France moves to become top shareholder in mining giant behind Gabon’s world-leading manganese operation under $558 million funding plan

France is preparing to become the largest shareholder in Eramet, the mining group behind Gabon’s vast Moanda manganese operation, through a proposed $558.5 million fundraising aimed at strengthening the company’s finances.

• France plans to become Eramet’s largest shareholder through the mining group’s proposed $558.5 million fundraising.
• The company operates major manganese assets in Gabon and mineral-sands operations in Senegal.
• The new shareholder agreement advances a capital increase originally announced in February.
• France says the investment will support its efforts to secure critical-metal supplies.

The move would put the French state ahead of the Duval family in the shareholder register of a group whose African businesses supply minerals to international industry.

Eramet operates in Gabon through Comilog and in Senegal through Grande Côte, linking the ownership shift to established African mining assets rather than a proposed project.

The fundraising is intended to repair the group’s financial position and support its investment strategy. It remains planned for the final quarter of 2026 and has not been completed.

According to Eramet’s announcement on 12 October⁠, the French state and the Duval family’s investment vehicles have agreed on their participation in the share sale. The capital increase was announced in February; the new development is the agreement enabling France to become the leading shareholder.

France increases its stake

France’s state shareholding agency, APE, currently holds 27.1% of Eramet’s capital. It plans to subscribe for its existing allocation and acquire some or all of the Duval family vehicles’ rights to purchase additional shares.

The arrangement limits APE’s effective voting rights at shareholder meetings to 49%. That figure is not a confirmed final equity stake, which will depend on the transaction’s terms.

France’s investment amount has not been established. The $558.5 million figure represents the entire proposed fundraising, including participation by other shareholders.

French Economy Minister Roland Lescure said the agreement demonstrated the government’s commitment to strengthening “France’s strategic autonomy in the field of critical minerals and metals.”

African mines behind the investment

In Gabon, Comilog operates Moanda, which Eramet describes as the world’s largest manganese mine. The group identifies itself as the leading global producer of high-grade manganese ore.

Manganese is primarily used in steelmaking, where it improves strength and wear resistance. It also has applications in batteries, making it relevant to both traditional industry and newer energy technologies.

Eramet’s Gabonese business extends beyond extraction. Comilog’s subsidiary Setrag operates the Transgabonais railway, transporting minerals alongside passengers, timber and other goods. The group also processes manganese in Gabon and supplies alloy plants in France, Norway and the United States.

In Senegal, Grande Côte extracts mineral sands along the Atlantic coast north of Dakar. Its products include ilmenite, rutile, leucoxene and zircon, with processing carried out through two plants. Operations began in 2014.

The agreement would increase the French state’s stake in the parent company of these African operations. It does not announce a separate purchase of their mining concessions or changes to local ownership arrangements.

The deal changes the ownership of a major mining investor in Gabon and Senegal, but its implications for future investment in Africa and mineral supply arrangements remain unclear.