Critical metals, defense, digital… Sovereignty, priority of the State shareholder

The State Participation Agency, or APE: the name is little known, but current events are putting it back in the spotlight. It is via this APE that the French State will become the largest shareholder of the Eramet mining group, during a capital increase announced on the evening of October 12. Already holding 27.1% of the capital, the APE will approach 50%.

This operation clearly shows the evolution of the State's strategy as an investor, influenced by geopolitical developments in recent years, from Covid to the Gulf crisis via the war in Ukraine. From now on, the priority is on sovereignty issues, whether this directly concerns defense, digital technology or even the supply of raw materials deemed critical. The rise in the capital of Eramet, a specialist in critical metals, is an example. There are others in the operations carried out by the APE. It has thus carried out two major operations over the course of twelve…