Japan’s Sumitomo Corp. to sell its Madagascar nickel mine business
Business trends
Trading house to post $540m non-operating loss over Ambatovy deal with UK firm
Sumitomo Corp. is withdrawing from a loss-making nickel mine project in Madagascar. (Photo by Yuki Nakao)
TOKYO — Japanese trading house Sumitomo Corp. said on Friday that it will sell its entire stake in the Ambatovy nickel mine project in Madagascar, which had been a drag on the company.
