The Duval family, Eramet’s biggest shareholder, hired Lazard to explore selling its 37% holding ahead of a planned €500 mn capital increase, seeking to unlock value amid mounting pressures. Investors have watched the miner’s shares tumble nearly 20% since January, leaving market capitalisation around €1.4 bn. The move signals the family’s willingness to reconsider its long‑standing position in the struggling group.

Eramet entered 2025 with an almost €500 mn loss and net debt climbing 50% to roughly €2 bn after falling commodity prices and a fire at its Senegal mineral‑sands plant. A board revolt saw CEO Paulo Castellari dismissed after only eight months and CFO Abel Martins‑Alexandre suspended, prompting chair Christel Bories to return as interim chief executive.

The €500 mn raise, slated for a May vote, has the French state—owning 27%—and the Duval family agreeing in principle, but the family faces dilution unless it adds fresh cash. Lazard’s mandate also covers asset sales, notably the Weda Bay nickel mine in Indonesia, flagged as a priority disposal to shore up the balance sheet. Eramet’s future now hinges on new equity or a buyer to stabilise finances.