In February 2014, Minister of Industry Arnaud Montebourg announced the creation of the state-owned mining company Compagnie Nationale des Mines de France (CMF). CMF will prospect for gold, lithium, germanium and rare earths, among others, in France, French overseas territories and elsewhere around the world.
About 8% of the world’s nickel production and 2% of the world’s cobalt production came from New Caledonia in 2011. New Caledonia was the world’s fifth ranked producer of mined nickel, and its reserves were estimated to be about 12 million metric tons. The country’s cobalt resources were estimated to account for about 4.5% of the world total (USGS 2011 Minerals Yearbook - New Caledonia).