#Sherritt considering full exit from #Madagascar mine project to reduce debt
After months of negotiations with its partners, #Sherritt International Corp. is still considering a complete exit from its costly joint venture in #Madagascar as it struggles to reduce its huge debt burden.
The #Toronto-based company owns 40 per cent of the #Ambatovy #Nickel and #Cobalt mine in Madagascar, which cost more than $5-billion (U.S.) to develop. Last year, it announced a $1.6-billion (#Canadian) write down of the value of its stake in the mine, where it is also the operator.
Read more at: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/sherritt-considering-full-exit-from-madagascar-mine-project/article34060053/