Who is Jason Kluk, and what role does he play in the Ambatovy nickel project takeover?

Jason Kluk is the former head of nickel trading at Glencore, who left the Swiss-based miner in late 2024; documents reviewed by Reuters show he is named as a director of Essenwood Partners — the Jersey-based firm leading the acquisition of Sumitomo Corp's 54% stake in the Ambatovy nickel project in Madagascar — and is also listed as a director of AMRI (Ambatovy Mineral Resources Investment Holding Co), the entity acquiring the stake; additionally, UK company registry records identify him as a person with control of 75% or more of Essenwood Partners.

What are the key financial and operational details of Sumitomo’s divestment from Ambatovy?

Sumitomo Corp is divesting its 54% stake in the Ambatovy nickel project after more than 20 years, transferring it to Jersey-based AMRI and expecting to incur a $445 million loss on the investment; the deal is expected to complete by the end of September; Ambatovy was shut down in February due to cyclone damage but plans to resume production in May–June, and Sumitomo will retain some offtake rights post-deal; state-owned KOMIR retains the remaining 46% stake, and Ambatovy produced 28,000 metric tons of nickel and roughly 2,500 tons of cobalt in 2024.

Ex-Glencore Trader Part of Ambatovy Nickel Takeover, Documents Show

May 1, 2026

Former Glencore trader leads consortium acquiring Sumitomo's stake in Madagascar's Ambatovy nickel project. Deal arrives as nickel prices hit two-year highs amid tightening global supply.

reuters

2026-05-01

Ex-Glencore Trader Part of Ambatovy Nickel Takeover, Documents Show

Ex-Glencore Trader Part of Ambatovy Nickel Takeover, Documents Show

FAQ