Ambatovy’s mining company paid nearly $44 million in royalties for the 2022 financial year.
On a good run. The nickel and cobalt mining company Ambatovy indicates that it has paid nearly $44 million in taxes, duties and royalties into the coffers of the Malagasy State during the year 2022. The multinational has also spent more than $340 million to purchase goods and services locally. An important contribution from this giant of the extractive sector in Madagascar which remains one of the largest providers of capital in terms of foreign direct investment for the Big Island.
Perspectives
Despite the fact that the firm suffered a decrease in production year-on-year over the past year, due to various factors, it continues to provide tens of thousands of jobs to Malagasy people who constitute 90% of its employees. . For the 2023-2024 financial year, Ambatovy plans to move up a gear. Indeed, the company plans to increase its production of nickel and cobalt. Namely 40,000 tons of nickel produced against 35,000 tons during the previous year. For cobalt, production is expected to increase to 3,600 tonnes from 3,500 tonnes last year. Information that was already announced a few months earlier by Sumitomo Corporation, the Japanese firm that became Ambatovy’s main shareholder in its annual results report for the 2022 financial year. This targeted production capacity would be perfectly possible, subject to the company projections for this year. Indeed, Sumitomo corp mentions the fact that the operations of the multinational Ambatovy should clearly stabilize for this year. This production rate will precisely be maintained for the 2024-2025 financial year. Note that the plant has a maximum production capacity of up to 60,000 tons per year. A volume that has never been reached so far.