Aug. 05, 2016
Ambatovy Nickel Project in Madagascar to agree on Principal Payment Deferrals under the project financing
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) and Korea Resources Corporation (Head Office: Gangwon-do, Korea; President and CEO: Mr.Kim Young-Min) in Madagascar, agreed on six principal payment deferrals under the project financing starting from June 15, 2016, aggregated amount of US$565mil.
With the achievement of the principal payment deferrals, which allows Ambatovy to manage cash flow under current low nickel price environment, the project continues to strengthen competitiveness through high-level, stable operation and further cost reduction.
Corporate Communications Department,