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.
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)
(By Yuka Obayashi; Editing by Tom Hogue)