Japan-based Sumitomo Metal Industries, Ltd (SMM) has issued an update regarding its three-year business plan originally announced on February 15, 2010.
In its statement, SMM said that it is aiming to become a major producer by securing a nickel refining capacity of 100,000 mt per year, with a further boost up to a 150,000 mt per year capacity also envisioned.
The company plans to produce 20,400 mt of electrolytic nickel in the first half of the current financial year (FY 2010-11) and 20,600 mt in the second half, totaling 41,000 mt. Sumitomo aims to achieve a 7,800 mt ferronickel output in the first half and 11,000 mt in the second half of the current financial year, totaling 18,800 mt. The production of zinc in the same periods is planned to be 34,700 mt and 43,300 mt respectively with an aggregate of 78,000 mt at the end of the financial year. The current financial year ends on March 31, 2011 in Japan.
The company had planned to produce 68.100 mt zinc, 33,200 mt electrolytic nickel and 16,800 mt ferronickel in the previous financial year. However, actual production data for the year have not been released yet.