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Sumitomo Corp resumes production at Ambatovy, withdraws nickel output outlook

Japanese trading house Sumitomo Corp stated on Thursday it had actually resumed production at the Ambatovy nickel and cobalt task in Madagascar at endOctober after a pipeline issue a month before, but is evaluating future output volumes.

Sumitomo has actually been having a hard time to stabilise production and improve success at the Ambatovy project, which released in 2005.

The job produced about 10,000 metric tons of nickel in April-September, or a half of the volume in the exact same period a. year earlier, the company said on Thursday, without supplying a complete. year output forecast, which it stated is under evaluation.

It had previously anticipated yearly nickel production at. Ambatovy of 35,000 heaps for the year to March 31.

Sumitomo owns a 54.2% stake in the task business -. Ambatovy Minerals, a mining company, and Dynatec Madagascar, a. refining company - while the remaining stake is held by Korea. Mine Rehab and Mineral Resources.

As an investor of this project, we will keep considering. all choices to determine the very best policy going forward for all. related stakeholders, Sumitomo said in its financial results. presentation.

The company published a net earnings of 254 billion yen ($ 1.7. billion) for the six months to September, down 11% from the. corresponding duration a year back, partly struck by weak coal. rates.

In the April to September period last year, Sumitomo's web. profit was 285 billion yen. The business kept its net revenue. forecast for the to March 2025 unchanged at 530. billion yen.

(source: Reuters)