Mr Patrick Buffet CEO of Eramet SA said that the French government sees the mining group as a strategic interest and wants to keep a French shareholding base. He added that "Europe and France do not have any other mining champions apart from Eramet."

He cited indications of a consensus in the government that Eramet should retain a core of French shareholders in coming years. He added that he would welcome an increase in the stake of STCPI, an investment vehicle representing provincial authorities in the French overseas territory of New Caledonia.

Mr Buffet said that "I can only see advantages in STCPI raising its stake in Eramet's capital. At the same time, Eramet is opposed to an increase in the holding of STCPI in nickel group SLN, in which the vehicle has a 34% stake and Eramet holds 56%."

He rejected as completely untrue a report in French business daily La Tribune that the group is scaling back its nickel investments in the territory. He said that Eramet continues to expect its full year operating profit to be significantly higher than in 2007.