Ex-Glencore trader part of Ambatovy nickel takeover, documents show

Fri, 01st May 2026 15:26

* Sumitomo to divest 54% stake in Madagascar nickel project

* One of buyer firms ⁠is controlled by ex-Glencore trader Jason Kluk, documents show

* Ambatovy project is currently shut after cyclone damage

LONDON, May 1 (Reuters) - A former head of nickel trading at ‌Glencore is a key figure in the consortium taking over Sumitomo Corp's stake in the Ambatovy nickel project in Madagascar, documents ⁠reviewed by Reuters show.

Jason Kluk, who left the Swiss-based ⁠miner in late 2024, is named in Jersey and UK registration documents as a director of Essenwood Partners, which Sumitomo said was leading the entity acquiring its 54% stake in Ambatovy alongside South African firm Zungu Investments.

Sumitomo said on Friday it was divesting its stake after more than ‌20 years and transferring it to Jersey-based Ambatovy Mineral Resources Investment Holding Co, or AMRI, adding it would incur a $445 million loss on the investment.

Kluk's involvement suggests he is confident of turning round a business that has caused Sumitomo to book cumulative losses of 400 billion yen ($2.6 billion). Kluk and Zungu did not immediately respond to requests for comment. Friday is a public holiday in South Africa.

The deal comes as nickel prices have ‌climbed to around two-year highs after top producer Indonesia announced plans to tighten supply, while sulphur shortages due to the Iran war have pushed the market ‌towards its first deficit since 2021.

Kluk, 39, is listed by the UK companies register as a person with control of 75% or more at Essenwood Partners, and as a director of AMRI by the Jersey Financial Services Commission's registry.

Zungu, a private equity firm founded by South African entrepreneur Zandile Zungu, has stakes in South African thermal coal assets and ‌owns the AmaZulu Football Club.

It was not immediately clear what size stakes Essenwood and Zungu would each hold in AMRI or Ambatovy.

State-owned Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) owns the remaining 46% in Ambatovy, which produced ⁠28,000 metric ⁠tons of nickel and roughly 2,500 tons of cobalt in 2024.

Ambatovy was ‌shut after a cyclone damaged its facilities in February. It plans to resume production in May-June, Sumitomo said, adding it would retain some offtake rights after the deal.

Sumitomo said in a presentation that the AMRI consortium consisted of people with ‌experience in managing nickel businesses with similar technology and scale to Ambatovy, as well as technical capabilities and nickel industry networks.

The deal is expected to complete by the end of September, it said. ($1 = 156.5300 yen) (Reporting by Polina Devitt and Tom Daly. Editing by Pratima Desai and Mark Potter)