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French PM confirms €200M rescue loan for Eramet's New Caledonia unit

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French PM confirms €200M rescue loan for Eramet's New Caledonia unit

French Prime Minister Manuel Valls has confirmed to facilitate a loan of up to €200 million to 's New Caledonia-based unitSociete Le Nickel, Reuters reported April 29.

Valls made the statement during his visit to the French territory,promising the funds will be in place until 2018, while final terms of the facilityare still being negotiated.

SLN is struggling to avoid bankruptcy.

The French state issued an emergency loan to SLN in January of€150 million, but the company will reportedly descend into bankruptcy unless anotherloan is secured by mid-May, while the company has been losing €20 million per month,according to a recent report.

Meanwhile, Valls also pledged support to help replace an agingpower plant at one of SLN's smelters. SLN operates the SLN nickel mine in New Caledonia, in which Erametowns a majority stake.