PARIS, FRANCE – ERAMET S.A. announced that it now controls over 95% of the outstanding WEDA BAY MINERALS shares. This friendly takeover gives Eramet control of the Halmahera nickel-cobalt deposit in Indonesia.
Eramet was recently shut out of the Koniambo project in New Caledonia by joint venture partners FALCONBRIDGE (49%) and SMSP (51%). Now by purchasing Weda Bay, the French company is back in the laterite development business. Strategically the move makes sense for Eramet because developing the Halmahera deposit would double the company’s annual nickel output. Its subsidiary, Society Le Nickel, operates the Doniambo smelter and five mines in New Caledonia.
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