Documents obtained by media reveal that Jason Kluk, the former head of nickel trading at Glencore, is a key figure in the consortium acquiring Sumitomo Corporation's stake in the Ambatovy nickel mine project in Madagascar. The documents indicate that Kluk is listed as a director of Essenwood Partners in registration files from Jersey and the United Kingdom. Sumitomo Corporation stated that Essenwood Partners, together with the South African company Zungu Investments, is leading the acquisition of its 54% stake in Ambatovy. This stake will be transferred to Ambatovy Mineral Resources Investment Holding Company in Jersey. Sumitomo expects to record a loss of $445 million from this transaction. Kluk left Glencore at the end of 2024. The 39-year-old is listed as the controller of Essenwood Partners in UK company registry filings, holding over 75% of the shares. Kluk's involvement signals his confidence in turning around the operational performance of Ambatovy. The project had previously led to cumulative losses of 400 billion yen for Sumitomo. This transaction coincides with nickel prices rising to their highest level in approximately two years. Indonesia plans to tighten supply, while a sulfur shortage caused by the war in Iran is pushing the market towards its first supply deficit since 2021. The Korea Mine Rehabilitation and Mineral Resources Corporation holds the remaining 46% stake in the project. Ambatovy suspended production in February due to cyclone damage to its facilities and is expected to resume operations between May and June. The transaction is anticipated to be finalized by the end of September.