Since 2017, Eramet has been a minority shareholder of PT Weda Bay Nickel. As a minority shareholder, Eramet does not have unilateral decision-making power within this joint venture. However, Eramet strives to promote best mining, environmental, and societal practices to its partner, in line with the Group’s values and commitments to responsible mining.
As a minority shareholder of PT Weda Bay Nickel, and in accordance with the shareholder agreement, the Eramet Group conducts annual technical reviews to identify any potential deviations from the IRMA responsible mining standards. Our teams also engage in regular dialogue, and audits are carried out. In the event of a confirmed or potential deviation from the IRMA standard, we immediately request explanations and corrective actions from the board of Strand Minerals and the management of PT Weda Bay Nickel.A further sign of our commitment is that we also take additional step of allocating considerable time from Eramet’s ESG teams in France and Indonesia to inform and guide our partners on environmental, social and governance issues, and to support PT Weda Bay Nickel’s efforts to manage risks related to safety, the environment, biodiversity, community relations and human rights.
The Eramet Group will maintain its efforts to promote a positive influence within PT Weda Bay Nickel for as long as it holds shares in the company.
Although we do not control the decisions made by this joint venture, we are firmly committed to driving change and delivering tangible improvements on the ground. This commitment has resulted in significant progress on the site.
Thus, although mining activities only began in late 2019, Eramet secured the controlling shareholder’s commitment to the IRMA transparency initiative (Initiative for Responsible Mining Assurance) as early as 2022 — a standard widely recognized as the most rigorous in the global mining sector. Initial internal IRMA self-assessments were carried out by PT Weda Bay Nickel as early as 2022 and 2023. Following these self-assessments, corrective action plans were established, and their implementation is jointly monitored by both partners.
Significant progress has also been made in terms of safety at the mining site. Following the fatal accident involving a helicopter chartered by PT Weda Bay Nickel in February 2024, Eramet commissioned a safety audit and dispatched an aviation safety consultant. Following Eramet’s recommendation, PT Weda Bay Nickel decided to hire the expert on a permanent basis, who is now continuously present on site. At Eramet’s instigation, PT Weda Bay Nickel has also installed rollover protection systems (ROPS) on the mine’s fleet of haulage trucks.
From the outset of the project, the O’Hongana Manyawa communities (also known as Forest Tobelo) were identified as potentially vulnerable and requiring special attention. a protocol—developed with international expertise—has been in place since 2012 to guide interactions with members of this community. Under this protocol, when contact is initiated by these groups or inadvertently, PT Weda Bay Nickel employees are required to adopt culturally appropriate behavior to preserve them. In place for several years, these protocols have enabled the development of respectful relationships with the few individuals contacted who may live in or pass through or near the mining concession. An employee awareness program has also been in place for about ten years. PT Weda Bay Nickel has also hired 5 Tobelo speaking guides to facilitate engagement with this group when it is needed.
We also wish to clarify that, to date, all the studies carried out by PT Weda Bay Nickel have found no evidence that any of O’Hongana Manyawa living in the concession are in voluntary isolation. On this matter, we object the incorrect interpretation of PT Weda Bay Nickel’s data. Excerpts published by certain civil society organizations are abridged and fail to represent the critical finding, which highlights the uncertainty raised by the authors regarding the possible presence of voluntarily isolated O’Hongana Manyawa groups. Should the presence of voluntarily isolated groups be demonstrated, Eramet would request, through the Strand Minerals’ Board of Directors, that PT Weda Bay Nickel refrain from making contact or initiating any engagement process with them (e.g. a process of Free, Prior, and Informed Consent or FPIC), in accordance with international standards.
PT Weda Bay Nickel operates on a mining concession granted by the Indonesian government. Between 2008 and 2016, PT Weda Bay implemented a land acquisition or compensation plan for the use of concession land from private individuals, as the forests are state-owned.
PT Weda Bay Nickel commissioned a Land Acquisition Due Diligence to the international consulting company Greencorp, aiming to technically, legally, and socially assess past land acquisitions. Greencorp examined all available documentation and held focus group discussions with community members and government representatives. The results of this research, a copy of which was received by Eramet in April 2025, confirmed that PT Weda Bay Nickel’s program complied with Indonesia’s legal requirements, partially met IRMA standards (commitment made in 2022), and partially aligned with the IFC Performance Standard 5 Guideline on Land Acquisition and Involuntary Resettlement (established in 2012). The consulting firm made recommendations to address the gaps identified, which are currently under review, and Eramet will advocate for their implementation at the board of Strand Minerals if relevant.
In Indonesia, there is no legislative or regulatory framework laying down the conditions for implementing a Free, Prior, and Informed Consent (FPIC) process. While Indonesia voted in favor of the United Nations Declaration on the Rights of Indigenous Peoples, it has not ratified ILO Convention 169, which is the only binding international instrument for the protection of Indigenous peoples’ rights. The O’Hongana Manyawa, living in the forests of Halmahera Island, are not currently recognized in Indonesia as an indigenous people in accordance with international law, nor as a customary law community under the Indonesian Constitution.
As a responsible minority shareholder of PT Weda Bay Nickel, Eramet has asked PT Weda Bay Nickel’s majority shareholders to be allowed to conduct independent studies to verify, among other things, whether PT Weda Bay Nickel’s engagement protocols with the O’Hongana Manyawa comply with the highest international practices. Following these independent reviews, and depending on their findings, Eramet might advocate for the implementation of new engagement protocols reflecting the adjustments recommended by these experts, with reference to international standards, which may recommend obtaining their FPIC.
As a responsible mining group, we are fully aware that the transformation of mineral resources impacts the environment, and we are doing everything possible to limit these impacts. Ongoing alignment with the IRMA standard across all Eramet Group sites requires an assessment of critical habitats according to the IFC Performance Standard 6 methodology and strict application of the mitigation sequence (avoid negative impacts on biodiversity as much as possible, reduce those that cannot be avoided, rehabilitate affected areas as soon as possible, and compensate for residual impacts). Of note, this standard covers aspects related to water management, biodiversity, and mining waste.
As part of its own IRMA preparation approach, promoted by Eramet to its majority partner, PT Weda Bay Nickel will be constantly refining its biodiversity action plan (which follows the same principles) and aiming for a net benefit on biodiversity. In 2023 and 2024, PT Weda Bay Nickel conducted surveys to update the critical habitats assessment. These additional studies allowed for better measurement and documentation of local biodiversity values and the definition of an avoidance, mitigation, and compensation program. Since mining operations are still recent, about 50 hectares were rehabilitated in 2024, and an additional 150 hectares are planned for 2025. As a minority shareholder, the Eramet Group closely monitors the implementation of these action plans and any potential deviations from the IRMA responsible mining standard, and immediately requests corrective actions, when necessary, from the Strand Minerals Board of Directors and PT Weda Bay Nickel management.
It is worth noting that in accordance with local regulatory framework, no forest with conservation value under Indonesian law is included in the area allocated to PT Weda Bay Nickel. The nearest conservation forests are located 3 km and 31.5 km west and northeast of the area, respectively.
The health and wellbeing of the communities near our operational areas is a priority across all our sites. Eramet is committed to respecting international human rights standards, including the United Nations Guiding Principles.
Thus, Eramet has voluntarily included PT Weda Bay Nickel in its human rights risk mapping, just like all the Group’s subsidiaries, and specific challenges have been identified.
As previously mentioned, when Eramet becomes aware of a confirmed or potential deviation from the IRMA responsible mining standard, we immediately request explanations and corrective actions from PT Weda Bay Nickel through the Strand Minerals Board of Directors.
As a minority shareholder, Eramet cannot unilaterally decide to provide documentation belonging to PT Weda Bay Nickel.
That said, transparency remains a cornerstone of Eramet’s values. A major milestone was achieved in 2022 when, under Eramet stewardship, PT Weda Bay Nickel has committed to IRMA’s transparency approach – the most rigorous standard in the mining sector internationally. IRMA’s approach to responsible mining is to independently assess social and environmental performance at mine sites across the globe, using an internationally recognized standard that has been developed in consultation with a wide range of stakeholders, including NGOs, impacted communities, buyers, investors, mining companies, and unions. As a result of this commitment, PT Weda Bay Nickel carried out its first internal IRMA self-assessments in 2022 and 2023. Following these self-assessments, a dedicated action plan was built and is currently being implemented and monitored on a regular basis. An IRMA-commissioned independent third-party audit is scheduled to start in 2026. Once the IRMA cycle has been completed, IRMA audit reports will be published by IRMA in a transparent manner.
As part of our commitment to dialogue and transparency, we also actively respond to inquiries from civil society organizations and the media as promptly as possible. At the same time, we proactively publish data on PT Weda Bay Nickel’s ESG performance in our reference document.
Eramet continuously explores new opportunities for resource exploration and development in Indonesia.
As a publicly listed company, we do not comment market rumors regarding potential new operations. We will disclose any relevant information to the market in accordance with our regulatory obligations.