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Eramet injecting €40M into New Caledonia nickel unit

Eramet has agreed to provide €40 million financing forits 56%-owned New Caledonia-based Societe Le Nickel unit, to keep the businessafloat until June.

The company said May 9 that its board also approved a cost-cuttingand productivity improvement plan for SLN's mines and metallurgical plant inNew Caledonia, aiming to cut cash costs by 25% from the 2015 average to US$4.50per pound by 2017-end.

The French government offered up to in financing to STCPI, thevehicle representing the New Caledonian provinces' interest in SLN.

The unit operates the SLN nickel mine in New Caledonia.