Reported about 1 month ago
Sumitomo Corp. has filed a debt restructuring plan with a UK court for its Ambatovy nickel and cobalt project in Madagascar. This plan aims to address equipment malfunctions and facilitate improvements, following an impairment of 89 billion yen ($617 million) on the asset. The company, which holds a 54% stake in the project, is responding to a significant drop in nickel prices due to increased supply from Indonesia.
Source: YAHOO