Sherritt to Resume Shipments from Ambatovy Mine

Mining Weekly reported that Sherritt International Ltd. (TSX:S) will resume shipments from its Madagascar-based Ambatovy mine on Monday. Shipments were halted earlier this month due to new regulations, but the Madagascar government has now confirmed that the company is exempt from a new cargo inspection fee.
As quoted in the market news:

Sherritt, which owned a 40% interest and is the operator on Monday said Ambatovy did not register nor comply with the new $100 Advanced Cargo Declaration (ACD) levy placed on every container shipped through the country’s ports before the deadline, as it believed the Ambatovy operation to be regulated under the Madagascar’s Large Mining Investment Act (LMIA), which preceded the new levy.
The diversified miner argued that the LMIA provided the regulatory and fiscal stability required for a project of this magnitude, and prevented the imposition of new laws and regulations over the life of the mine.
Federal government in December first attempted to implement this new ACD declaration, but Ambatovy was issued a temporary exemption.
No shipments to and from the $8-billion nickel-and-cobalt producing operation were allowed to leave the east-coast port of Toamasina since February 9, prompting Ambatovy to fire warning shots last week that it might have to halt operations if the dispute about its liability to pay the tax were not resolved quickly.
Sherritt did not expect material impacts to production, sales or liquidity resulting from this event.

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