Partners & Lenders


Ambatovy is a US$8 billion enterprise held by three shareholders: Sherritt International Corporation, the Project’s Operator, Sumitomo Corporation, and Korea Resources Corporation.

Entrance of the Plant Site


Ambatovy received US$2.1 billion in debt financing from 14 lenders. This consortium includes government-sponsored export credit agencies, international development banks, and commercial banks from around the world. Ambatovy’s financing arrangement was named the “Europe, Middle-East and Africa Mining Deal of the Year” in 2007 by Project Finance International and represents the largest-ever project financing in sub-Saharan Africa.

Government-Sponsored Export Credit Agencies and International Development Banks

  • African Development Bank
  • European Investment Bank
  • Export Development Canada
  • Export-Import Bank of Korea
  • Japan Bank for International Cooperation

Commercial Banks

  • Bank of Tokyo Mitsubishi UFJ
  • BNP Paribas
  • CrĂ©dit Agricole CIB
  • ING Bank N.V.
  • Mizuho Corporate Bank
  • Shinhan Bank
  • SociĂ©tĂ© GĂ©nĂ©rale
  • Sumitomo Mitsui Banking Corporation
  • Woori Bank

Very High Accountability Standards

Under the terms of the lending agreement, Ambatovy is required to adhere to stringent national and international standards for environmental management, social engagement, and other business practices. These standards include the Equator Principles and the World Bank Group’s International Finance Corporation Performance Standards. Ambatovy is audited several times per year by independent third-party experts who report to the lenders.