Sumitomo says Ambatovy nickel project in Madagascar resumed March 23

Japanese trading company Sumitomo Corp said on Monday its Ambatovy nickel project in Madagascar resumed operation on March 23 after it had been shut since March last year due to the covid-19 pandemic.

Sumitomo, which owns a 54.17% stake in Ambatovy, said in January that it would book an additional impairment loss of about 30 billion yen ($274 million) on the project in the October-December quarter to reflect the revised output plan, on top of a similar loss of 55 billion yen posted in the April-June quarter last year.