Eramet Launches Processes to Sell Stakes in Lithium and Nickel Assets Amid Investor Interest
Key Facts
Eramet said on 9 November 2026 that it had received expressions of interest from investors and launched processes concerning minority stakes in the Centenario lithium project in Argentina and PT Weda Bay Nickel in Indonesia. The moves place the assets within the French group’s plan to strengthen its balance sheet, alongside a planned capital increase and a separate sale of the Erarizo concessions. The company said interest in Centenario came from several potential partners seeking a minority stake and a role in developing the asset. The statement named no buyers and announced no completed deal for either stake. Eramet also does not expect proceeds from the two processes before the end of 2026, distinguishing them from the Erarizo sale, which it expects to generate proceeds during the year.
At PT Weda Bay Nickel, Eramet holds an indirect 38.7% stake, the minority interest covered by the announced processes. The group said net proceeds after tax from the sale of the Erarizo concessions would be about €60 million and would help reduce net debt by the end of 2026. Erarizo’s contribution to debt reduction therefore depends on a separate transaction from any potential agreement involving the lithium and nickel stakes. Subject to completion of the capital increase, the company is targeting an adjusted leverage ratio below 3 times and a gearing ratio below 100% by year-end. The condition shows that meeting the debt targets depends on completing the planned financing, while the two project stakes remain subject to processes that have yet to yield an announced deal.
The €500 million capital increase in the fourth quarter of 2026 remains central to the financing plan; Eramet said completing it was necessary to strengthen the balance sheet. The company signed subscription agreements with its reference shareholders and obtained the required exemption from France’s financial markets regulator. A strategic agreement between the reference shareholders allowed the company to confirm its intention to launch the planned increase by the end of 2026. Eramet estimated liquidity at more than €1.1 billion on 31 December 2026 excluding the capital increase, and at €1.6 billion including it. In a separate estimate conditional on completion of the increase, it said liquidity would exceed €1.6 billion by year-end.
Chief Executive Christel Bories linked restoring balance-sheet strength to the ability to pursue growth opportunities, saying, "To achieve that, we first need to restore our balance sheet, and that is the purpose of the measures we have begun." The 2026 operating and financial plan includes adjusted earnings before interest, taxes, depreciation and amortisation of between €540 million and €610 million, and capital expenditure of between €250 million and €290 million. The company also expects positive adjusted free cash flow during the year. These targets provide a framework for its balance-sheet strengthening efforts, alongside the capital increase and debt reduction using proceeds from Erarizo. The steps involving the Centenario and PT Weda Bay assets remain part of the strategic course announced by the group.
The measures come against a mixed performance in the third quarter of 2026: adjusted revenue was €746 million, up 4%, with a positive price effect of 15% offset by a negative volume effect of 12%. Eramet attributed the volume decline to a halt in ore production at PT Weda Bay for most of the quarter, following four months of maintenance and care and maintenance. Operations resumed in September after new permits were obtained. The group raised its 2026 guidance for external sales of nickel ore from the site to between 23 million and 26 million wet metric tonnes, from an initial estimate of 9 million tonnes, but warned of an unfavourable mix in the fourth quarter. The Indonesian asset thus remains part of the group’s asset and financing plan as the company works to restore production and update sales targets.
Eramet’s update also covers its 2027 outlook, targeting lithium carbonate production of between 20,000 and 24,000 tonnes of lithium carbonate equivalent. In Gabon, it expects to transport between 6.8 million and 7.3 million tonnes of manganese ore, with capital expenditure of between €280 million and €320 million. The company set 17 February 2027 for publication of its full-year 2026 results, followed by 29 April 2027 for publication of first-quarter 2027 revenue. These dates provide subsequent milestones for tracking operating and financial performance after the announced financing measures. Eramet has not said what proceeds it expects from the Centenario and PT Weda Bay stake processes before the end of 2026.