World Bank Predicts Madagascar’s Economy May Recover On Nickel Project

Reuters reported the World Bank said Madagascar’s economy could grow 2.6 percent next year as inflation slows and it begins work on a nickel mining project.

As quoted in the market news:

The Indian Ocean island’seconomyhas been hobbled since a coup in 2009 that drove away tourists and foreign companies that might have invested in its oil, gold, chrome and nickel reserves.

Next year’s growth could be higher once the $5.5 billion Ambatovy nickel mine goes into production, it said.

Canada’s Sherritt International Corp and its partners received permission in September to begin output at what will be one of the world’s biggest nickel mines, with a production capacity of 60,000 tonnes of refined nickel annually for the next three decades.

Click here to read the full Reuters report.