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Madagascar: Ambatovy mine puts 1,100 employees in technical unemployment with the decline of nickel prices

The mining project (nickel and cobalt) of Ambatovy launched in 2009 and its mineral processing factory located in the East of Madagascar with Canadian, Korean and Japanese shareholders experiences significant difficulties.
In the wake of a reduction in market demand, the Canadian company largest shareholder, Sherritt International, recently decided to put about 12% of staff layoffs. 1,100 workers are thus concerned on some 9,000 employees working at the mine and the processing factory.
With an annual production was expected to reach 60,000 tons of refined nickel, Madagascar wanted to play in the big leagues and even be among the top 10 leading exporter alongside China, Japan, Russia, Canada and Australia.
However in the meantime the price of nickel has continued to drop on world market prices. In 2007, the price of nickel was sold at 52,000 dollars per ton while today it is around 13,000 dollars.


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