May 1 (Reuters) - Sherritt International Corp S.TO , Korea Resources Corp KOREC.UL and Sumitomo Corp 8053.T , 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.