Existence of a nickel deposit at Ambatovy and Analamay discovered by the Malagasy Geological Service.

The Syndicat Moramanga – 85% Bureau de Recherches Géologiques et Minières (BRGM) and 15% the UGINE company – determines the site has up to 80 million tonnes of 1.2 – 1.3% nickel.

Prospection continues throughout the 1960s.

Additional studies estimate Mine reserves at this point to be 40 million tonnes.

Creation of Phelps Dodge Madagascar, SARL (PDM).

PDM begins initial feasibility study and environmental and social impact assessment, which are finalized in 1997.

PDM acquires the rights to the Ambatovy deposits and four exploration permits. Exploratory work begins.

Large Mining Investment Act – Loi sur les Grands Investissements Miniers (LGIM) – comes into force providing legal stability and investment incentives.

Multiple Ambatovy exploration permits condensed into a single permit “Number 459″ (23 blocks measuring 14,375 ha).

PDM-Dynatec Corporation joint venture signed creating Dynatec Madagascar, SARL (DMSA).

DMSA conducts exploratory drilling and develops a thorough feasibility study and detailed environmental and social impact assessment. These are completed in 2006.

Dynatec receives 53% interest in Ambatovy.

Dynatec acquires remaining 47% interest in Ambatovy from Phelps Dodge.

Sumitomo Corporation of Japan takes up a 25% stake in the Project which leaves Dynatec as a 75% stakeholder.

Forty-year mining permit granted.

Dynatec is named Project Operator and is joined by SNC-Lavalin Group Inc. with 5%, Kores Resources Corporation (KORES) with 27.5% and Sumitomo Corporation, 27.5%.

Madagascar’s Office National pour l’Environnement (ONE) issues environmental permit.

Ambatovy Project certified by the Government of Madagascar under LGIM.

Sherritt International Corporation purchases Dynatec for approximately US$1.7 billion and is named Project Operator.

Construction ground-breaking ceremony held at the Plant Site on November 7.

Closing of US$2.1 billion project financing from a group of 14 lenders.

Ambatovy named Best Africa Project Finance Deal by EMEA Finance.

Mining of material for stockpiling begins.

Inauguration of the Ambatovy Training Center.

Port expansion completed.

End of construction
Commissioning begins

Operating permit delivered

First shipment of nickel to the international market

Commercial production achieved

ISO 9001:2008 certification acquired for Refining, Analysis, and Shipping

Nedbank Capital Sustainability Business Award

UNAIDS “Best Practice” Award for HIV/AIDS

Excellence in Corporate Responsibility (ECR) Award in the Social Enterprise Creation category

Ambatovy joins the Voluntary Principles on Security and Human Rights (VPSHR) initiative. The VPSHR are a set of principles designed to guide companies in the extractive industry in maintaining the safety and security of their operations within a framework that encourages respect for human rights.

90/90 production test achieved

Financial Completion attained

Partner SNC-Lavalin sells its participation in Ambatovy’s capital to Sumitomo Corporation

Ambatovy’s products are listed on the London Metal Exchange

Syncrude Award for Excellence in Sustainable Development issued by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)

Sherritt reduces its share in Ambatovy’s capital but remains the project operator

Adoption of the Towards Sustainable Mining (TSM) initiative

Payment of first mining royalties to the decentralized territorial collectivities affected by our operations

Sherritt International Corporation exits the Ambatovy project
Ambatovy operations shutdown due to COVID-19 pandemic in March