Sherritt International achieves major milestone in Madagascar nickel project

mining-ReneSchwietzke-flickrCanadian resource company Sherritt International has achieved 90 per cent of its targeted output from the Ambatovy nickel project in Madagascar

The company has achieved an annualised output rate of 54,000 tonnes of nickel, which is 90 per cent of the project capacity, stated Sherritt International officials. This was measured and accomplished over 90 days in a 100-day continuous period.

David Pathe, CEO of Sherritt International, said, “This is a significant milestone in the ramp-up at Ambatovy. We have been determined in our pursuit of this goal and achieving this milestone ahead of schedule is a testament to the expertise and talent of the people across our organisation that have contributed to this accomplishment. Ambatovy is a long-life asset and an essential part of Sherritt’s strategy as a low-cost nickel producer.”

The nickel project, has secured the sixth and most critical of ten certificates under the terms of the project's financing agreement. Under the terms of the Ambatovy financing agreement, Sherritt would need to deliver ten certificates to the lenders to achieve financial completion. The production certificate was one of the most significant certificates, as it related to the production performance of the operations.

Sherritt International said it expected to deliver the remaining four certificates – efficiency, environmental, financial and legal, as well as other conditions. Upon reaching financial completion, the financing would become non‑recourse to the Ambatovy partners.

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