Japanese trading house Sumitomo Corp booked one-off losses of about 15-billion yen ($137-million) on the Ambatovy nickel/cobalt project in Madagascar in the October to December quarter and cut its nickel output estimate for the current year for the project.
The losses include about 10-billion yen due to lower-than-expected production and about 5-billion yen on the disposal of some fixed assets and appraisal of ore inventories, Sumitomo CFO Koichi Takahata told a news conference.