Hydrometallurgical nickel and cobalt recovery process Sherritt's locations in Madagsacar

Located in Madagascar, Ambatovy is a world-class, large tonnage nickel project that is positioned to be among the world's biggest lateritic nickel mines. Sherritt, the project operator, has a 40% ownership position, Sumitomo and Korea Resources each have a 27.5% stake, and the project's engineering contractor, SNC-Lavalin, has a 5% interest.

Ambatovy is a long-life lateritic nickel project with annual design capacity of 60,000 tonnes of nickel and 5,600 tonnes of cobalt. The mine life is currently projected to be 27 years. Ore characteristics, which are similar to those found at Moa, Cuba, combined with a similar hydrometallurgy operating process, position Sherritt to be a leader in the extraction of nickel and cobalt from lateritic ores using hydrometallurgy.

The Ambatovy mine site is located 80 kilometers east of Antananarivo (the capital of Madagascar) near the city of Moramanga. It is within a few kilometers of the main road and rail system connecting Antananarivo and the main port city of Toamasina on the east coast. The Project will consist of an open-pit mining operation and an ore preparation plant at the mine site. The slurried laterite ore will then be delivered via pipeline to a process plant and refinery located directly south of the Port of Toamasina.

For more information please visit the project site at www.ambatovy.com .

Press Release - Shareholder's Agreement – October 30, 2006

Photo Gallery of the Ambatovy Project - Summer 2008

Executive Summary of the Feasibility Study

Ambatovy Environmental Assessment - August 18, 2006

Environmental Assessment - English

Process Plant Addendum - French

EA Executive Summary - English