Jason Kluk leads consortium in Ambatovy nickel takeover
Sumitomo is selling its 54% stake in the Ambatovy nickel project to a group led by former Glencore trader Jason Kluk. The deal involves a $445 million loss.
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SUMITOMO CORP will divest its 54% stake in the Ambatovy nickel project in Madagascar to a consortium led by a former GLENCORE PLC executive. The exit triggers a $445M loss for the Tokyo-based firm after 20 years of investment. New leadership aims to reverse cumulative losses of 400B yen ($2.6B) as global nickel prices reach two-year highs.
