The Canadian firm Sherritt International has, at the end of last week, signed with its partners Sumitomo Holding and Korea Resources, a definitive agreement for the restructuring of the joint venture managing Ambatovy, Madagascar’s biggest mine. After the drop in prices of nickel recorded over the past years, the project has indeed experienced some profitability issues.
Under the terms of the agreement, which are conform with the agreement in principle announced last May, Sheritt will decrease its stake in the nickel and cobalt project, from 40% to 12%. In this framework, it will transfer to its partners, 28% interests in the project and in return, they will clear part of a debt ($1.3 billion) it owes them.
“The signing of a definitive agreement to restructure our Ambatovy joint venture partnership represents a significant milestone,” said David Pathe (picture), CEO of Sheritt.
Sheritt, despite now being a minority stakeholder, will remain the project’s operator and will keep financing it until 2024. Ambatovy eyes an average annual production of 60,000 tons of nickel, 5,600 tons of cobalt and 190,000 tons of ammonium sulfate, over 29 years.
Louis-Nino Kansoun
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...
PHC targets in-house refining to move up the value chain Project depends on output growth that has slowed in recent years Expansion comes as Congo...
Visa promotes risk-based compliance to strengthen oversight and trust Initiative targets AML gaps as DRC remains on FATF gray list Banks face...
Debt servicing absorbs about 40% of total spending Budget prioritizes infrastructure, security, and human capital Financing relies largely on domestic...
New unit of up to 20,000 agents to protect mining sites and supply chains $100 million initiative backed by the United States and UAE Move targets...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...