At 0811 GMT, shares in Eramet slumped 19% to EUR61.65.
The company said all operations have stopped and rail traffic has been suspended in the West African country, and that it has begun procedures to ensure the safety of staff and facilities of its two subsidiaries there, Comilog and Setrag.
The former operates the Moanda manganese mine–the world‘s largest–and Setrag is a rail transport company.
No. 1
producer of manganese worldwide (Gabon)
Largest
nickel mine in the world (Indonesia)
1st
European company to develop responsible lithium production
4th
largest producer of titanium raw materials worldwide
The Directorate General of the Economy and Tax Policy (DGEPF) revealed that Gabon had produced 1.109 million tons of manganese in the first quarter of 2018, compared to 827,551 tons during the same period in 2017, an increase of 27.2%.
A number of other companies have or are exploring obtaining prospecting or exploration permits for iron, copper, diamonds, and other minerals.
Gabon’s dollar bonds due June 2025 and November 2031 were the worst-performing in emerging markets on Wednesday. The 2025 notes fell 8.55 cents to 84.74 cents on the dollar as of 11:48 a.m. in London. Shares in French mining group Eramet SA, oil and gas producer Maurel & Prom SA and a listed unit of TotalEnergies SE, which all have operations in Gabon, sank in Paris trading.