Mar. 24, 2015
Ambatovy Nickel Project in Madagascar to Achieve Production Rate of 90% of Nameplate Capacity
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura) announced that Ambatovy Nickel Project (“Ambatovy”), which has an integrated production system encompassing all stages from mining to refinery in collaboration with Sherritt International Corporation (Head Office: Ontario, Canada; President and CEO: Mr.David Pathe), Korea Resources Corporation (Head Office: Seoul, Korea; President and CEO: Dr.Koh Jung-Sik) and SNC-Lavalin Inc. (Head Office: Quebec, Canada; President and CEO: Mr.Robert G. Card) in Madagascar, achieved production rate of 90% of nameplate capacity.
Under the Ambatovy Joint Venture financing, the operation must deliver 10 certificates to achieve financial completion. The production certificate, which requires Ambatovy to operate at an average 90% of nameplate capacity for 90 days over a 100 day period, is one of the most significant certificates, as it relates to the performance of the operations. Upon receiving verification of the performance by the lenders’ independent engineer, it will be the sixth certificate to be delivered to the lenders.
The remaining four certificates (efficiency, environmental, financial, and legal and other conditions) are expected to be delivered as they are achieved by September 30, 2015. Upon reaching financial completion, the Joint Venture financing becomes non recourse to the Ambatovy Partners.
Corporate Communications Department,