• The Ambatovy Joint Venture (Ambatovy) is one of the most ambitious industrial undertakings in the history of Madagascar
  • Ambatovy is a long-life nickel and cobalt mining enterprise that commenced operations and reached commercial production in January 2014. In September 2015, the company reached Financial Completion
  • At a total cost of c.$8 billion, Ambatovy is the largest foreign investment in the history of Madagascar and one of the largest in sub-Saharan Africa
  • The project is currently a partnership between Sumitomo Corporation (headquartered in Japan) and Komir (headquartered in Korea) who largely financed the endeavour
  • This was combined with $2.1 billion of senior loans provided by an international syndicate of export credit agencies, multilateral lenders and commercial banks 
  • Ambatovy commenced discussions with its stakeholders to address its capital structure and raise sufficient liquidity to support the business through the pandemic, as well as fund the re-start of operations 


  • DC supported the management team over a 12-month period, by:
    • Coordinating multiple workflows and discussions with numerous third parties, including accountants, consultants, and lawyers
    • Advising the shareholders and Ambatovy’s management team in the negotiations with lenders - including general strategy and tactics, several short-term waivers, and the provision of bridge financing 
    • Developing and maintaining the operational and financial model, underpinning the commercial analysis of different capital structure scenarios 


  • Ambatovy has emerged as a stabilised enterprise, with a strengthened liquidity profile, a sustainable capital structure, and flexibility to allow the management team to implement their business plan to grow the business