This was the latest in a series of difficult events for Ambatovy
, which has been out of the market since March 2020. The latest impairment charge related to the October-December quarter last year, which was the third quarter of Sumitomo’s 2020 financial year.
“Considering Ambatovy’s past production performance, including the current shutdown, scrutinization and adjustment to the business [and] production plan has been performed to reflect a more reliable [and] stable operation after restart,” Sumitomo said in the release.
“As a result, an additional impairment loss on the [project’s] fixed assets will be booked,” it added....