off-the-wire

Madagascar’s Ambatovy nickel project companies file restructuring plan

Kitco Media
By Reuters
Published:
Updated:
Reuters
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Madagascar’s Ambatovy nickel project companies filed a debt restructuring plan with an English court on Wednesday, a spokesperson at the project’s major shareholder Sumitomo Corp said.

Sumitomo owns a 54.2% stake in the project companies, Ambatovy Minerals, a mining company, and Dynatec Madagascar, a refining company, while the remaining stake is held by Korea Mine Rehabilitation and Mineral Resources.

The filing is part of their effort to ensure the stable and efficient operation of the project, not a liquidation process, the spokesperson told Reuters.

(By Yuka Obayashi; Editing by Philippa Fletcher)

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