TSXV:FCO.H - Post by User
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tresspaseron Feb 18, 2018 8:00pm
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Madagascar Cobalt, Cyclone damage upate
Madagascar Cobalt, Cyclone damage upateRecall the Madagascar Ambatovy mine was out of commission in January because of Cyclone damage. Here is an update. Basically, they will be at 50% through march, and ostesibily only 80% past April for a least some period (if I read it correctly).
Sumitomo sees Ambatovy at 50% utilisation rate in Jan to March
8TH FEBRUARY 2018
TOKYO – Sumitomo said on Thursday it expects its Ambatovy nickel/cobalt project in Madagascar to run at about a 50% utilisation rate in the January-March quarter, rising to 80% from April.
The trading house said last week that the project had resumed operations from end-January after halting operations earlier in the month due to cyclone damage.
For the year to March 31, Ambatovy is expected to produce 33 400 t of nickel, down from 40 500 t/y earlier, Sumitomo Corp general manager Hiroyuki Sugai told a news conference.
Sumitomo owns a 47.7% stake in Ambatovy, while Canada's Sherritt International and South Korea's Korea Resourcesalso hold stakes in the project.