Bli medlem
Bli medlem

Du är här


ERAMET group: Recovery plan project for Société Le Nickel (SLN): Agreement in principle reached between SLN's shareholders on the financing scheme and related

Paris, 09 May 2016

Recovery plan project for Société Le Nickel (SLN):

* Agreement in principle reached between SLN's shareholders on the financing
scheme and related arrangements
* Strengthening of cost reduction and productivity improvement plan

ERAMET's Board of Directors met today under the chairmanship of Patrick
Buffet. The Board approved the project for the cost reduction and
productivity improvement plan presented by the Executive Management of SLN, a
56% owned subsidiary of ERAMET. The project focuses on SLN's mines and
metallurgical plant in New Caledonia.

The objective is to reduce SLN's cash cost by 25% compared with the 2015
average at end-2017 at an annual rate to USD 4.50/lb on the basis of the
economic conditions of early 2016. This project will be submitted to staff
representative bodies as well as the SLN's Board of Directors in May 2016.

ERAMET's Board of Directors has also noted that the STCPI[1]has been offered
financing by the French government up to €200 million. The STCPI has agreed
to ensure its financial contribution share towards SLN's continued operations
and the roll-out of the cost reduction and productivity improvement plan

For its part, ERAMET's Board of Directors has agreed to provide additional
financing of
€40 million to ensure SLN's continued operations until end-June, a period that
is needed to implement the STCPI's loan to SLN for its contribution share.
ERAMET's Board of Directors recalled that since end-2015, ERAMET has had to
temporarily provide financing for SLN with the approval of SLN's Board of
Directors, for a total amount of €150 million.

After the Board of Directors meeting, Patrick Buffet, Chairman and Chief
Executive Officer of ERAMET stated:

"I am pleased that a solution has been found for the current and future
financing of SLN, involving its shareholders. Continuing with SLN's
turnaround requires the energy and the determination of all parties:
employees, SLN shareholders, partners with the support of the New Caledonian

- ooOoo


ERAMET is a leading global producer of:

* alloying metals, particularly manganese and nickel, used to improve the
properties of steel,
* high-performance special steels and alloys used in industries such as
aerospace, power generation and tooling.

ERAMET is also developing new activities with high growth potential, such as
mineral sands (titanium dioxide and zirconium), lithium and recycling. The
Group employs approximately 14,000 people in 21 countries.


Vice President Strategy and Financial Communication
Philippe Gundermann

Tel: +33 (0)1 45 38 42 78

Investor Relations and Strategic Analyst
Hughes-Marie Aulanier

Tel: +33 (0)1 45 38 38 04

Strategic and Financial Communication Analyst
Ludovic Donati

Tel: +33 (0)1 45 38 42 88

For more information:


---------------------------------------[1]Société Territoriale Calédonienne de Participation Industrielle, the three
Caledonian provinces' investment vehicle, with a 34% stake in SLN.

ERAMET group: Press Release 09 May 2016


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Groupe Eramet via Globenewswire


Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.