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Madagascar Signs Operating Permit for Ambatovy Mine: Report

Madagascar has signed an operating permit allowing Canada's Sherritt International Corp (S.TO) and partners to begin production at what will be one of the world's biggest nickel mines, Reuters reported.

Mines Minister Daniella Rajo Randriafeno said the permit would be valid for six months. During that time, a technical, financial and environmental audit would be carried out by an international firm.

The $5.5 billion Ambatovy mine will have a production capacity of 60,000 tons of refined nickel annually for the next three decades.

Shares in Sherritt were off two cents at $4.70.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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