Gabonese Miner Comilog Reports 10% Drop in Operating Profit

AFRICAN STOCKS AND FINANCEMarch 31, 2025 at 9:08 AM UTC

TLDR

Gabonese mining company Comilog, a subsidiary of France’s Eramet, reported consolidated revenue of 718.1 billion CFA francs ($1.18 billion) in 2024
Operating profit fell 10% year-on-year to 173.7 billion CFA francs ($284.7 million), while net profit stood at 38.7 billion CFA francs ($63.5 million)
In 2025, Comilog plans to transport between 6.7 and 7.2 million tonnes, aiming to reduce FOB cash costs to $2.0–$2.2 per dmtu

Gabonese mining company Comilog, a subsidiary of France’s Eramet, reported consolidated revenue of 718.1 billion CFA francs ($1.18 billion) in 2024, reflecting reduced global demand and disruptions in supply. Operating profit fell 10% year-on-year to 173.7 billion CFA francs ($284.7 million), while net profit stood at 38.7 billion CFA francs ($63.5 million).

High-grade manganese ore production dropped 8% to 6.8 million tonnes, with transported volumes also down 8% to 6.1 million tonnes. The company cited weak carbon steel production and global ore demand, compounded by Cyclone Megan in Australia and a temporary shutdown in Moanda, Gabon.

In 2025, Comilog plans to transport between 6.7 and 7.2 million tonnes, aiming to reduce FOB cash costs to $2.0–$2.2 per dmtu. A four-day strike in March 2025 halted operations and caused estimated losses of 2 billion CFA francs ($3.3 million) per day. The strike ended following government mediation.

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Key Takeaways

Comilog’s 2024 results underline pressure from weak global demand and production disruptions. An 8% drop in output and an operating profit decline show vulnerability to external shocks like weather events and commodity cycles. Manganese ore markets were hit by lower global steel demand and logistical setbacks. At the start of 2025, a wage dispute triggered a strike, paralyzing operations in Moanda. Union demands for a flat 100,000 CFA francs monthly wage hike were rejected. Management offered a tiered raise instead. With losses rising and tensions escalating, Gabon’s president intervened to resume negotiations. The strike ended on March 10. Despite challenges, Comilog remains key to Gabon’s economy. It contributes 600 billion CFA francs ($984.4 million) annually through taxes and local investments. Plans to optimize costs and stabilize production in 2025 will be closely watched, especially amid lingering labor issues and fragile global demand.

Finance

Gabon

Mining

Comilog

Eramet

Cyclone Megan

Australia