Eramet Sa Unsp/Adr (ERMAY) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, good afternoon everyone and welcome to this presentation of our 2023 annual results. Clearly, 2023 has been a very challenging year for our industry and consequently for Eramet. We have been facing a very deteriorated price environment with a huge impact on our financial results. But thanks to the recent repositioning of our portfolio on high-quality assets with strong fundamentals, and thanks to our continuous improvement of operating performance, we have been able to withstand the downturn and pursue our development projects. We have achieved a new record of production of nickel ore in Indonesia at Wedah Bay. And thanks to the rebound of our production of manganese ore in Gabon in H2, we managed to compensate for the logistic issues that we had at the beginning of the year. Overall, our intrinsic performance in H2 has been very strong, showing our ability to react quickly to issues. Considering the very challenging environment and the rise of gross investments, we have delivered very solid cash flow and been able to maintain a robust financial structure. In 2024, we will reach another important milestone with the start of our lithium production in Argentina this summer, with full capacity confirmed for mid-2025. And last but not least, 2023 was also marked by the successful conclusion of our first CSR roadmap with major progress, And we have just launched the new one, Act for Positive Mining, which is even more ambitious and which will position Eramet as one of the leading players in responsible mining. So when we come to figures, in this depressed price environment, we have delivered an adjusted EBITDA of 772 million euros, thanks to the significant contribution of Ueda Bay. As you can see on this chart, Ueda Bay contribution in 23 has been 425 milli...