Eramet Sa · EURONEXT:ERA
Eramet Sa — FY2022 Earnings Presentation
79 slides from Eramet Sa's earnings presentation, Feb 23, 2023
Slide 1: 2022 results
2022 results Christel BORIES Chair and CEO Nicolas CARRE CFO 23 February 2023
Slide 2: Disclaimer
Disclaimer Certain information contained in this presentation including any information on Eramet’s plans or future financial or operating performance and any other statements that express management’s expectations or estimates of future performance, constitute forward- looking statements. Such stat
Slide 3: Contents
Contents Introduction 1– Financial performance 2– Operational performance 3– Strategic transformation Conclusion and outlook 3 Eramet – 2022 results
Slide 4: Introduction
~ Introduction eramMerT
Slide 5: 2022: a landmark year for Eramet
2022: a landmark year for Eramet 1 Record year with historical performance and very strong deleveraging 2 Strong CSR performance, outperforming roadmap targets in 2022 3 Finalisation of repositioning on Mining & Metals activities 4 Embarking on a New age of Metals 5 2022 cash allocation focusing on
Slide 6: Record year with historical performance and very strong deleveraging
Record year with historical performance and very strong deleveraging Mining volume Production Price €1.9bn1 growth control impact Optimized manganese 2022 +7% > 2x alloys production Adjusted EBITDA produced marketed to address high energy Input in Gabon in Indonesia & reductant costs incl. Weda Bay
Slide 7: Impacts of external factors on net adjusted EBITDA
Very favourable price and currency environment, particularly in H1 2022, albeit with rising energy costs and inflation Impacts of external factors on net adjusted EBITDA Higher input costs (mainly Very favourable price energy and reductants) environment €(448)m +€960m (o/w +€464m Mn Alloys) +€533m1
Slide 8: Strong ESG performance, outperforming roadmap targets in 2022
Strong ESG performance, outperforming roadmap targets in 2022 CSR roadmap Carbon intensity3 CSR 115% Outperforming global performance targets -40% vs. 2018 Safety #1 priority Biodiversity One of the FR2 at Fatality 1.2 lowest rates 0.9 2 in the 1.1 0 0.5 2011-2013 2014-2018 2019-2022 industry1 -21%
Slide 9: Continuous improvement of Eramet sustainability ratings
Continuous improvement of Eramet sustainability ratings Rating agency Rating/score Vs. 2021 Vs. peers On the path of IRMA audits of A- Among the best our sites Climate change B in 2021 in the industry Self-assessment completed for B- 1st time Lithium project (Argentina) and Water security rating GCO
Slide 10: Embarking on a New age of Metals
Embarking on a New age of Metals Solid fundamentals to speed up the Group’s ambitious, promising projects in metals for the energy transition Plant construction Finalisation of the Group Centenario in progress Sonic Bay Good progress repositioning (Argentina) 24kt/yr LCE (Indonesia) with BASF Divest
Slide 11: 2022 cash allocation focusing on deleveraging and growth capex
2022 cash allocation focusing on deleveraging and growth capex Robust FCF generation to enable strong deleveraging and development of growth capex, rewarding of our shareholders in line with the Group’s policy 1 2 3 Deleveraging Growth capex Dividends 0.2x €200m €3.5/share2 Leverage1 at end-2022 Gro
Slide 12: Financial performance
Financial performance 1 Unless otherwise specified, financial figures are presented in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations - in line with Eramet’s new scope
Slide 13: Record financials in 2022
Record financials in 2022 €m 2022 2021 Sales 5,014 3,668 Adjusted EBITDA1 1,897 1,204 EBITDA 1,553 1,051 Current operating income 1,280 784 Net income – Continuing operations 930 791 Net income – Discontinued operations (156) (426) Net income – Group share 740 298 €m 31/12/2022 31/12/2021 Net debt 3
Slide 14: €1.9bn adjusted EBITDA, driven by a very favourable price environment
€1.9bn adjusted EBITDA, driven by a very favourable price environment in H1 and a strong mining operating performance 103 (€m) +€180m 198 -448 Intrinsic operating performance 1,897 344 4 464 5 231 -59 -52 1,553 50 -99 13 195 6 153 1,204 148 -15 94 2 -74 -2 -34 -20 1 1,051 3 +€533m External factors 2
Slide 15: Net income Group share doubled despite a c.€350m impairment charge
Net income Group share doubled despite a c.€350m impairment charge €m 2022 2021 Sales 5,014 3,668 Current operating income 1,280 784 1 o/w -€347m of impairment: -€221m for SLN (o/w -€124m for Other operating income and expenses 1 (255) 95 the group share) and -€126m for Erasteel Financial result (89
Slide 16: Capex balanced between maintenance and organic growth, excl. Lithium
Capex balanced between maintenance and organic growth, excl. Lithium 1 Industrial cash capex (€m) – IFRS 5 Increase in current capex, in line with our capex 600 588 requirement to sustain our operations 500 152 3 2 400 Capex to sustain and expand organic growth, of which: 312 €126m Manganese ore 200
Slide 17: Higher WCR, mostly driven by inventory valuation impact
Higher WCR, mostly driven by inventory valuation impact Mining & Metals operating WCR (€m) c.€(165)m + 15 days of cash consumption at Group level1 in 2022 885 52 685 54 554 39 726 724 Inventories Increase mostly driven by inventories, notably 577 Manganese alloys, mainly impacted by higher productio
Slide 18: Outstanding Free Cash-Flow generation
Outstanding Free Cash-Flow generation (€m) Mn alloys Mn ore Manganese BU 464 371 835 Nickel BU 148 €237m Weda Bay Mineral Sands BU FCF 105 o/w: Lithium BU €183m financed by Tsinghshan (through capital -175 increase), incl. €152m for capex Holding & other -89 53% 2022 cash conversion1,2 Group 2022 FC
Slide 19: Successful deleveraging of balance sheet
Successful deleveraging of balance sheet (€m) FCF +€824m -157 -588 86 -98 232 -188 183 -214 1,553 -104 -344 -374 -15 1 2 3 -98 4 -936 -30 -991 55 2021 Net debt 2021 EBITDA Change Cash capex Other cash Weda Bay Sandouville Net interest Tax paid Tsingshan Disc. Op. FCF Dividends Other 2022 Net debt 20
Slide 20: Very high liquidity to address future maturities
Very high liquidity to address future maturities Group financial liquidity (€m) Debt maturity at 31 December 2022 (€m) Undrawn line: RCF & term loan 758 Commercial papers, banks and operating debts 3,000 Available cash 2,810 100 Eramet bonds 2,596 French govt. loan to SLN 2,500 Impact IFRS 16 (non c
Slide 21: Clear capital allocation policy
Clear capital allocation policy: sustainable financial structure to support the Group’s long-term strategy 2022 2021 Significant deleveraging achieved in 2021 and 2022 0.2x 0.9x 1 Target leverage1 of < 1x on average through the cycle Leverage Leverage Maintain strong balance sheet to secure financia
Slide 22: Operational performance
2 Operational performance
Slide 23: Strong mining operational performance, challenging environments for metallurgical activities
Strong mining operational performance, challenging environments for metallurgical activities mainly due to energy price surge Continuous Exceptional growth incremental growth performance Mineral 21.1 Mwmt1 sands Manganese 7.5 Mt Weda ore sold Ore ore produced Bay > 2x +7% Robust operational performa
Slide 24: Very favourable price environment in H1 2022, steep decline in H2
Very favourable price environment in H1 2022, albeit with a steep decline started in H2 for manganese and nickel Manganese ore (CIF China 44%) Nickel ore SLN nickel ore (CIF China 1.8%) FY = +10% Weda Bay nickel ore (HPM – Indonesia) FY = +35% FY = +13% 2021 2022 2023 2021 2022 2023 Manganese al
Slide 25: Very high input costs prices and inflation over the year
Very high input costs prices and inflation over the year Reductants prices 100 basis FY = +142% Higher energy and reductant costs in 2022; on a downward 500 trend from Q4 22 300 > European Mn alloys plants and ETI: exposed to reductants, notably metallurgical coke and thermal coal 100 FY = c. +17% >
Slide 26: Freight costs remained stable at high levels
Freight costs remained stable at high levels Freight costs ($/t)1 Mn ore freight costs Freight costs include: FY FY 2022 vs. FY 2021 Ni ore freight costs freight costs changes • chartering costs, based on Routes time charter Mn ore yearly average freight costs FY rate2 Ni ore yearly average freight
Slide 27: Manganese BU
mat ganesé.BU isos ‘ ay bd Se ; x y + a ae i) * : ie Boies Fea wis|e3 i . i Man yaa) ge eramer oo
Slide 28: Sharp increase of financials, driven by organic growth in Gabon & favourable prices
Sharp increase of financials, driven by organic growth in Gabon & very favourable prices for alloys Manganese BU financial performance EBITDA Development of Ore EBITDA up €335m, o/w: nursery activities x1.5 €m +€94m volume impact 1,402 +€195m price1 impact Hectares revegetated in Gabon, through an 9
Slide 29: Global carbon steel production down; record-high spread for high-grade ore in H1
Global carbon steel production down; record-high spread for high-grade ore in H1 Carbon steel production down in China (-2%) due to health situation and slowdown of construction sector and in the ROW Supply/demand balance now in small surplus (-7%) resulting from inflation, war in Europe & energy cr
Slide 30: Moanda: the world's leading manganese mine
Moanda: the world’s leading manganese mine with a very competitive cash cost; growth fueled by high return capex Ore production volumes (Mt) Ore Transported volumes (Mt) c.80% Production lost +10% 7.5 7.5 0.4 7.01 (Dec. 22 landslide) 7.2 0.5 6.5 4.3 7.5 2.7 2018 … 2021 2022 B2023 2021 2022 Strong gr
Slide 31: Controlled manganese alloys production to adjust to market conditions
Controlled manganese alloys production to adjust to market conditions and to address high energy and reductant costs Sales volumes down -3% to 698 kt, reflecting decreasing demand in 2022 2022 margin up vs. 2021, mostly driven by higher prices in average and low-priced Mn ore consumed in H1 H2 margi
Slide 32: Nickel BU
Nickel BU
Slide 33: Excellent operational and financial performance, driven by Weda Bay
Excellent operational and financial performance, driven by Weda Bay Nickel BU financial performance1 Adjusted EBITDA +62% €m 430 WB EBITDA up €191m, o/w: Purchasing of waste collecting 266 +€148m volume impact equipment in the villages 344 153 +€108m price impact Donation of equipment to 12 -€22m in
Slide 34: Global primary nickel demand up, driven by batteries
Global primary nickel demand up, driven by batteries; high nickel prices over the year, normalising in H2 Global stainless steel production down -4 %: China -2% (rebound in Q4, +18% vs. Q3) and ROW -7% 2022 average nickel LME prices at $25,638/t and average NPI prices at $18,808/t, both down in H2 G
Slide 35: Outstanding performance at Weda Bay, the world no. 1 nickel mine
Outstanding performance at Weda Bay, the world no. 1 nickel mine Weda Bay1 nickel ore sold volumes (Mwmt) Weda Bay1 ferroalloys production (kt-Ni) -6% >30.0 39.0 36.6 c.38.0 c.3.0 > 2x 21.1 15.4 3.2 3.9 2021 2022 2023e 9.9 3.4 USD/wmt Weda Bay nickel ore price2 (HPM – Indonesia) 14.0 14.4 80 6.6 60
Slide 36: Persistent adverse weather conditions, power and ore sourcing issues at SLN
Persistent adverse weather conditions, power and ore sourcing issues at SLN SLN ore production (Mwmt) SLN ferronickel production (kt-Ni) 5.4 5.4 +5% 40.9 >45.0 39.0 2021 2022 2023e 2021 2022 2022 ferronickel sales: 41.3 kt-Ni SLN ore exports (Mwmt) +2% SLN’s cash cost ($/lb) c.3.5 8.2 2.9 3.0 7.0 -0
Slide 37: Mineral Sands BU
Mineral Sands BU
Slide 38: Very strong financials, driven by favourable price and currency environment
Very strong financials, mostly driven by favourable price and currency environment Mineral sands BU financial performance EBITDA +34% €m 184 EBITDA up €47m, o/w: 36,000 tons 137 -€15m volume impact of production waste +€103m price impact recovered at GCO in 2022 -€63m input costs impact (ilmenite 56
Slide 39: Global demand for zircon and TiO2 pigments remains at high levels
Global demand for zircon and TiO2 pigments remains at high levels Demand remained robust in 2022, although slowing in H2 in a challenging macroeconomic environment Price environment remained favourable in 2022; trend reversal started in Zircon prices at year-end Monthly premium zircon prices1 Monthl
Slide 40: Robust operational performance, impacted by lower mining content and higher input costs
Robust operational performance, however impacted by lower mining content and higher input costs GCO HMC1 production (Senegal, kt) ETI Titanium dioxide production (Norway, kt) -8% -10% ~in line 804 209 742 with 2022 188 2021 2022 2023e 2021 2022 Lower average content in the area mined in 2022 compare
Slide 41: Strategic transformation
Strategic transformation ’ ae. eramMer
Slide 42: 2022-2025 roadmap: becoming a leading player in the New Age of Metals
2022-2025 roadmap: becoming a leading player in the New Age of Metals Grow in metals supporting Sustainably develop critical global economic development metals for the energy transition Resilient markets Fast-growing markets MANGANESE ORE & ALLOYS LITHIUM NICKEL NICKEL/COBALT FOR BATTERIES MINERAL S
Slide 43: Providing metals for the Energy Transition is at the core of strategy
Providing metals for the Energy Transition is at the core of Eramet’s strategy Eramet offers a unique solution to sustainably secure the metal supply for the battery industry 2 1 1 HPAL: High Pressure Acid Leaching 43 Eramet – 2022 results 2 CAM: Cathode Active Material
Slide 44: Continued strong growth momentum for lithium demand
Continued strong growth momentum for lithium demand, 3 with a long-term consensus price close to $18k/t LCE Forecasted lithium market demand1 (in kt LCE2) LiCO3 CIF Asia (in US$/kg LCE2) 90 2,600 80 1 2,200 70 60 1,800 February 2023: 50 >$70,000/t 1,400 40 1 30 1,000 20 17,800$/t 600 2 10 200 0 2021
Slide 45: Centenario: a world-class asset on track to start production early 2024
Centenario: a world-class asset on track to start production 3 early 2024 Life-of-Mine of 40 years1 Full production process tested on site in Resources estimated at c. 10 Mt LCE real conditions over the past 3 years Plant construction in progress Mid-2025 Full ramp-up at 24kt/y (phase 1) Q1 2024 Pla
Slide 46: Centenario (phase 1): key metrics of a Tier 1 project
3 Centenario (phase 1): key metrics of a Tier 1 project Key financial metrics – Phase 1 Key operational metrics – Phase 1 c.$300m At full ramp-up1 24,000 Yearly production EBITDA Based on a $17,800/t LCE Tons of LCE4 at full ramp-up at 100% LT consensus CIF price Eq. 500k vehicles Initial Additional
Slide 47: Centenario (phase 2): unlocking the potential of this Tier 1 deposit
Centenario (phase 2): progressively 3 unlocking the great potential of this Tier 1 deposit Feasibility FID expected study by 2023 ongoing year-end c.50kt/yr Phase 2 LCE1 Expansion under study Total Centenario c.75kt/yr annual production capacity LCE1 Phase 1 + 2 47 Eramet – 2022 results 1 Lithium Ca
Slide 48: Sonic Bay: partnering with BASF in the battery value chain
Sonic Bay: partnering with BASF to become a 28 27 key supplier of the battery value chain FID pending 2026 c.60 kt/year2 c.6 kt/year2 Expected in Expected start Battery-grade Battery-grade Project bound on a large H2 2023 of production1 nickel production cobalt production limonitic deposit in Halmah
Slide 49: ReLieVe: partnering with Suez in battery recycling
ReLieVe: partnering with Suez to become a player in the battery recycling value chain in Europe Ongoing c.€80m Up to 50k/year Subsidies awarded to of battery modules PFS Eramet1 recycled Innovative closed-loop process fully piloted in 2020-2021 within Eramet Research & Innovation Centre Partnership
Slide 50: Lithium project in Alsace: partnering with Électricité de Strasbourg
Lithium project in Alsace: partnering with Électricité de 3 Strasbourg to sustainably develop lithium in Alsace Equivalent to PFS End-of-decade c.10k/year 15-20%2 starting Expected start of LCE1 production of French needs in 3 production Li Two geothermal power plants Partnership with Électricité de
Slide 51: Conclusion & outlook
Conclusion & outlook
Slide 52: Early 2023 less positive than 2022; new mining production records expected
Early 2023 less positive than 2022 with high inflation and outlook still uncertain ; new mining production records expected Geopolitical and macroeconomic uncertainties, as well as inflationary context expected to continue weighing on all the Group's markets in 2023 High uncertainty regarding freigh
Slide 53: The start of a new ERA
The start of a new ERA 1 2 3 4 Repositioning Developing Well positioned to Robust balance on M&M cash projects to address fast sheet & strong generating address Energy growing markets fundamentals activities Transition in years ahead 53 Eramet – 2022 results
Slide 54: Q&A
Q&A “ Become a reference for the responsible transformation of the Earth’s mineral resources, for living well together ”
Slide 55: Appendices
Appendices
Slide 56: 2022 results
2022 results a eframMerTr
Slide 57: Group Adjusted EBITDA sensitivity to market prices
Group Adjusted EBITDA sensitivity to market prices Annual impact Sensitivities Change on Adjusted EBITDA Manganese ore prices (CIF China 44%) +$1/dmtu c.€275m1 Manganese alloy prices +$100/t c.€60m1 Ferronickel selling prices – SLN +$1/lb c.€90m1 Nickel ore prices (CIF China 1.8%) SLN exports +$10/w
Slide 58: Continuing activities (IFRS 5) – Key figures
Continuing activities (IFRS 5) – Key figures Holding company, Total from Manganese Nickel Mineral sands Lithium eliminations, operations In €m BU BU BU BU restatements continuing and other entities (IFRS 5) Sales 3,151 1,392 465 - 6 5,014 EBITDA 1,402 86 184 (12) (107) 1,553 Current Operating Income
Slide 59: High-Performance Alloys division (IFRS 5) - Key figures
High-Performance Alloys division (IFRS 5) - Key figures A&D and Erasteel In €m 2022 2021 Sales 826 677 EBITDA (24) (32) Current Operating Income (27) (45) Cash Capex (62) (45) FCF (234) (134) 59 Eramet – 2022 results
Slide 60: A&D and Erasteel 2022 KPIs (IFRS 5)
A&D and Erasteel 2022 KPIs (IFRS 5) A&D financial performance Erasteel financial performance +12% +48% (€m) 553 273 493 184 58% 67% Aerospace High-speed 253 steels, Tooling Energy & Defense & Specialties Others 164 Recycling 30% 22% EBITDA 23 12% 10% 13 20 21 2021 2022 (44) (47) 2021 2022 2021 2022
Slide 61: Cash-flow table (IFRS 5)
Cash-flow table (IFRS 5) €m 2022 2021 Operating activities EBITDA 1,553 1,051 Cash impact of below EBITDA items (326) (258) Cash-flow from operations 1,227 793 Change in WCR (111) (80) Net cash generated by operating activities (1) 1,116 713 Investing activities Industrial investments (530) (312) Ot
Slide 62: Group Balance Sheet (IFRS 5) as of 31 December 2022
Group Balance Sheet (IFRS 5) as of 31 December 2022 (€m) (€m) 4,366 4,366 4,050 4,050 1,012 1,781 3,122 323 3,083 464 1,083 11 1,040 936 4682 344 316 62 651 714 685 737 31/12/2021 31/12/2022 31/12/2021 31/12/2022 Fixed assets Derivatives Equity-Group share WCR Assets held for sale Minority interest
Slide 63: Bond maturities
Bond maturities Amount at Initial €m Currency Initial amount 31/12/2022 Maturity date Coupon (in m) September 2017 bond issue € 500 442 February 2024 4.20% May November 2019 bond issue € 300 300 5.88% 2025 63 Eramet – 2022 results
Slide 64: Shareholding at 31 December 2022
Shareholding at 31 December 2022 Other float 31.8% SORAME + CEIR (Duval Family) 37.1% Number of shares issued1 28,755,047 4.0% STCPI* 27.1% APE *STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by the New Caledonian provinces 64 Eramet – 2022 results 1 Capital an
Slide 65: Market indicators
Market indicators a eframMerTr
Slide 66: Manganese ore historical CRU index price trends
Manganese ore historical CRU index price trends H = -24% FY = +13% $/dmtu Monthly change in manganese ore1 Mwmt 9 8 7 6 5 4 3 2 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 Manganese ore annual average price FY FY 2022 vs FY 2021 price change Manganese ore Ore inventories in China H H2 2022 vs H1
Slide 67: Manganese alloys CRU index price trends
Manganese alloys (refined and standard in Europe) CRU index price trends H = -34% FY = +11% H = -31% FY = +5% €/t 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Medium-carbon ferromanganese Silicomanganese FY FY FY 2022 vs FY 2021 price change H H H2 202
Slide 68: Nickel LME historical price
Nickel LME historical price LME Nickel price 1 1 LME Stocks SHFE Stocks Ni price Nickel Inventories USD / lb USD/ton H = -14% FY = +39% (ktons) 20,9 46,000 500 18,6 41,000 450 16,3 36,000 400 14,1 350 31,000 300 11,8 26,000 250 9,5 21,000 200 7,2 150 16,000 100 4,9 11,000 50 2,7 6,000 - Jul-15 Jul-1
Slide 69: Nickel ore historical price
Nickel ore historical price Ore price1 ($/t) and usable ore inventories in Chinese ports (Mwmt) Mwmt Stocks at ports $/t H = -14% FY = +10% Ore price (1.8% CIF China) 18 160 Average prices 140 15 120 12 100 9 80 60 6 40 3 20 0 0 January 2019 January 2020 January 2021 January 2022 January 2023 FY FY
Slide 70: Zircon premium historical market price
Zircon premium historical market price Monthly zircon premium price1 H = +6% $/t 2,500 FY = +40% 2,000 1,500 1,000 500 2016 2017 2018 2019 2020 2021 2022 FY FY 2022 vs FY 2021 price change H H2 2022 vs H1 2022 price change 70 Eramet – 2022 results 1 Source Zircon premium: Market analysis, Eramet ana
Slide 71: CP slag historical market price
CP slag historical market price Monthly CP grade titanium dioxide slag price1 H = +2% FY = +10% $/t 900 800 700 600 500 2016 2017 2018 2019 2020 2021 2022 FY FY 2022 vs FY 2021 price change H H2 2022 vs H1 2022 price change 71 Eramet – 2022 results 1 Source CP slag: Eramet analysis
Slide 72: 2021-2022 Global carbon steel and manganese ore production
2021-2022 Global carbon steel and manganese ore production Global carbon steel production Global manganese ore production (manganese content) +2% Mt -4% Mt 2,100 22 20.6 21.1 1,935 1,855 20 1,800 5.0 18 5.1 1,500 16 53% -4% 2.9 54% 14 3.1 1,200 -8% 965 12 10.8 10.3 4.2 889 10 3.7 2.5 900 2.5 0.7 0.5
Slide 73: 2021-2022 Global stainless steel and primary nickel production
2021-2022 Global stainless steel and primary nickel production Global stainless steel production1 Global primary nickel production1 (excl. recycling) Kt -4% Kt 60,000 57,696 3,500 +15% 55,250 3,081 3,000 50,000 2,677 880 2,500 40,000 57% -5% 58% 900 +7% 2,000 407 30,000 28,266 26,984 1,595 430 1,486
Slide 74: CSR achievements
CSR achievements a eframMerTr
Slide 75: 2018-2023 CSR roadmap progress
2018-2023 CSR roadmap progress Commitment to people Indicator 2018 2022 2023 Target Ensure the Health and Safety of employees and subcontractors FR2 incident rate / # of fatalities 8.3 / 1 1.6 / 0 ✓ <4 / 0 Build skills and promote talent and career development % of employees trained per year 71% 85%
Slide 76: Safety
Safety Eramet accident frequency rate (FR21,2) 16 Divided by more 14 than 8x since 2016 13.4 12 -27% vs. 2021 10 10.9 8.3 8 5.4 6 o/w 1.1 for M&M 4.1 division 4 2.2 -21% vs. 2021 1.6 2 FR2 0 2016 2017 2018 2019 2020 2021 2022 1 FR2 = number of lost-time and recordable injury accidents for 1 million
Slide 77: Metals for Energy Transition market
Metals for Energy Transition market
Slide 78: Lithium, cobalt and nickel are the critical metals used in batteries for e-mobility
Lithium, cobalt and nickel are the critical metals used in batteries for e-mobility Half of the cars sold globally in 2030 should Energy Transition metals be fully or partially electric1… demand booming 3 70% 50% 8% 2020 2025 2030 2035 2040 27 Electric Cars Internal Combustion Engine …with batteries
Slide 79: CONTACTS
CONTACTS Director of Investor Relations Sandrine NOURRY-DABI [email protected]