Seoul, South Korea — MININGREVIEW.COM — 22 November 2010 – The attempted coup in Madagascar is unlikely to have a major impact on plans to start production of nickel from the US$4.65 billion (R32.5 billion) Ambatovy mine in the first half of next year.
In an e-mailed statement issued here, the state-run minerals explorer Korea Resources Corporation said it was watching developments closely. The Seoul-based company is part of a group that holds 27.5% of the project.
Madagascar’s army is trying to persuade about 20 rebel officers to turn themselves in after their attempt to overthrow President Andry Rajoelina failed last Wednesday. The dissident officers are at an army base near the international airport, north of the capital, Antananarivo. “Even if the airport is closed, it won’t affect ongoing work on the project, since most of the construction materials are delivered by ship,” Korea Resources said.
Canada’s Sherritt International Corporation has a 40% stake in the Ambatovy project on the Indian Ocean island, while a Korean group led by Korea Resources and Japan’s third-largest trading company, Sumitomo Corporation, each hold 27.5%.
“At the moment, there’s no impact on the development plan, Koji Furui, a spokesman for Tokyo-based Sumitomo, confirmed by phone.