Japan's Sumitomo Corp has suffered impairment losses of 55 billion yen ($513,705,000) from its investment in Madagascar's Ambatovy nickel and cobalt mine in its first financial quarter of 2020, the company said on Monday July 20.
The conglomerate, which owns a majority 47.7% stake in the asset, now values Ambatovy at less than its carrying cost, and has subsequently written off a significant portion of the asset's value.Instead, the company has opted to post an impairment loss for what...