Eramet Resumes Operations in Gabon

by Warren Seah

Shares of France’s Eramet surged in morning trading on Thursday after the group announced the resumption of rail freight and mining activities in Gabon. This development comes after a coup on Wednesday that led to the ousting of President Ali Bongo.

At 0850 GMT, Eramet shares traded 9% higher at EUR69.35, recovering from the slump they experienced when activities were temporarily halted in Gabon.

A spokesperson for the French mining and metallurgy group confirmed that rail freight in the African country had recommenced on Wednesday evening, while mining operations resumed on Thursday morning. However, passenger train movements remain suspended until further notice.

Eramet emphasized that it is closely monitoring the situation in Gabon and will keep the markets informed. The company made this announcement in a statement released on Wednesday.

As a precautionary measure, Eramet temporarily suspended its manganese mining and rail transport operations in Gabon when fatigue-clad officers appeared on state television declaring the removal of the country’s president.

Eramet, through its Comilog and Setrag subsidiaries, employs over 8,700 individuals in the former colony.

You may also like

Leave a Comment