Eramet posts $697M loss, delays Weda Bay project

Feb 21, 2014 | 03:55 PM | Rey Mashayekhi

Tags  Eramet, nickel, London Metal Exchange, LME, earnings report, Weda Bay, Rey Mashayekhi

NEW YORK — Eramet SA posted a 2013 net loss exceeding €507 million ($696.7 million) due to "extremely low nickel prices" that have led the mining conglomerate to postpone development at its Weda Bay project in Indonesia, the company said Feb. 21 in its year-end earnings report.

Paris-based Eramet’s loss came as revenue fell 8.3 percent from 2012, in large part due to a 22-percent decline in revenue from the company’s nickel operations.....

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