French mining company Eramet promises to protect more than 10,000 jobs as Gabon bans raw manganese exports starting 2029. President Brice Oligui Nguema leads the push to force companies to process minerals inside the country before shipping them abroad. The plan aims to create more jobs and bring higher profits to Gabon rather than sending raw materials overseas. Eramet owns most of Comilog, which runs the biggest manganese mine and employs thousands of workers. Company officials say they will work with government leaders to find solutions that benefit everyone.
Oligui took power after military forces removed the previous government during 2023 and voters elected him president with almost 95 percent support. Manganese helps make steel and electric car batteries, making it one of three main products Gabon sells to other countries alongside oil and wood. The government gives mining companies three years to build processing plants before the export ban takes effect. Officials plan to create a special fund that mixes government and private money to help companies make the transition. Gabon joins other African nations that want to keep more wealth from their natural resources at home.
Eramet stock prices fell over five percent on Monday after investors learned about the new rules. Company leaders had already shown they can adapt when Indonesia banned raw nickel exports and forced similar changes. About one-third of Gabon's 2.3 million people still live in poverty despite the country's mineral wealth. The government believes processing materials locally will create better paying jobs and reduce poverty rates. Analysts say success depends on how fast companies can build new factories and train workers.
Oligui took power after military forces removed the previous government during 2023 and voters elected him president with almost 95 percent support. Manganese helps make steel and electric car batteries, making it one of three main products Gabon sells to other countries alongside oil and wood. The government gives mining companies three years to build processing plants before the export ban takes effect. Officials plan to create a special fund that mixes government and private money to help companies make the transition. Gabon joins other African nations that want to keep more wealth from their natural resources at home.
Eramet stock prices fell over five percent on Monday after investors learned about the new rules. Company leaders had already shown they can adapt when Indonesia banned raw nickel exports and forced similar changes. About one-third of Gabon's 2.3 million people still live in poverty despite the country's mineral wealth. The government believes processing materials locally will create better paying jobs and reduce poverty rates. Analysts say success depends on how fast companies can build new factories and train workers.
