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Project lenders defer some Ambatovy debt payments â Sherritt 2016-08-05Project lenders to TSX-listed Sherritt International’s 40%-owned Ambatovy joint venture (JV), in Madagascar, have agreed to grant the company and its JV partners six principal payment deferrals totalling $565-million. The Ambatovy JV, in which Sumitomo Corporation holds 32.5% and Korea Resources Corporation 27.5%, has debt of $1.6-billion.
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Sumitomo cuts 2016 Ambatovy nickel mine forecast to 42 000 t to 45 000 t 2016-08-01Japanese trading house Sumitomo Corp cut its nickel production estimate at the Ambatovy mine in Madagascar to 42 000 t to 45 000 t, from an earlier estimate of 48 000 to 50 000 tonnes, due to some glitches, executives said on Monday. "We've begun a maintenance at Ambatovy in June, earlier than our previous plan of between summer and autumn, as there had been some glitches in the April-June period," Koichi Takahara, CFO, told an earnings press conference.
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Madagascar's Ambatovy mine says new tax rules halt nickel shipments 2016-02-18The Madagascan arm of Sherritt International said on Thursday containers carrying nickel had been prevented from leaving the island's Toamasina port due to new regulations, and unless the situation changed the mine could only stay open for a week. The $7-billion Ambatovy mining project, 40% owned and operated by Sherritt, has been hit by record low nickel prices and management has been forced to lay off more than 1 000 of its workforce over the past year.
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Ambatovy mine continues to perform 2015-12-08The Ambatovy nickel and cobalt mine, in Madagascar, in which TSX-listed Sherritt International owns a 40% interest, produced 4 006 t of nickel and 283 t of cobalt in November. Production for the month was at about 81% of nameplate capacity.
