France Moves to Become Eramet’s Largest Shareholder in $558 Million Funding Plan

French President Emmanuel Macron as France plans to become Eramet’s largest shareholder through the proposed capital increase. Philippe Magoni / POOL / AFP via Getty Images

France is preparing to become the largest shareholder in mining group Eramet through a proposed $558.5 million capital increase aimed at strengthening the company’s finances and supporting its strategy for securing critical mineral supplies.

The planned transaction would increase the French state’s influence over Eramet, which operates major mining assets in Gabon and Senegal. The group’s African operations include the Moanda manganese mine in Gabon, one of the world’s largest sources of manganese, and the Grande Côte mineral-sands operation in Senegal.

According to Eramet’s announcement on 12 October 2026, the French state and investment vehicles associated with the Duval family have reached an agreement on their participation in the planned share sale. The capital increase was initially announced in February and is expected to take place in the final quarter of 2026.

The transaction has not yet been completed.

French State Seeks Larger Stake in Mining Group

France’s state shareholding agency, the Agence des Participations de l’État (APE), currently holds 27.1% of Eramet’s share capital. Under the proposed arrangement, the state intends to subscribe for its existing allocation of new shares and acquire some or all of the subscription rights held by investment vehicles linked to the Duval family.

The agreement would place the French state ahead of the Duval family in Eramet’s shareholder register, although the final ownership percentages will depend on the outcome and terms of the capital increase.

APE’s effective voting rights at shareholder meetings will be limited to 49% under the arrangement. This limit should not be interpreted as a confirmed final equity stake.

The amount France will invest has not been established. The $558.5 million figure represents the total proposed fundraising, which may include participation from other shareholders.

French Economy Minister Roland Lescure said the agreement reflected the government’s commitment to strengthening France’s strategic autonomy in critical minerals and metals.

The fundraising is intended to improve Eramet’s financial position while supporting its investment plans amid continued international competition for mineral resources.

Gabon’s Manganese Industry at the Centre of Eramet’s African Operations

Eramet operates in Gabon through its subsidiary Comilog, which runs the Moanda manganese mining complex. The company describes Moanda as the world’s largest manganese mine and identifies itself as a leading global producer of high-grade manganese ore.

Manganese is an important industrial mineral used primarily in steel production, where it contributes to strength and wear resistance. It also has applications in battery technologies, adding to its relevance as industries develop new energy-storage solutions.

Eramet’s activities in Gabon extend beyond mining. Its subsidiary Setrag operates the Transgabonais railway, which transports minerals as well as passengers, timber and other goods. The group also processes manganese in the country and supplies alloy plants in France, Norway and the United States.

The proposed shareholder change would take place at the parent-company level. It does not represent a separate acquisition of Gabonese mining concessions or announce changes to the ownership arrangements of the local operations.

Senegal Adds to Eramet’s Mineral Portfolio

In Senegal, Eramet operates Grande Côte, a mineral-sands business located along the Atlantic coast north of Dakar.

The operation produces minerals including ilmenite, rutile, leucoxene and zircon, which are used in industrial applications ranging from pigment production to ceramics and other specialised materials. Grande Côte began operations in 2014 and uses processing facilities to separate and recover these mineral products.

The French state’s proposed increase in its Eramet shareholding would therefore extend its influence over a group with established mining and processing operations in both West and Central Africa.

Critical Minerals and Future Investment

The proposed capital increase comes as governments seek to secure reliable supplies of minerals used in industrial manufacturing, infrastructure and emerging technologies.

For France, a larger stake in Eramet would increase its financial exposure to a mining group with access to important mineral resources. For Gabon and Senegal, the transaction concerns the ownership of a major investor operating within their mining sectors, rather than a direct transfer of their mineral assets to the French state.

The immediate objective is to strengthen Eramet’s finances and support its investment strategy. However, the longer-term implications for capital expenditure, production growth and mineral supply arrangements in Africa remain uncertain.

The transaction’s final ownership structure and its potential effects on Eramet’s operations will become clearer once the capital increase is completed.