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Sherritt, Ambatovy project partners agree to revise joint venture

May 1 (Reuters) - Sherritt International Corp, Korea Resources Corp and Sumitomo Corp, partners in the Ambatovy nickel operation in Madagascar, have agreed in principle to revise their joint venture agreement, Sherritt said on Monday.

As a result, Sherritt's stake in the joint venture will be reduced to 12 percent from 40 percent in exchange for the elimination of $1.4 billion of loans it needed to repay, Sherritt said in a statement. (Reporting by Nicole Mordant in Vancouver; Editing by Leslie Adler)