Sumitomo CEO: Future Outlook For Nickel Prices Will Be A Key Factor In Determining Ambatovy’S Strategy Going Forward
Oct 31 (Reuters) -Sumitomo Corp 8053.T:
SUMITOMO CORP ON AMBATOVY PROJECT IN MADAGASCAR: PRODUCTION DECLINED COMPARED TO FY2023 Q1-2 DUE TO UTILITY PLANT ISSUE AT THE END OF DEC. 2023
SUMITOMO CORP ON AMBATOVY PROJECT IN MADAGASCAR: PRODUCTION WAS HALTED AT THE END OF SEP. 2024 DUE TO DAMAGE TO THE SLURRY PIPELINE
SUMITOMO CORP ON AMBATOVY PROJECT IN MADAGASCAR: NO EQUITY IN LOSSES IS RECOGNIZED IN OUR CONSOLIDATED ACCOUNTS, AS THE CARRYING VALUE OF THE INVESTMENT IN THE PROJECT IS NOW ZERO
SUMITOMO CORP ON AMBATOVY PROJECT IN MADAGASCAR: PRODUCTION HAS BEEN RESUMED AT THE END OF OCT. 2024; FUTURE PRODUCTION PLANS UNDER REVIEW
SUMITOMO CORP ON AMBATOVY PROJECT: WE WILL KEEP CONSIDERING ALL OPTIONS TO IDENTIFY THE BEST POLICY GOING FORWARD FOR ALL RELATED STAKEHOLDERS
SUMITOMO CORP CEO: WE MAY NEED TO PROVIDE ADDITIONAL FUNDS NECESSARY TO CONTINUE AMBATOVY OPERATIONS IN MADAGASCAR, DEPENDING ON NICKEL PRICES AND OPERATION COSTS
SUMITOMO CEO: IF THAT CASH IS NOT EXPECTED TO BE RECOVERED FROM AMBATOVY PROJECT, IT MAY BE SUBJECT TO OUR IMPAIRMENT LOSS
SUMITOMO CEO: OUR PRIORITY FOR AMBATOVY PROJECT IS TO RESTORE PRODUCTION BEFORE CONSIDERING ALL AVAILABLE OPTIONS
SUMITOMO CEO: WE ARE NOT CURRENTLY CONSIDERING WITHDRAWAL FROM AMBATOVY
SUMITOMO CEO: NICKEL PRICES HAVE NOT RISEN AS MUCH AS PREVIOUSLY ANTICIPATED DUE TO EXPANSION OF INDONESIA SUPPLY
SUMITOMO CEO: FUTURE OUTLOOK FOR NICKEL PRICES WILL BE A KEY FACTOR IN DETERMINING AMBATOVY’S STRATEGY GOING FORWARD
Source text: [ID:]
Further company coverage: 8053.T
Reporting by Yuka Obayashi
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