Sumitomo : Ambatovy Nickel Project in Madagascar to agree on Principal Payment Deferrals under the project financing
August 05, 2016 at 12:20 am EDT
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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.
Sumitomo Corporation published this content on 05 August 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 August 2016 04:20:04 UTC.
Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=29486
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Sumitomo Corporation is a diversified group organized around 7 areas of activity:
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- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
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