Sherritt International achieves major production milestone at Madagascar nickel project
TORONTO (miningweekly.com) – Pending independent verification, multinational miner Sherritt International has achieved a significant production milestone at its Ambatovy nickel project, in Madagascar, after securing the sixth – and one of the most critical – of ten certificates under the terms of the project’s financing agreement.
TSX-listed Sherritt on Monday announced that Ambatovy had successfully reached an annualised output rate of 54 000 t of nickel, or about 90% of the project’s nameplate capacity, measured over 90 days in a 100-day continuous period.
“This is a significant milestone in the ramp-up at Ambatovy. We have been determined in our pursuit of this goal and achieving this milestone ahead of schedule is a testament to the expertise and talent of the people across our organisation that have contributed to this accomplishment.
“Ambatovy is a long-life asset and an essential part of Sherritt’s strategy as a low-cost nickel producer,” president and CEO David Pathe said.
Under the terms of the Ambatovy financing agreement, Sherritt would need to deliver ten certificates to the lenders to achieve financial completion. The production certificate was one of the most significant certificates, as it related to the production performance of the operations.
Sherritt said it expected to deliver the remaining four certificates, namely efficiency, environmental, financial and legal, as well as other conditions, as they were achieved by September 30. Upon reaching financial completion, the financing would become nonrecourse to the Ambatovy partners.
The Ambatovy Joint Venture (JV) is a vertically integrated nickel and cobalt mining, processing, refining and marketing JV between subsidiaries of Sherritt (40%), Sumitomo (27.5%), Korea Resources (27.5%) and SNC-Lavalin (5%). Sherritt is the operator of the facilities.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation