15
Jan
09:07
Sumitomo warns of further impairments after nickel write-down
Japan’s Sumitomo Corporation took a JPY 77 billion ($656 million) write-down on a nickel mining project in Madagascar last week. More worryingly, it revised its earnings forecasts to “… undetermined” and warned that further write-downs could be coming, Kallanish notes.
Sumitomo owns 32.5% of Ambatovy Minerals and Dynatec Madagascar, which hope eventually to produce some 60,000 tonnes/year of refined nickel. The slump in nickel …
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Very good overview of the weekly steel market.
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