Conyers Dill & Pearman advised on a complex restructuring by Sherritt International Corporation (the “Company”) of its Ambatovy Joint Venture (“Joint Venture”) with Sumitomo Corporation and Korea Resources Corporation, whereby Sherritt transferred 28% interest in the Joint Venture and eliminated $1.3 billion of related debt from its balance sheet. The Company will continue to serve as operator of the Ambatovy mine, the world’s largest lateritic nickel and cobalt operation until at least 2024. The transaction involved the amendment to several agreements governing the Joint Venture, including related partner loans and the Operating Agreement.
The Company, which has operations in Canada, Cuba and Madagascar, is the world’s largest producers of nickel. They are also the largest independent energy producer in Cuba and has oil and power operations across the island.
Counsel Cora Miller of Conyers’ BVI office advised on the matter working alongside Sullivan & Cromwell, Lexel, Maples, Millbank, Madalaw, Herbert Smith and Stephenson Harwood.