Eramet strikes deal to boost Gabon stake in manganese mine

14th October 2010, Comments 0 comments

French mining group Eramet said Thursday it had reached agreement with Gabon on increasing the country's stake in Eramet's manganese subsidiary Comilog to 35.4 percent from 25.4 percent by 2015.

"Eramet and the Gabonese Republic have reached an agreement on the terms, arrangements and schedule for the agreement providing for an increase in the Gabonese Republic's shareholding in Comilog, which is to date 67.25 percent held by Eramet and 25.4 percent by the Gabonese Republic, with the remaining capital held by various private investors," the company said in a statement.

It added that in the next five years Gabon's stake would rise in several stages to 35.4 percent.

Comilog is the only company conducting manganese mining operations in southeastern Gabon, employing 6,500 people. Eramet's global workforce is 15,000.

© 2010 AFP

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