Japan’s Sumitomo to Divest Stake in Madagascar Nickel Project

Sumitomo Corp. plans to sell its majority stake in the Ambatovy nickel project in Madagascar following a review of market conditions.

The Japanese trading house said it will divest its 54% interest in Ambatovy, one of the world’s largest nickel mining and refining enterprises, during the first half of the current fiscal year to March 2027. The operation has suffered a string of production issues, most recently a devastating cyclone in February.