Eramet, TotalEnergies Gabon slump after Gabon army officers announce coup

TotalEnergies EP Gabon

30/08/2023 13:17

(Adds TotalEnergies Gabon share performance, updates Eramet
shares, adds analyst comment in bullets 4-6, updates milestones
in bullets 2 and 7)
    ** Shares in French miner Eramet  ERMT.PA , oil and gas
companies TotalEnergies Gabon  EGAB.PA  and Maurel & Prom
 MAUP.PA  slump after military officers in Gabon said they had
seized power and had put the re-elected President Ali Bongo
under house arrest
        ** Shares in Eramet fall about 15%, to their lowest
levels in 10 months, as it suspends operations in the country, 
  
        ** TotalEnergies Gabon, a unit of TotalEnergies
 TTEF.PA , slumps about 13%, with shares touching their lowest
price in six months, while Maurel & Prom  MAUP.PA  falls 18% 
        ** Maurel & Prom bought Carlyle Group's  CG.O 
Gabon-focused oil and gas company Assala Energy two weeks ago,
while Gabon represents 75% of its hydrocarbon production
  
    ** Eramet spokesperson affirms the company is not pulling
out of Gabon, the suspension being a "precaution measure"
    ** "(Eramet is) never going to pull out of Gabon. It's the
world's leading manganese mine, with some of the lowest costs in
the world ... they have always had good relations with the
communities" BNPParibas analyst Nicolas Montel says
        ** "(Eramet) is of such big importance to the markets
through this mine that if they suspended operations longer-term,
the markets would feel it," Montel adds, expecting Eramet to
resume activity within a couple of weeks, while the financial
impact will be compensated by a small hike in manganese prices
resulting from the halt
  
        ** Regarding TotalEnergies Gabon, Montel points out that
it only has offshore activities there and doesn't see "too many
problems for them really" 
  
        ** Eramet shares track their worst day in a little below
11 months, while TotalEnergies Gabon shares track their worst
day in 11 months, and Maurel & Prom's stock recors its worst day
in 27 years
  

(1$ = 0.9206 euros)

 (Reporting by Nathan Vifflin)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))