Sumitomo to book additional 30 bln yen impairment on Madagascar nickel project
Time:Mon, 25 Jan 2021 08:57:46 +0800
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Japan's Sumitomo Corp 8053.T said on Monday it will book an additional impairment loss of about 30 billion yen ($289 million) on its Ambatovy nickel project in Madagascar for the October-December quarter to reflect the revised output plan. The Japanese trading house, which owns a 54.17% stake in the project, posted an impairment loss of 55 billion yen for the April-June quarter last year because of the suspension of the mine's operation amid the COVID-19 pandemic and its downward revision of nickel price outlook. Sumitomo's annual net loss of 150 billion yen for the year to March 31, 2021, will remain unchanged, it said. ($1 = 103.7700 yen)
