Eramet Group: GRANDE CÔTE (SENEGAL) UPDATE
Paris, August 20, 2014
PRESS RELEASE
GRANDE CÔTE (SENEGAL) UPDATE
ERAMET group provides hereunder the content of today's release to the Oslo stock exchange by TiZir, a company jointly held at 50/50 by ERAMET with Mineral Deposits Limited (Australia), with regards to the Grande Côte project in Senegal.
The impact of this situation on the ERAMET Group's 2014 results should remain limited.
ABOUT ERAMET
ERAMET is a leading global producer of:
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alloying metals, particularly manganese and nickel, used to improve the properties of steel,
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high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.
ERAMET has major research and development projects in new business lines with high growth potential, such as mineral sands (titanium dioxide and zircon), lithium, niobium and rare earths, and in recycling.
The Group employs approximately 14,000 people in 20 countries. ERAMET is part of Euronext Paris Compartment A.
CONTACT
Head of Financial Communications and Economic Studies
Philippe Joly
Tel: +33 (0)1 45 38 42 02
Investor Relations and Economic Analyst
David Fortin
Tel: +33 (0)1 45 38 42 86
For more information: www.eramet.com
20 August 2014
TiZir Grande Côte Update
TiZir advises that due to the failure of successive impellors within the main dredge pump, mining operations at Grande Côte in Senegal are currently suspended pending a site investigation early next week. It is anticipated that mining will be restarted at that time and proceed on a reduced basis.
The last of the currently available spare impellors is showing signs of failure. Extensive work is being undertaken in conjunction with suppliers and ERAMET's Research and Development personnel to determine the cause of the failures and to manage the lifespan of the present impellor in order to sustain mining operations. At this stage it is not known whether the failures are due to a casting fault, a design fault or an operational fault. It is however, unlikely that the current impellor will last until early October when the first of a number of pre-ordered replacement impellors is expected on site.
Given the significant progress that has been made with the ramp-up of Grande Côte, the impellor failures are obviously a disappointing setback. We are confident, however, that the underlying problem will be identified and resolved.
TiZir Limited | 33 Cavendish Square, London W1G 0PW United Kingdom
T:+44 207 182 4200 | E: [email protected] | W: www.tizir.co.uk
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