Ambatovy mine
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| Location | |
|---|---|
  Ambatovy | |
| Location | Moramanga |
| Regions | Atsinanana and Alaotra Mangoro |
| Country | Madagascar |
| Coordinates | 18°50′42″S 48°18′25″E / 18.845°S 48.307°E |
| Production | |
| Products | Nickel Cobalt Ammonium sulfate |
| Type | surface |
| History | |
| Discovered | 1960 |
| Opened | 2012 |
| Owner | |
| Company | Sumitomo Corporation (54.18%) Korea Mine Rehabilitation and Mineral Resources Corporation {KOMIR) (45.82%)[1] |
| Website | ambatovy |
| Year of acquisition | 2015 |
The Ambatovy mine is a large open cut lateritic nickel-cobalt mine located in Madagascar, off the east coast of Africa. The largest mine in the country, it is a major contributor to the economy of Madagascar.
Several exploration permits for the site were acquired by Phelps Dodge in 1995. In 2004 and 2005 Phelps Dodge sold its interest in the project to Dynatec Mining Limited, a Canadian company.[2] Dynatec began mine development in 2007, backed by international development groups including the European Investment Bank.[3][4] Sherritt International acquired Dynatec and later transferred majority control of the mine in a debt for equity swap to the Japanese Sumitomo Corporation.[4] The rest of equity in the mine is held by the Korean State-owned Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR).[1][5]
Until 2020, when production was suspended due to the COVID-19 pandemic in Madagascar, the mine was producing 4,000 tonnes of refined cobalt and almost 40,000 tonnes of refined nickel every year.[6][4] Operations resumed in March 2021.[7] After running at a loss from 2014 to 2020, the mine became profitable in 2021, especially after a large increase in nickel prices due to the Russian invasion of Ukraine.