Eramet is up more than 3% following the inauguration of its Centenario direct lithium extraction plant in Argentina, making the group the first European company to produce battery-grade lithium carbonate on an industrial scale.

First production is scheduled for November 2024, with the ramp-up expected to be completed by mid-2025. Phase 1 of Centenario is designed to mine and produce 24,000 tonnes per year at full capacity.

Welcoming this "crucial milestone which should strengthen the Group's profile by anchoring it in the energy transition", Oddo BHF reiterates its "outperform" rating on the mining and metals group's shares, with a price target raised from €157 to €177.

The research firm also points to 'exceptional momentum in manganese, which continues and even seems to be increasing', as well as a still attractive valuation 'while the financial structure is now completely sound'.

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