The shares of the French mining company “Iramite” decreased by 5.5% before its losses decreased to 4% on Monday morning, after the government announced in Gabon to impose a ban on the export of uncomfortable manganese ore from January 2029.
The French “Eramet” is the main contributor to the “Komelog” for mining in Gabon, which runs the Monda mine, which classifies the largest manganese mine in the world.
In an official statement, “Iramite” confirmed that it takes the decision very seriously, and works in coordination with the Gabonese authorities in a framework of constructive partnership and mutual respect, noting that it seeks to protect more than 10 thousand jobs that depend on “Komilog” and its transportation company “Secret”.
The move comes in the context of a new economic policy led by President Briss Oli Ngima, who took power after the overthrow of his predecessor Ali Bongo in 2023, and seeks to restructure the national economy by expanding the country’s benefit from its natural resources.
Although “Komilog” treats part of its local production, the vast majority of manganese ore is exported to China Europe and America.
The mineral sector, along with oil, is one of the pillars of the Gabonese economy, which the elected president promised to detect it from the stumbling in the past years due to corruption and mismanagement, by the Bongo family, which has ruled the country for more than 50 years.