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4-Traders Homepage  >  Equities  >  Tokyo  >  Sumitomo Corp    8053   JP3404600003

SUMITOMO CORP (8053)
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Sumitomo : Sherritt gives partners bigger stake in nickel mine for debt relief

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05/02/2017 | 05:36am CEST

(Reuters) - Sumitomo Corp (>> Sumitomo Corp) said on Tuesday it and Korea Resources Corp (Kores) [KOREC.UL] will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt International Corp (>> Sherritt International Corp).

(Reuters) - Sumitomo Corp (>> Sumitomo Corp) said on Tuesday it and Korea Resources Corp (Kores) [KOREC.UL] will get a larger stake in the Ambatovy nickel project in Madagascar, as part of a debt restructuring deal with partner Sherritt International Corp (>> Sherritt International Corp).

Sherritt's stake in the project will be reduced to 12 percent from 40 percent in exchange for the elimination of C$1.4 billion ($1.02 billion) of debt owed to Sumitomo and Kores, according to the revised joint venture agreement.

The revised terms "removes the largest area of uncertainty for both Ambatovy and Sherritt," Sherritt Chief Executive David Pathe said on Monday.

Sumitomo's stake will increase to 47.7 percent from 32.5 percent and Kores' share will climb to 40.3 percent from 27.5 percent, Sumitomo said.

Toronto-based Sherritt said it will remain the operator of Ambatovy, which consists of a nickel-cobalt mine and processing and refining facilities, until at least 2024.

The deal is expected to be finalized by the end of September, a Sumitomo spokeswoman said.

Sumitomo's total exposure to the Ambatovy project was around $1.7 billion, including about $600 million loans to Sherritt.

Sumitomo said in February nickel output at Ambatovy reached 42,100 tonnes in 2016, and was expected to rise to 48,000-52,000 tonnes this year.

But Sherritt said last month that Ambatovy nickel production in the first quarter of this year was down 14 percent from a year ago, and down 25 percent from the previous quarter.

(Reporting by Nicole Mordant in VANCOUVER and Yuka Obayashi in TOKYO; Editing by Leslie Adler, James Dalgleish and Randy Fabi)

Stocks treated in this article : Sherritt International Corp, Sumitomo Corp
Stocks mentioned in the article
ChangeLast1st jan.
LME NICKEL CASH 0.13% 15265 End-of-day quote.20.29%
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Financials ( JPY)
Sales 2019 4 570 B
EBIT 2019 -
Net income 2019 319 B
Debt 2019 2 420 B
Yield 2019 3,77%
P/E ratio 2019 7,56
P/E ratio 2020 7,31
EV / Sales 2019 1,05x
EV / Sales 2020 1,02x
Capitalization 2 390 B
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 2 075  JPY
Spread / Average Target 8,6%
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Managers
NameTitle
Kuniharu Nakamura Chairman & Chief Executive Officer
Masayuki Hyodo President
Koichi Takahata CFO, Representative Director & Head-Finance
Masao Tabuchi Representative Director & Head-Planning
Naoki Hidaka Representative Director & Executive Vice President
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