No material impacts expected at Sherritt’s Ambatovy ops
TORONTO (miningweekly.com) – Malagasy shipments of Ambatovy mine operator Sherritt International will resume today after federal government confirmed that the company was exempt from paying a new cargo inspection and fee levy, and once government issues orders allowing port operations to resume.
Sherritt, which owned a 40% interest and is the mine operator, on Monday said Ambatovy did not register nor comply with the new $100 Advanced Cargo Declaration (ACD) levy placed on every container shipped through the country’s ports before the deadline, as it believed the Ambatovy operation to be regulated under Madagascar’s Large Mining Investment Act (LMIA), which preceded the new levy.
The diversified miner argued that the LMIA provided the regulatory and fiscal stability required for a project of this magnitude and prevented the imposition of new laws and regulations over the life of the mine.
Federal government in December first attempted to implement the new ACD declaration, but Ambatovy was issued a temporary exemption.
No shipments to and from the $8-billion nickel-and-cobalt producing operation had been allowed to leave the east-coast Port of Toamasina since February 9, prompting Ambatovy to fire warning shots last week that it might have to halt operations if the dispute about its liability to pay the tax were not resolved quickly.
Sherritt did not expect material impacts on production, sales or liquidity resulting from this event.
Ambatovy currently employed about 8 000 people, including 3 000 direct employees and 5 000 contractor employees. Of these 8 000 people, 94% were Malagasy citizens.
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