SNC-Lavalin exercises option to sell stake in Madagascar nickel project

Wed Sep 30, 2015 5:48pm EDT
 
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Sept 30 (Reuters) - SNC-Lavalin said on Wednesday it has exercised its option to sell its 5 percent stake and the balance of its loans in the Ambatovy Nickel project in Madagascar to Japan's Sumitomo Corp for approximately C$600 million (US$451 million) in cash.

SNC, which was involved in the construction of the Ambatovy project, said the sale is another step in monetizing some assets in its infrastructure concession investments portfolio.

(Reporting by Nicole Mordant in Vancouver; Editing by Tom Brown)