Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Sumitomo sees Ambatovy at 50 pct utilisation rate in Jan-March

Published 2018-02-08, 12:20 a/m
© Reuters.  Sumitomo sees Ambatovy at 50 pct utilisation rate in Jan-March
S
-
8053
-

TOKYO, Feb 8 (Reuters) - Sumitomo Corp 8053.T said on Thursday it expects its Ambatovy nickel-cobalt project in Madagascar to run at about a 50 percent utilisation rate in the January-March quarter, rising to 80 percent from April.

The trading house said last week that the project had resumed operations from end-January after halting operations earlier in the month due to cyclone damage. the year to March 31, Ambatovy is expected to produce 33,400 tonnes of nickel, down from 40,500 tonnes a year earlier, Sumitom Corp general manager Hiroyuki Sugai told a news conference.

Sumitomo owns a 47.7 percent stake in Ambatovy, while Canada's Sherritt International Corp S.TO and South Korea's Korea Resources Corp KOREC.UL also hold stakes in the project.

($1 = 109.5600 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.