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Sherritt, Sumitomo take $1.7 bln hit on Madagascar nickel mine

2016-01-13 09:07:07| Grocery - Topix.net

Jan 13 Canada's Sherritt International Corp and Japan's Sumitomo Corp said on Wednesday they would book more than $1.7 billion of losses on their Ambatovy nickel mine in Madagascar, as prices at 12-year lows wreak havoc among miners. The companies had been ramping up production at the 60,000 tonne a year nickel mine, but the prolonged slump in commodities is taking an ever greater toll on miners and traders, forcing losses, asset sales and writedowns, with no end in sight as the new year starts.

Tags: hit mine madagascar nickel

Edinburgh profits fall for Sumitomo

2016-01-12 03:38:36| Grocery - Topix.net

Edgen Murray Europe, the Edinburgh-based steel trading company once owned by Sir David Murray, saw profits fall in its second year under Japanese parent Sumitomo Corporation.. The A 4.4m dividend paid to Japan in the previous 15-month period fell to A 2.3m, as pre-tax profit dropped from A 8.8m to A 4.9m.

Tags: fall profits edinburgh sumitomo