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Japan's Sumitomo Mining cuts copper, nickel output for current financial year

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Japan's Sumitomo Mining cuts copper, nickel output for current financial year

Tokyo — Japanese base metal producer Sumitomo Metal Mining said Monday it plans to cut its copper and nickel cathode output in the current financial year ending March 2020 due to plant maintenance and tight feedstock supplies.

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The company plans to produce 420,000 mt of copper cathode in the current April 2019-March 2020 financial year, down 7% from an estimated output of 452,000 mt in the previous financial period. Its Toyo smelter will close for 35 days in October for maintenance.

The copper output of 420,000 mt is the lowest since the 419,500 mt production during the April 2015-March 2016 period.

It plans to produce 62,600 mt of nickel cathode in the current financial year, down 4% from the estimated output of 64,900 mt in the previous period. This is the lowest production since the 57,700 mt output in the April 2014-March 2015 financial year.

Ferronickel production is seen at 13,300 mt for the current financial year, up 7% from the estimated output of 12,400 mt in the previous period.

-- Mayumi Watanabe, mayumi.watanabe@spglobal.com

-- Edited by Norazlina Jumaat, newsdesk@spglobal.com