PRESS RELEASE
- Closing of the sale of A&D at end-April confirming the Group's strategic repositioning
- Adjusted turnover1 (including the proportional contribution of
Weda Bay ) of €949m (-24%), strongly penalised by the expected decrease in our selling prices (-24%) compared to the very high levels of Q1 2022 - Contrasting operational performance across activities, given the incidents, now resolved, that impacted Q1:
- -18% in volumes of manganese ore sold externally in
Gabon , following the landslide at end-2022 that halted activity over January - +89% in volumes of nickel ore sold externally in
Indonesia
- -18% in volumes of manganese ore sold externally in
- Significant decline in selling prices compared to Q1 2022 particularly for manganese alloys, of which prices were exceptionally at that time, but also for Class II nickel (NPI and ferronickel)
- Input costs remain high, albeit with a trend reversal in freight and reducing agent prices
- Strength of
Eramet's financial profile: first financial ratings obtained from Fitch (BB+) and Moody’s (Ba2) - Liquidity remains at a high level contributing to secure the Group's financing plan
- The outlook for 2023 is, as expected, set against the background of a less buoyant macroeconomic context.
- Adjusted EBITDA is revised slightly downwards to around €1.1bn in 2023, factoring in:
- A more significant trend reversal in Class II nickel prices at the beginning of the year
- A target for manganese ore transported volumes revised downwards to more than 7 Mt, given the non-recurring logistical incidents at the beginning of the year
- The Group continues to focus on cost control, productivity actions and cash generation, while
preparing its growth projects in the energy transition.
- Adjusted EBITDA is revised slightly downwards to around €1.1bn in 2023, factoring in:
Christel Bories, Group Chair and CEO:
- The strategic repositioning in our Mining and Metals activities is now finalised.
Today, our strategy is based on a solid financial structure reflected in the financial rating assigned to
As we had anticipated, the first quarter is characterised by a depressed economic context and a significantly less favourable price environment. It has also been impacted by non-recurring incidents that have disrupted the production and transport of manganese ore.
In the short term, we remain particularly focused on controlling our costs, improving our productivity, and effectively implementing our development programmes.
- CSR commitments
In Q1 2023, the safety performance continued to show record results, in line with those achieved in 2022. The TRIR2 was 1.1 in the new
At
- Since 2021, the Group has been testing a motor at its Sauda plant that uses furnace gas to produce electrical and thermal energy, and plans to install six more to generate more than 90 GWh of electrical energy and around 150 GWh of thermal energy per year,
Eramet also plans to build a test pilot at the same plant to capture the CO2 emitted by the plant and store it permanently below the seabed (Carbon Capture and Storage, “CCS”). This pilot will be used to develop a large-scale capture plant, expected to be commissioned in 2028.
In early 2023, MCSI updated its extra-financial performance rating for
In 2023, the Group is strengthening its CSR strategy by deploying the independent international
standard Initiative for Responsible Mining Assurance (IRMA) at its sites. The ambition is to engage all of its mining sites in this independent verification process by 2027.
- Financial rating
Following an in-depth assessment, in April, the Group obtained an initial financial rating from two rating agencies.
Moody's and Fitch have assigned
- Financing
In
Eramet group adjusted turnover by activity
(Millions of euros)1 | Q1 20232 | Q1 2022 Restated2 | Change (€m) | Change3 (%) | ||
Manganese BU | 440 | 722 | -282 | - 39% | ||
Manganese ore activity4,5 | 209 | 308 | -99 | - 32% | ||
Manganese alloys activity4 | 231 | 414 | -183 | - 44% | ||
Adjusted6 Nickel BU | 464 | 434 | +30 | + 7% | ||
SLN | 243 | 270 | -27 | - 10% | ||
47 | 83 | -36 | - 43% | |||
Share of | 174 | 82 | +92 | + 112% | ||
Mineral Sands BU | 44 | 90 | -46 | -51% | ||
Lithium BU | 0 | 0 | 0 | n.a. | ||
Holding and eliminations | 1 | 1 | 0 | n.a. | ||
ERAMET GROUP adjusted6 | 949 | 1,247 | -298 | -24% |
1 Data rounded to the nearest million.
2 Excluding
3 Data rounded to higher or lower %.
4 See definition in Appendix 4.
5 Turnover linked to external sales of manganese ore only, including €13m linked to Setrag transport activity other than Comilog's ore (€21m in Q1 2022).
6 Adjusted turnover defined in the financial glossary in Appendix 4.
N.B. 1: all the commented figures for Q1 2023 and Q1 2022 correspond to figures in accordance with the IFRS 5 standard as presented in the Group’s consolidated financial statements, unless otherwise specified.
N.B. 2: all the commented changes in Q1 2023 are calculated with respect to Q1 2022, unless otherwise specified.
N.B. 3: mentions of Q1, Q2, Q3 and Q4 refer to the four quarters of the financial year; mentions of H1 and H2 refer to the two half-years.
The Group's adjusted turnover1 in Q1 2023 amounted to €949m, including the proportional contribution of
During Q1 2023, inflation continued to weigh on the Group's performance. Input costs also remained at high levels, albeit lower than in 2022. For example, spot prices for metallurgical coke declined by around 30%5 compared to Q1 2022 (+8% vs. Q4 2022). Sea freight prices continued their trend reversal.
To address this situation,
Continuing operations
Manganese
In Q1 2023, in
Turnover of the Manganese activities decreased to €440m:
- Sales for manganese ore activity were down 32% to €209m. This change reflects the decrease in ore volumes sold externally (-18%) but also an unfavourable price effect, partly offset by a positive currency (€/$) impact.
- Sales for manganese alloys activity were down 44% to €231m, owing to a sharp decline in prices compared to historically high levels of Q1 2022 (ranging from -30% to -50% for European indexes). Volumes sold were also down albeit with a favourable mix.
Market trends6 & prices7
Global production of carbon steel, the main end-product for manganese, was down by 1% in
Q1 2023 to 463 Mt.
The rebound in steel production in
(-13%) linked to the energy crisis, as well as in
During the quarter, manganese ore consumption remained stable at 5.0 Mt, whereas global ore supply decreased by 5% to 5.0 Mt, due to the decline in production in
As a result, the average CIF China 44% manganese ore price index stood at
The price index (CRU) for refined alloys in
Activities
The mine expansion programme as well as operational improvement continue at Comilog, in
As a result, manganese ore production was down nearly 38% to 1.1 Mt in Q1 2023. Factoring in a destocking in line and at the port, the volumes of manganese ore transported and sold externally declined to a lesser extent (by -16% and -18% respectively), ending the quarter at 1.4 Mt and 1.2 Mt.
Due to postponements of January deliveries to February and March, (invoiced on the basis of the
The FOB cash cost8 of manganese ore activity was
Sea transport costs per tonne decreased by around 30% to
Manganese alloys production totalled 151 kt in Q1 2023, down 20%, reflecting the optimisation of production based on market conditions and to limit the impact of energy price increases, as well as the planned slowdown in production of a furnace in view of its scheduled refurbishment from April. Sales amounted to 140 kt (-10%) with a much more favourable mix over the period.
The manganese alloys margin declined further in Q1 2023, driven by the continued decrease in selling prices (in
Outlook
Global carbon steel production is expected to continue declining in 2023, in a context that remains inflationary with high energy costs. With the strong increase in interest rates, demand from the construction sector is slowing in several regions. However,
As a result, demand for ore could decline over the year. Although supply is slightly decreasing, the market consensus expects a 10% drop in the average manganese ore price index in 2022 compared with 2023. The latest is currently repositioned around
Demand for alloys is expected to decrease in 2023, particularly in
In 2023, alloys invoiced selling prices could stabilise on average to the level of end-2022/early 2023 and therefore remain significantly below the average prices for 2022, notably with a very strong decline in
Volumes transported are revised downwards to more than 7.0 Mt given the non-recurring logistical incidents at the beginning of the year which have now been resolved. The ore production target will be adjusted according to the level of volumes transported in 2023.
The multi-year furnace rehabilitation programme at the manganese alloys plants started in April with a first shutdown.
Nickel
In Q1 2023, in
Adjusted turnover1 for the Nickel activities totalled €464m, including the proportional contribution of
- At SLN9, sales decreased by 10% to €243m, reflecting an unfavourable price effect and despite a significant increase in production and sales volumes.
- The trading activity of nickel ferroalloys at
PT Weda Bay (off-take contract on plant production) contributed up to €47m (-43%), due to a decline in volumes and prices. - The share of turnover at
Weda Bay (excluding the off-take contract) contributed up to €174m (+112%), notably thanks to growth in ore volumes.
Market trends10 & prices
Global stainless steel production, which is the main end-market for nickel, was down by 4% to 13.2 Mt in Q1 2023. Production in
Global demand for primary nickel remained stable in Q1 2023, thanks to growth in the batteries market which offset the slight decline in demand for stainless steel.
In parallel, global primary nickel production grew by 6%. It was supported by the ramp-up in new projects, notably HPAL11, as well as the NPI12 supply in
The temporary slowdown in the electric vehicle market in
The nickel supply/demand balance (class I and II13) was therefore slightly in surplus over the quarter. Nickel inventories at the LME and SHFE14 declined, to 45 kt at end-March, but non LME and SHFE inventories increased.
In Q1 2023, the LME price average (price of class I nickel), was close to
Parallel to this, the NPI15 price (class II nickel) declined by 18%, close to
The spot price of ferronickel as produced by SLN (also class II nickel) was set at a level very significantly below the LME and approached prices for NPI, posting a decline of 25% in Q1 2023 compared to Q1 2022 (-7% vs. Q4 2022).
1.8% CIF China nickel ore prices were at a sustained level over the quarter, at
In
Activities
In
100%). This very strong increase (of nearly 70%) includes the sale of high-grade and low-grade ore (4.1 Mwmt and 3.8 Mwmt respectively).
External ore sales (on the industrial site, at the plants other than the Joint Venture plant), amounted to 7.3 Mwmt, with internal consumption for nickel ferroalloys production at 0.6 Mwmt.
Production at the plant reached 7.8 kt-Ni in Q1 2023 (on a 100% basis), a decline of 22%, due to difficulties in electricity supply at the industrial park in Q1 2023. As part of the off-take contract, the Group sold 3.1 kt-Ni in Q1 2023, down 28%.
In
Low-grade nickel ore exports increased 4% to nearly 0.7 Mwmt. Ferronickel production was up 7% to 10.6 kt-Ni. Volumes sold were also up 11% to 10.2 kt-Ni in Q1 2023.
Cash cost18 of ferronickel production amounted to
SLN continues to implement its plan to reduce costs and preserve cash, notably through the reduction of its investments and fixed costs, in order to address its difficulties, which have recently worsened due to the strong decline in selling prices for ore and ferronickel.
Outlook
In 2023, mainly in H2, demand for primary nickel is expected to continue growing thanks to the development of the batteries sector and the recovery of the stainless steel industry, notably in
In parallel, primary nickel production could also increase, notably in
At
The nickel ferroalloys production target was revised downwards to approximately 35 kt-Ni over the year, due to the reduction in the power load supply at the plant in Q1, which has been resolved in early Q2.
Assuming operating authorisations and normal functioning of operations, SLN's nickel ore exports as well as ferronickel production for the Doniambo plant targets are confirmed at respectively around
3.5 Mwmt and above 45 kt-Ni in 2023.
Mineral Sands
The Mineral Sands activities reported turnover down 51% to €44m in Q1 2023, reflecting a
decline in the volumes produced and sold.
Market trends & prices21
In an unfavourable macroeconomic context for the ceramics sector, global demand for zircon declined very slightly. Zircon production was down over the quarter due to operating difficulties experienced by leading market players. In this context, the supply/demand balance remained at break-even over the quarter.
Zircon market prices were up 7% to
Global demand for titanium-based products22 also declined over the quarter. This change is attributable to a decline in the production of pigments, owing to a construction sector that remains fragile.
Thus, the average market price for CP titanium dioxide slag, as produced by
Activities
In
Zircon volumes produced and sold decreased by 40% to 9 kt over the quarter.
In
Outlook
Demand for zircon is expected to be moderate in 2023, factoring in uncertainties (inflation, construction market, notably in
Demand for titanium-based products is expected to remain constrained, leading to 2023 average price levels likely to be slightly lower than those reported in 2022.
In
In
Lithium
Lithium carbonate prices reached very high levels at nearly
In
In
In collaboration with Tsingshan, its partner in Phase 1,
Furthermore, the exploration and study of opportunities for lithium brines extraction projects remain a priority for the Group, particularly in the “Lithium Triangle” in
Discontinued Operations
In accordance with the IFRS 5 standard – “Non-current assets held for sale and discontinued operations”, the
- Following the fulfilment of all conditions precedent,
Eramet will finalise on 28 April the sale ofAubert & Duval to the consortium formed by Airbus, Safran and Tikehau Capital.
After taking into account price adjustments on the closing, the net proceeds from the sale enable the neutralisation of the subsidiary cash consumption over the first four months of 2023.
- Regarding the divestment of
Erasteel , following the announcement inFebruary 2023 thatEramet had been granted an exclusive put option from theSyntagma Capital fund, the consultation procedure with employee representative bodies is nearing completion. The closing is expected by the end of H1 2023.
The subsidiary's turnover26 totalled €71m in Q1 2023, an increase of 11% compared to Q1 2022. Recycling activity (batteries and catalysts) also posted an increase to €7m. In an unfavourable macroeconomic context in its main markets,
- Outlook
The climate of geopolitical and macroeconomic uncertainties and the inflationary context continue to weigh on all of the Group’s markets, with a trend reversal in demand and prices in Q1 2023, in line with the end of 2022. The latter is to a greater or lesser extent, depending on markets and regions: stainless steel production is expected to rebound in H2, while that of carbon steel could continue to decline.
Uncertainties also remain regarding freight, with its rates rebounding after reaching very low levels during Q1, while remaining below the average of 2022. This rebound is expected to continue with the increase in demand in H2. The price of reducing agents and energy costs, down in Q1 2023 compared to 2022, remain however at a historically high level which continues to weigh on the performance of metallurgical activities and their markets. However, the Group’s smelters benefit from long-term supply contracts that cover approximately 80% of their electricity needs.
Volume targets over the year are confirmed, except for manganese ore:
- More than 30 Mwmt of marketable nickel ore at
Weda Bay , of which approximately 15 Mwmt of low-grade ore,
- More than 7.0 Mt of manganese ore transported in
Gabon , given the non-recurring logistical incidents at the beginning of the year.
Invoiced selling prices for manganese alloys should remain significantly below 2022 on average for the year, particularly in
The price of ferronickel should be set at a level slightly above the SMM NPI 8-12% index but well below the consensus for the LME nickel price. The trend reversal in Class II nickel prices at the beginning of the year has been more marked than anticipated. Domestic prices for nickel ore sold in
The €/$ exchange rate remains expected at 1.0928 for the year.
Based on the above-mentioned volumes targets and price forecasts, the Group's guidance on adjusted EBITDA1 is revised slightly downwards to around €1.1bn in 2023, including the proportional contribution of
Capex is confirmed in line with previously communicated guidance. The Group is thus expected to invest nearly €600m in capex in 2023, excluding the operations in the process of being sold and excluding the share of the Lithium project financed by Tsingshan.
Calendar
23.05.2023: Shareholders’ General Meeting
26.07.2023: Publication of 2023 half-year results
26.10.2023: Publication of 2023 Group third-quarter turnover
ABOUT
Its 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:
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 T. +33 1 45 38 37 02 sandrine.nourrydabi@eramet.com | PRESS CONTACT Media relations manager Fanny Mounier fanny.mounier@eramet.com T. +33 7 65 26 46 83 Image 7 T. +33 1 53 70 74 31 | M. +33 6 75 74 31 73 martzner@image7.fr |
Appendix 1: Quarterly turnover (IFRS 5)
€ million1 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
Manganese BU | 440 | 630 | 873 | 926 | 722 |
Manganese ore activity2 | 209 | 315 | 465 | 439 | 308 |
Manganese alloys activity2 | 231 | 316 | 407 | 487 | 414 |
Nickel BU | 290 | 331 | 300 | 409 | 352 |
Adjusted Nickel BU3 | 464 | 469 | 364 | 522 | 434 |
Mineral Sands BU | 44 | 142 | 99 | 134 | 90 |
Lithium BU | 0 | 0 | 0 | 0 | 0 |
Holding, elim. and others | 1 | 4 | 0 | 1 | 1 |
published IFRS 5 financial statements4 | 775 | 1,107 | 1,272 | 1,470 | 1,165 |
949 | 1,246 | 1,335 | 1,584 | 1,247 |
1 Data rounded to nearest million.
2 See Financial glossary in Appendix 4.
3 Adjusted turnover defined in the financial glossary in Appendix.
4 Excluding
Appendix 1b: Reconciliation of quarterly turnover
€ million1 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
published IFRS 5 financial statements2 | 775 | 1,107 | 1,272 | 1,470 | 1,165 |
164 | 153 | 122 | 137 | 141 | |
71 | 72 | 63 | 74 | 64 | |
Sandouville | 0 | 0 | 0 | 0 | 11 |
1,011 | 1,332 | 1,456 | 1,682 | 1,381 |
1 Data rounded to nearest million.
2 Excluding
Appendix 2: Productions and shipments
In thousands of tonnes | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||
MANGANESE | |||||||||||||
Manganese ore and sinter production | 1,097 | 1,854 | 2,061 | 1,862 | 1,762 | ||||||||
Manganese ore and sinter transportation | 1,359 | 1,734 | 2,048 | 1,765 | 1,620 | ||||||||
External manganese ore sales | 1,158 | 1,753 | 1,840 | 1,535 | 1,409 | ||||||||
Manganese alloys production | 151 | 132 | 164 | 193 | 188 | ||||||||
Manganese alloy sales | 140 | 166 | 190 | 186 | 156 | ||||||||
NICKEL | |||||||||||||
Nickel ore production (in thousands of wet tonnes) | |||||||||||||
SLN | 1,482 | 1,490 | 1,460 | 1,290 | 1,154 | ||||||||
3,958 | 3,539 | 3,485 | 3,552 | 4,563 | |||||||||
Ferronickel production – SLN | 10.6 | 11.0 | 9.5 | 10.5 | 9.9 | ||||||||
Low-grade nickel ferroalloys production – | 7.8 | 8.1 | 8.9 | 9.6 | 10.0 | ||||||||
Nickel ore sales (in thousands of wet tonnes) | |||||||||||||
SLN | 657 | 982 | 576 | 830 | 632 | ||||||||
7,318 | 7,581 | 2,931 | 3,576 | 3,875 | |||||||||
Ferronickel sales – SLN | 10.2 | 10.7 | 10.6 | 10.8 | 9.2 | ||||||||
Low grade nickel ferroalloy sales - | 3.1 | 3.2 | 4.1 | 4.2 | 4.3 | ||||||||
MINERAL | |||||||||||||
Mineral Sands production | 112 | 186 | 170 | 188 | 198 | ||||||||
Zircon production | 9 | 13 | 14 | 15 | 15 | ||||||||
Titanium dioxide slag production | 19 | 40 | 48 | 48 | 52 | ||||||||
Zircon sales | 9 | 14 | 14 | 16 | 15 | ||||||||
Titanium dioxide slag sales | 13 | 44 | 39 | 52 | 40 |
Appendix 3: Price and index
Q1 2023 | Q4 2022 | Q1 2022 | Chg. Q1 2023 – Q1 20228 | Chg. Q1 2023 – Q4 20228 | ||||||||||
MANGANESE | ||||||||||||||
Mn CIF China 44% ($/dmtu)1 | 5.44 | 4.40 | 5.96 | -9% | +23% | |||||||||
Ferromanganese MC - | 1,808 | 1,950 | 3,433 | -47% | -7% | |||||||||
Silicomanganese - | 1,149 | 1,163 | 1,709 | -33% | -1% | |||||||||
NICKEL | ||||||||||||||
Ni LME ($/t)2 | 26,079 | 25,349 | 26,122 | 0% | +3% | |||||||||
Ni LME ($/lb)2 | 11.83 | 11.50 | 11.8 | 0% | +3% | |||||||||
SMM NPI Index ($/t)3 | 16,986 | 16,945 | 20,658 | -18% | 0% | |||||||||
Ni ore CIF China 1.8% ($/wmt)4 | 103.0 | 105.3 | 118.3 | -13% | -2% | |||||||||
HPM5 Nickel prices 1.8%/35% ($/wmt) | 62 | 51 | 48 | +29% | +23% | |||||||||
MINERAL | ||||||||||||||
Zircon ($/t)6 | 2,100 | 2,100 | 1,970 | +7% | +0% | |||||||||
CP grade titanium dioxide ($/t)7 | 930 | 880 | 850 | +9% | +6% |
1 Quarterly average for market prices,
2 LME (
3 SMM NPI 8-12%.
4 CNFEOL (China FerroAlloy Online), “Other mining countries”.
5 Official index for domestic nickel ore prices in
6 Market and
7 Market analysis,
8
Appendix 4: 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 year under review.
Adjusted turnover
Adjusted turnover is presented to provide a better understanding of the underlying operating performance of the Group's activities. Adjusted turnover corresponds to turnover including
As of
Given that an off-take agreement for nickel ferroalloy (NPI) production is in place with Tsingshan, with
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.
Adjusted EBITDA
Adjusted EBITDA is presented to provide a better understanding of the underlying operating performance of the Group's activities. Adjusted EBITDA corresponds to EBITDA including
As of
A reconciliation with Group EBITDA is provided in Note 4 to the Group's consolidated financial statements.
Adjusted leverage
Adjusted leverage is defined as net debt (on a consolidated basis) to adjusted EBITDA (as defined above), as
However, in the future, should other significant joint ventures restated for adjusted EBITDA have external debt, net debt will be adjusted to include
Manganese ore activity
Manganese ore activity corresponds to Comilog's mining activities (excluding the activity of the
Manganese alloys activity
Manganese alloys activity corresponds to the plants that transform manganese ore into manganese alloys. It includes the three Norwegian plants comprising Eramet Norway (“ENO”, i.e., Porsgrunn, Sauda, and Kvinesdal),
Manganese ore FOB cash cost
The FOB (“Free On Board”) cash cost of manganese ore is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, sales expenses, overland transport expenses), which cover all stages of ore extraction through to shipping to the port of shipment and loading, and which impact the EBITDA in the company's financial statements, over tonnage sold for a given period. This cash cost does not include sea transport or marketing costs. Conversely, it includes the mining taxes and royalties from which the Gabonese state benefits.
Ferronickel cash cost (SLN)
SLN’s cash cost is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, logistical and commercial expenses), net of by-products credits (including exports and nickel ore) 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.
Appendix 5: Footnotes
1 Definitions of adjusted turnover and adjusted EBITDA, new Alternative Group Performance Indicators, are presented in the financial glossary, in Appendix 4
2 TRIR (total recordable injury rate) = number of lost time and recordable injury accidents for 1 million hours worked (employees and subcontractors)
3 Norwegian ministerial entity contributing to the reduction of greenhouse gas emissions
4 See financial glossary in Appendix 4
5 Source: Resources-net CAMR, Nut coke spot price,
6 Unless otherwise indicated, market data corresponds to
7 Unless otherwise indicated, price data corresponds to the average for market prices,
8 See financial glossary in Appendix 4
9 SLN, ENI and others
10 Unless otherwise indicated, market data corresponds to
11 High Pressure Acid Leach
12
13 Class I: produced with a nickel content above or equal to 99%; Class II: produced with a nickel content below 99%
14 LME:
15 SMM NPI 8-12% index
16 Source: CNFEOL (China FerroAlloy Online)
17 For nickel ore with 1.8% nickel content and 35% moisture content. Indonesian prices are set according to domestic market conditions, but with a monthly price floor based on the LME, in compliance with a government regulation published in
18 See Financial glossary in Appendix 4
19 Commissioning at full capacity in early
20 HPAL, intermediate products and mattes
21 Unless otherwise indicated, price data corresponds to the average for market prices,
22 Titanium dioxide slag, ilmenite, leucoxene and rutile
23 LCE: Lithium Carbonate equivalent, battery grade
24 Source:
25 Pursuant to decrees 234/2021 and 836/2021 - source: Ministerio de Desarrollo Productivo, Secretaría de Minería - Mining in
26 Unless otherwise indicated, the figures mentioned are restated in accordance with the IFRS 5 standard – “Non-current assets held for
sale and discontinued operations”
27 Consensus of main market analysts
28 Bloomberg forecast consensus as of
Attachment
- Eramet CP T1 2023_VF EN
© OMX, source