January 28, 2009 / 2:50 PM / 9 years ago

Sherritt says Madagascar project needs restructure

TORONTO, Jan 28 (Reuters) - Sherritt International (S.TO) said on Wednesday its Ambatovy joint-venture nickel project in Madagascar needs to be restructured as it copes with falling nickel prices and mounting costs.

Sherritt also said on a conference call with analysts that it had no updated cost estimate for the project, which is scheduled to be completed in early 2010. But it estimated that it would exceed the earlier figure of $3.4 billion. ($1=$1.21 Canadian) (Reporting by Scott Anderson; Editing by Frank McGurty)

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