Sumitomo Files Debt Overhaul Plan for Madagascar Nickel Mine

Bloomberg08-29

(Bloomberg) -- Sumitomo Corp. has filed a debt restructuring plan to a UK court for its Ambatovy nickel and cobalt project in Madagascar. The plan would allow it to address plant equipment ...

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The Japanese trading house posted an 89 billion yen  impairment on the asset earlier this year. It owns 54% of the project.A glut of low-cost nickel from Indonesia has seen prices of the metal — which is used in electric-vehicle batteries — halve since late 2022, causing many producers to throttle back output.The world’s biggest miner, BHP Group Ltd., said in July it will shut its loss-making Nickel West business in Australia until at least early 2027. Anglo American Plc is the process of looking to either sell or close its nickel unit, while Glencore Plc has moved to halt mining operations on New Caledonia.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4104":"贸易公司与经销商","SSUMF":"Sumitomo Corp.","SSUMY":"Sumitomo Corp."},"translate_title":"住友提交马达加斯加镍矿债务改革计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SSUMF":0.9,"SSUMY":0.9},"content_text":"(Bloomberg) -- Sumitomo Corp. has filed a debt restructuring plan to a UK court for its Ambatovy nickel and cobalt project in Madagascar. \nThe plan would allow it to address plant equipment malfunctions and ensure other improvements, Sumitomo said in a statement on Thursday. The Japanese trading house posted an 89 billion yen ($617 million) impairment on the asset earlier this year. It owns 54% of the project. \nA glut of low-cost nickel from Indonesia has seen prices of the metal — which is used in electric-vehicle batteries — halve since late 2022, causing many producers to throttle back output.\nThe world’s biggest miner, BHP Group Ltd., said in July it will shut its loss-making Nickel West business in Australia until at least early 2027. Anglo American Plc is the process of looking to either sell or close its nickel unit, while Glencore Plc has moved to halt mining operations on New Caledonia.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2463924447"}