The Conversation (0)
Sherritt International Corp. (TSX:S) announced its joint venture Ambatovy mine in Madagascar has reached a production rate equivalent to 54,000 tonnes of nickel annually, measured over 90 days in a 100-day continuous period.
Sherritt International Corp. (TSX:S) announced its joint venture Ambatovy mine in Madagascar has reached a production rate equivalent to 54,000 tonnes of nickel annually, about 90 percent of capacity, measured over 90 days in a 100-day continuous period.
As quoted in the press release:
Under the terms of the Ambatovy financing, 10 certificates must be delivered to the lenders to achieve financial completion. The production certificate, which requires Ambatovy to operate at an average of 90 percent of nameplate capacity for 90 days over a 100 day period, is one of the most significant certificates, as it relates to the production performance of the operations. Upon receiving verification of the performance by the lenders’ independent engineer, this will be the sixth certificate completed. The remaining four certificates (efficiency, environmental, financial, and legal and other conditions) are expected to be delivered as they are achieved by September 30, 2015. Upon reaching financial completion, the financing becomes non-recourse to the Ambatovy Partners.
David Pathe, president and CEO of Sherritt International, commented:
This is a significant milestone in the ramp-up at Ambatovy. We have been determined in our pursuit of this goal and achieving this milestone ahead of schedule is a testament to the expertise and talent of the people across our organization that have contributed to this accomplishment. Ambatovy is a long-life asset and an essential part of Sherritt’s strategy as a low-cost nickel producer.
Click here to read the full Sherritt International Corp. (TSX:S)Â press release.