https://www.engineeringnews.co.za

No material impacts expected at Sherritt’s Ambatovy ops

29th February 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Malagasy shipments of Ambatovy mine operator Sherritt International will resume today after federal government confirmed that the company was exempt from paying a new cargo inspection and fee levy, and once government issues orders allowing port operations to resume.

Sherritt, which owned a 40% interest and is the mine operator, on Monday said Ambatovy did not register nor comply with the new $100 Advanced Cargo Declaration (ACD) levy placed on every container shipped through the country’s ports before the deadline, as it believed the Ambatovy operation to be regulated under Madagascar’s Large Mining Investment Act (LMIA), which preceded the new levy.

The diversified miner argued that the LMIA provided the regulatory and fiscal stability required for a project of this magnitude and prevented the imposition of new laws and regulations over the life of the mine.

Federal government in December first attempted to implement the new ACD declaration, but Ambatovy was issued a temporary exemption.

No shipments to and from the $8-billion nickel-and-cobalt producing operation had been allowed to leave the east-coast Port of Toamasina since February 9, prompting Ambatovy to fire warning shots last week that it might have to halt operations if the dispute about its liability to pay the tax were not resolved quickly.

Sherritt did not expect material impacts on production, sales or liquidity resulting from this event.

Ambatovy currently employed about 8 000 people, including 3 000 direct employees and 5 000 contractor employees. Of these 8 000 people, 94% were Malagasy citizens.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.077 0.129s - 156pq - 2rq
Subscribe Now