South African billionaire Sandile Zungu, Ex-Glencore trader Jason Kluk to take over Sumitomo's failed Madagascar nickel mine
Billionaires Africa | 02.05.2026 08:50
A former head of nickel trading at Glencore has emerged as the driving force behind a consortium acquiring Sumitomo Corp's failing stake in the Ambatovy nickel project in Madagascar, with South African billionaire Sandile Zungu's investment firm joining the deal as the African partner in a takeover that will cost the Japanese trading house $445 million in exit losses, Reuters reported on May 1.
