French lawmaker challenges Gabon’s erame investment strategy
Gabon’s recent capital injection into Eramet, a French multinational mining and metallurgy group, has sparked an unexpected political debate in Paris. A June 2026 parliamentary inquiry by French deputy Arnaud Le Gall (LFI-NFP) questions the true motives behind Libreville’s financial commitment, arguing that the move may serve foreign shareholders more than Gabon itself.
At the heart of the dispute lies a narrative clash. Gabonese authorities have framed the recapitalization as a strategic win, positioning the country as the world’s top manganese producer through its stake in Comilog—Eramet’s historic Gabonese subsidiary. By acquiring shares in the parent company via the Société de Développement et de Participations Minières et Industrielles (SDPMI), Libreville claims to be reclaiming control over its extractive resources, aligning with its broader push to revise mining laws and reassert state influence in key industrial sectors.
questioning the public narrative
Le Gall’s inquiry dismantles this official version, suggesting the operation is less about Gabonese sovereignty and more about rescuing the Duval family’s ailing holding company, which has long held a controlling stake in Eramet. Financial strain on the Duval portfolio, well-documented in recent years, prompted the need for external capital infusion. By participating in the recapitalization, Gabon provides critical liquidity, propping up the structure without immediately diluting the historic family shareholding—a move that raises eyebrows over its true beneficiaries.
manganese dominance and geopolitical stakes
The industrial stakes are high. Gabon’s Comilog supplies much of Eramet’s revenue, with manganese exports feeding global steel production and, increasingly, battery supply chains. The group is also expanding into nickel and lithium—metals central to the energy transition. Yet despite Gabon’s resource dominance, strategic decisions and value creation largely remain in Paris. The recapitalization was meant to rebalance this imbalance, but questions persist about its financial terms, governance safeguards, and any hidden involvement by the French government.
a turning point in franco-gabonese relations?
The controversy transcends the Eramet case, reflecting a broader shift in Franco-Gabonese economic relations following political changes in Libreville. Since the transition, Gabon has been renegotiating long-established contracts in hydrocarbons and mining, challenging the positions of long-standing French firms. What makes Eramet unusual is the reversal of roles: an African state is now injecting capital into a French multinational, not the other way around.
Proponents view this as a milestone—proof that African sovereign wealth can influence governance in major European extractive corporations. Critics, including Le Gall, question the financial logic, asking whether Gabon’s public purse is getting a fair return on its investment. The French government is expected to respond formally to the parliamentary question, potentially shedding light on yet-unreported aspects of the deal. The outcome could set a precedent for how future resource-based investments between Europe and Africa are structured and scrutinized.
