{"id":36017,"date":"2026-06-09T10:15:00","date_gmt":"2026-06-09T06:15:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=36017"},"modified":"2026-06-09T23:45:10","modified_gmt":"2026-06-09T19:45:10","slug":"sumitomo-ready-to-finance-its-own-exit-from-ambatovy-mine","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2026\/06\/09\/sumitomo-ready-to-finance-its-own-exit-from-ambatovy-mine\/","title":{"rendered":"Sumitomo Ready to Finance Its Own Exit From Ambatovy Mine"},"content":{"rendered":"\n<p>Sumitomo (TOK: 8053) announced that it is prepared to finance the buyers who would take over its 54% stake in the Ambatovy nickel-cobalt mine in Madagascar. The remaining 46% is owned by Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR).<\/p>\n\n\n\n<p>Sumitomo cited persistent losses and plans to register a USD 418  million loss from the deal. Over two decades, Sumitomo invested USD 3 billion into the Ambatovy mine. Over the years, it had great difficulty generating a profit and accumulated USD 2.5 billion in losses. <\/p>\n\n\n\n<p>As part of the deal, Sumitomo has negotiated a long-term offtake agreement with the new owners. The buyer is a Jersey-registered Ambatovy Mineral Resources Investment Holding Corporation (AMRI). AMRI is a joint venture between Essenwook Partners and Zungu Investments, although the exact shareholding was not disclosed at this stage.<\/p>\n\n\n\n<p>The key people are Jason Kluk, director of Essenwood Partners, and Zandile Zungu, who owns the South African private equity firm Zungu Investments. Kluk is well-versed in the nickel business since he was in charge of nickel trading at Glencore. Zungu Investments possesses mostly stakes in coal assets in South Africa, but interestingly, also owns the AmaZulu Football Club. The deal is expected to close by the end of September 2026, subject to the necessary regulatory approvals.<\/p>\n\n\n\n<p>Operations at the Ambatovy mine have been suspended after damage caused by a cyclone. In 2024, Ambotovy produced 28,000 tonnes of nickel and about 2,500 tonnes of cobalt. The deal comes as nickel prices have gone up after Indonesia announced plans to control exports. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sumitomo (TOK: 8053) announced that it is prepared to finance the buyers who would take over its 54% stake in<\/p>\n","protected":false},"author":1,"featured_media":36028,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":0,"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.12 - 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