Madagascar’s Ambatovy nickel project companies filed a debt restructuring plan with an English court in London on Wednesday, a spokesperson at the project’s major shareholder Sumitomo Corp said.
The filing is part of their effort to ensure the stable and efficient operation of the project, not a liquidation process, the spokesperson toldThe spokesperson did not provide details of the debt restructuring plan and future plans for the project, saying “we are still considering all options.” In May, Sumitomo CEO Shingo Ueno said that the company will consider all possible options to decide the best future policy of the Ambatovy project for all stakeholders.
The project produced about 8,000 metric tons of nickel during the April-June quarter, down from about 10,000 tons a year earlier, Sumitomo said in July. It expects an annual production of around 35,000 tons for the year to March 31.