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Eramet releases Q1 2021 result of zircon

2021-05-10

May 10, 2021 - Christel Bories, Eramet group Chair and CEO: The start of the year confirms our path to transformation for profitable growth. The strong growth momentum in our mining activities produced the expected results: in the first quarter, our operating performance continued to make progress, in a favourable price environment. Our turnover grew significantly versus the same period for 2020, which was still hardly affected by the pandemic. 


In early 2021, we remain focused on the protection of our employees, the control of our cash position and the implementation of our strategic roadmap. 


Our A&D subsidiary is still strongly impacted by the profound crisis in the aerospace sector and we are adapting the structures. The sale of this asset remains the Group’s preferred option in time. In our mining activities, the organic growth of our productions and the development in metals of the energy transition are a source of strong value creation in the short and medium term. 


In a pandemic which still calls for the utmost vigilance, I commend the continued efforts of our committed teams to achieve our company project. 


Mineral Sands BU 

The Mineral Sands BU turnover declined by 20% to €56m in Q1 2021, reflecting a decrease in sales volumes and an unfavourable currency effect in a market environment in which prices do not yet reflect the rebound of the start of the year. 


Market trends & prices 


Global demand for zircon has rebounded strongly since the start of the year, driven by the gradual recovery of the global economy and notably by the ceramics market (nearly 50% of the end-product). In parallel, zircon production was up from Q1 2020 without being able to meet the strong increase in demand. The supply/demand balance is thus now in deficit. 


Zircon market prices ended at $1,300/t19 in Q1 2021, based on quarterly negotiations at end-2020, below its Q1 2020 level (-6% in US dollar, -14% in euros) and stable versus Q4 2020. 


Global demand for TiO2 piments20 , the main end-market for titanium-based products21, was also up in Q1 2021 versus Q1 2020, driven by the global economic recovery. Supply followed the same trajectory and the deficit in TiO2 pigments’ supply remained relatively stable. However, tight demand for CP titanium dioxide slag as produced by TiZir in Norway is not yet reflected on selling prices, based on quarterly contracts signed at end-2020. 


The average price of CP grade titanium slag thus declined 6% to c.$750/t22 in Q1 2021 (-14% in euros) and by - 4% versus Q4 2020. 


Activities 


In Senegal, mineral sands production23 declined by 9% to 171 kt, impacted by lower availability of mining extraction tools. Zircon production was occasionally down 7% to 13 kt. Zircon sales volumes decreased by 18% to 14 kt, compared to a high level in Q1 2020, due to the timing of shipments.


Outlook 


The rebound in mineral sands’ markets should continue in parallel with the recovery of the global economy, which is progressively materialising. Demand should remain sustained for zircon, but should also rebound for highquality chloride titanium slag produced by TiZir’s Norwegian plant, particularly in China.

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