{"id":46922,"date":"2024-04-25T06:56:48","date_gmt":"2024-04-25T04:56:48","guid":{"rendered":"https:\/\/www.eramet.com\/?p=46922"},"modified":"2024-08-22T15:29:09","modified_gmt":"2024-08-22T13:29:09","slug":"eramet-adjusted-turnover-of-e761m-in-q1-2024","status":"publish","type":"post","link":"https:\/\/www.eramet.com\/en\/news\/eramet-adjusted-turnover-of-e761m-in-q1-2024\/","title":{"rendered":"Eramet: Adjusted turnover of \u20ac761m in Q1 2024"},"content":{"rendered":"

    \n
  • Adjusted turnover<\/strong>[i] of \u20ac761m <\/strong>(-19%) reflecting, as expected, a strong negative price effect (-24%), while the positive volume effect is limited (+2%), penalised by the decline in SLN volumes sold<\/li>\n
  • Good operational performance <\/strong>of the Group\u2019s main mining activities compared to the unfavourable comparison base of Q1 2023:\n
      \n
    • +27% in manganese ore volumes sold from Gabon<\/li>\n
    • +52% in nickel ore volumes produced in Indonesia, but -17% in volumes sold, reflecting the absence of sales of low-grade saprolites over the quarter, whose commercialization permit for 2024 is under assessment by the Indonesian government<\/li>\n
    • +52% in zircon volumes and +36% in ilmenite[ii] sold from Senegal<\/li>\n<\/ul>\n<\/li>\n
    • Strong decline in selling prices<\/strong> compared to Q1 2023<\/li>\n
    • Neutralization of SLN\u2019s debt <\/strong>in the Group\u2019s consolidated accounts[iii]<\/li>\n
    • Group <\/strong>mineral resources revised upwards <\/strong>on 1 January 2024[iv]:\n
        \n
      • +52% at 15.1 Mt-LCE in Argentina<\/li>\n
      • +19% at 2,193 Mwmt of nickel in Indonesia<\/li>\n<\/ul>\n<\/li>\n
      • 2024 outlook<\/strong> set, as expected, against the background of a lacklustre market environment<\/strong>, albeit with improved price levels at the start of Q2<\/strong><\/li>\n
      • Given the prolonged halt in exports of high-grade ore from Australia, high-grade manganese ore prices should significantly increase<\/strong>, with a substantial impact on Eramet\u2019s financial performance in 2024 (a $1\/dmtu price variation on average over the year corresponds to a \u20ac255m impact on the Group\u2019s adjusted EBITDA[v])<\/li>\n
      • Volume growth targets confirmed <\/strong>in 2024 for the Group\u2019s main mining activities:<\/li>\n
      • Manganese ore transported in Gabon: between 7.0<\/b> and 7.7 Mt<\/strong><\/li>\n
      • Marketable nickel ore at Weda Bay: between 40<\/strong> and 50 Mwmt<\/strong>, depending on the schedule for approvals, of which a third is limonites<\/li>\n
      • Lithium carbonate produced at Centenario: between 5<\/strong> and 7 kt-LCE<\/strong><\/li>\n
      • Financial performance in H1 2024<\/strong> expected to be significantly below that of H2 2024<\/strong>, given the unfavourable seasonality and the price scenario<\/li>\n<\/ul>\n

        Continued strict cost control <\/strong>and confirmation of the controlled capex plan<\/strong> including the continuation of growth projects (of around \u20ac700m<\/strong> to \u20ac750m<\/strong>[vi] financed by the Group in 2024)<\/p>\n

        [i] Definitions for adjusted turnover and adjusted EBITDA are presented in the financial glossary in Appendix 5<\/em>
        \n[ii]<\/sup> At comparable scope, i.e., a total of 55 kt in Q1 2023, including 35 kt of internal sales to ETI<\/em>
        \n[iii] Conversion of the existing debt of SLN into undated fixed-rate subordinated bonds (\u201cTSDI\u201d \u2013 Titres Subordonn\u00e9es \u00e0 Dur\u00e9e Ind\u00e9termin\u00e9e), an instrument akin to equity<\/em>
        \n[iv] Total mineral resources (\u201cinferred\u201d, \u201cindicated\u201d and \u201cmeasured\u201d) for nickel and drainable for lithium as of January 1, 2024, see section 1.3 of the 2023 Universal Registration Document entitled \u201cExploration results, mineral resources and ore reserves\u201d<\/em>
        \n[v] See Appendix 4 Sensitivities of Group adjusted EBITDA<\/em>
        \n[vi] Excluding Tsingshan’s capital contributions to the Centenario project<\/em><\/p>\n<\/div><\/div><\/div><\/div><\/div>

        \"Christel<\/span><\/div>

        Christel BORIES
        \n<\/strong>Group Chair and CEO<\/p>\n<\/div><\/div><\/div>

        \n

        At the start of this second quarter, we remain focused on achieving our operational performance, strictly managing our costs and growth capex, especially in Argentina.
        \nOur mining production increased, particularly in Indonesia and Gabon, reflecting the continuous improvement in our operational efficiency. We also continued maintenance works on the Transgabonese railway to be able to increase its transport capacity.
        \nThe market environment remains lacklustre, albeit with signs of improvement and the outlook of a strong tension on the supply of manganese ore.<\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":48064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[84,44],"tags":[212,310],"class_list":["post-46922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-en","category-group","tag-financial-results","tag-turnover","nature-news","nature-press-release"],"acf":{"pdf":46930,"titre_du_pdf":"","pdf_rendering":true},"yoast_head":"\nEramet: Adjusted turnover of \u20ac761m in Q1 2024 - 25 April 2024 - News - Eramet<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.eramet.com\/en\/news\/eramet-adjusted-turnover-of-e761m-in-q1-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eramet: Adjusted turnover of \u20ac761m in Q1 2024 - 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