TORONTO (miningweekly.com) – Canadian diversified miner Sherritt International has announced that the group of lenders to its 40%-owned Ambatovy nickel and cobalt mine, in Madagascar, have entered into temporary agreement to defer a principal repayment due on Wednesday, to August 5.
The Toronto-headquartered company said an agreement in principle had also been reached on future principal payment deferrals.
While Sherritt continued not to fund cash calls, joint venture partners Sumitomo Corp and Korea Resources provided necessary funding to make an interest payment of $28-million (on a 100% basis) to the lenders on Wednesday.
Ambatovy was expected to produce between 48 000 t and 50 000 t finished nickel this year.