Aluminum Copper Lead

Sumitomo to book additional 30 bln yen impairment on Madagascar nickel project

Japan's Sumitomo Corp 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.