Eramet cuts Indonesian nickel mining targets due to license extension

On October 27, it was reported that mining group Eramet on Thursday sharply lowered its nickel ore production forecast for this year at its flagship Indonesian mine due to a slowdown in license approvals. The French company also cut its full-year core earnings forecast by 11 percent to about 800 million euros ($843.12 million) and said it expected the sharp fall in metals prices to continue in the fourth quarter.

Eramet now expects Indonesia's Weda Bay nickel mine to produce 30 million wet tonnes in 2023, down 5 million wet tonnes from its previous forecast. The Weda Bay nickel mine, a joint venture between Eramet and Chinese steel giant Tsingshan, is the world's largest nickel mine. Eramet said in a quarterly sales report that the mine was nonetheless expanding rapidly, producing 8.8 million wet tonnes in the third quarter, almost three times the volume sold in the same period last year.