchange rate from one financial
year to the next.
The scope effect is calculated as follows: for
the companies acquired during the financial year, by eliminating
the turnover for the current period and for the companies acquired
during the previous period by integrating, in the previous period,
the full-year turnover; for the companies sold, by eliminating the
turnover during the period considered and during the previous
comparable period.
The exchange rate effect is calculated by
applying the exchange rates of the previous financial year to the
turnover for the financial year under review.
EBITDA (“Earnings before interest,
taxes, depreciation and amortisation”)
Earnings before financial revenue and other
operating expenses and income, income tax, contingencies and loss
provision, and amortisation and impairment of property, plant and
equipment and tangible and intangible assets.
SLN’s cash cost
SLN’s cash cost is defined as all production and
fixed costs (R&D including exploration geology, administrative
expenses, logistical and commercial expenses), net of by-products
credits and local services, which cover all the stages of
industrial development of the finished product until delivery to
the end customer and which impact the EBITDA in the company’s
financial statements, over tonnage sold.
SLN break-even cost
The break-even cost of SLN is defined as SLN’s
cash cost as defined above, plus capex (projected capex for the
current year versus the projected tonnage for the current year in
the annual financial statements) non-recurring income and charges
and financial expenses (recognised in SLN’s corporate financial
statements).
Appendix 7: Sensitivities of Group EBITDA
Sensitivities |
Change |
Impact on EBITDA (+/-) |
Manganese ore prices (CIF China 44%) |
+$1/dmtu |
c.€210m1 |
Manganese alloy prices |
+$100/t |
c.€60m1 |
Nickel prices (LME) |
+$1/lb |
c.€80m1 |
Nickel ore prices (CIF China 1.8%) |
+$10/wmt |
c.€30m1 |
Exchange rates |
-$/€0.1 |
c.€160m |
Oil price per barrel (Brent) |
+$10/bbl |
c.€(15m)1 |
1 For an exchange rate of $/€1.22
1 Eramet holds a 43% stake in Strand Minerals Pte Ltd, the
holding owning 90% of PT Weda Bay Nickel, which is booked in the
Group’s consolidated financial statements under the equity method.
2 Compared to a consensus for 2021 of average manganese ore prices
at $4.5/dmtu and LME nickel prices at $7.5/lb in February 2021.3
TRIR (total recordable injury rate) = number of lost time
and recordable injury accidents for 1 million hours worked
(employees and subcontractors).4 The Foundation seeks to preserve
biodiversity, rehabilitate orphan primates, and develop scientific
research of the only protected animal park in Gabon, which is home
to exceptional wildlife and plants.5 Vigeo-Eiris: extra-financial
rating agency and subsidiary of Moody's Corporation.6 See Financial
glossary in Appendix 6.7 Eramet estimations based on Worldsteel
production data available until end-May 2021.8 Half-year average
market prices, Eramet calculations and analysis.9 Manganese ore:
CRU CIF China 44% spot price; manganese alloys: CRU Western Europe
spot price.10 Average power of furnaces, metal losses, OEE.11 SLN,
ENI and others12 Eramet forecasts. 13Nickel Pig Iron: low-grade
nickel ferroalloys.14 LME: London Metal Exchange; SHFE: Shanghai
Futures Exchange.15 Including producers’ inventories.16 CNFEOL
(China FerroAlloy Online) prices. 17 Source Zircon premium: Eramet
analysis.18 c.90% of titanium-based end-products.19 Titanium
dioxide slag, ilmenite, leucoxene and rutile.
20 Source: Market consulting, Eramet analysis.
21 Titanium-related ore (ilmenite, rutile and leucoxene) and
zircon.22 Aubert & Duval, EHA and others.23This plan also
includes the extension of the Long-Term Part-Time Work scheme
(Activité Partielle Longue Durée, “APLD”) until end-2022.24
Compared to a consensus for 2021 of average manganese ore prices at
$4.5/dmtu and LME nickel prices at $7.5/lb in February 2021.
Grafico Azioni Eramet (EU:ERA)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Eramet (EU:ERA)
Storico
Da Mar 2023 a Mar 2024