Eramet fell sharply on Wednesday morning on the Paris Bourse, the mining group having lowered its production targets the previous day for its manganese mine in Gabon and its nickel mine in Indonesia.

At 07:57 GMT, Eramet was down 15.7%, compared with a 0.55% decline for the SBF120 index, its biggest daily drop since August 30, 2023.

The Group cites "particularly deteriorated market conditions for carbon steel in China" as the reason for lowering its production targets for its Moanda mine in Gabon.

"The target volume of manganese ore produced and transported for 2024 is therefore revised to between 6.5 and 7.0 Mt (compared with 7.0 to 7.5 Mt previously)", warns the group.

For its PT Weda Bay Nickel operation, Eramet explains that the nickel ore sales permit issued this week by the authorities was "below expectations".

"As a result, the target for external nickel ore sales volumes has been revised to 29 Mth in 2024, (...) (vs. 40 to 42 Mth previously)", adds the group.

(Written by Corentin Chappron, edited by Blandine Hénault)