CAIRO, May 2 – A former senior trader at Glencore has emerged as a central figure in the consortium acquiring Sumitomo Corporation’s majority stake in the Ambatovy nickel project in Madagascar, according to corporate filings.
Jason Kluk, who departed Glencore in late 2024, is listed in UK and Jersey records as a director of Essenwood Partners, the firm leading the investor group purchasing Sumitomo’s 54% holding in the operation. The acquisition is being executed alongside Zungu Investments through a Jersey-based vehicle, Ambatovy Mineral Resources Investment Holding Co.
Sumitomo confirmed it would exit the project after more than two decades, taking a charge of about $445 million on the divestment. The move follows years of operational challenges at Ambatovy, which have resulted in cumulative losses estimated at around $2.6 billion.
Kluk’s involvement signals confidence in the potential turnaround of one of the world’s largest nickel and cobalt operations. Neither he nor Zungu Investments responded to requests for comment.
The timing of the transaction coincides with strengthening market conditions. Nickel prices have climbed to near two-year highs, supported by supply tightening measures in Indonesia, the world’s largest producer. At the same time, sulphur shortages linked to the Middle East conflict have added further pressure to supply chains, pushing the market toward a potential deficit.
The Ambatovy project, partly owned by South Korea’s state-backed Korea Mine Rehabilitation and Mineral Resources Corporation, produced around 28,000 metric tons of nickel and 2,500 tons of cobalt in 2024. Operations were temporarily halted earlier this year after cyclone damage but are expected to resume in the coming months.
Sumitomo indicated it would retain certain offtake rights even after exiting its equity position. The incoming consortium, it said, brings experience in managing large-scale nickel operations, alongside technical expertise and established industry networks.
