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Home / Metal News / Sumitomo cut forecast for nickel production in Madagascar Ambatovy mine

Sumitomo cut forecast for nickel production in Madagascar Ambatovy mine

Nov 5, 2018 11:32

Source:SMM

SMM11 5th news: Japanese trader Sumitomo commercial co., Ltd. (Sumitomo Corp.) At a news conference on Thursday, Chief Financial Officer Koichi Takahata cut his forecast for nickel production at Madagascar's Ambatovy project for the fiscal year ended March 31 to just over 40, 000 tons, down from the 48000 tons forecast in May. Sumitomo now expects the Ambatovy project to lose 13.6 billion yen this year because of falling production due to bad weather and slow growth due to regular maintenance, after Koichi Takahata, chief financial officer, said at a news conference that the estimated loss was 9.8 billion yen.

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