Sherritt delaying Ambatovy project in Madascar

Nov 25, 2008 | 10:51 AM | Mick Bowen

Sherritt International Corp. said it would slow down construction work to cut costs at its Ambatovy nickel project in Madagascar, which could cause delays to the project's completion.

Toronto-based Sherritt blamed "lower commodity prices and rapidly declining construction activities worldwide" for the delay, but stressed that it and its partners—Sumitomo Corp., Tokyo; Korea Resources Corp., Seoul, South Korea; and SNC-Lavalin Group Inc., Montreal—remained "committed" to finishing the $3.3-billion project. Sherritt is the project operator and owns....

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