Canada-based nickel miner Sherritt (TSX:S) has struck a deal with its partners at the Ambatovy nickel operation in Madagascar, allowing the company to eliminate $1.4 billion in debt.
Sherritt International Corporation Mining News
Sherritt's dream of lifting Madagascar out of poverty and making a handsome packet for itself from the proceeds of a huge nickel mine appear to be in jeopardy.
Tragedy struck Canadian company Sherritt (TSX:S) on Tuesday, with news that a bridge collapsed, killing four workers.
Sherritt International (TSX:S), the natural resources company with extensive operations in Cuba, saw a whopping 42.9 percent gain between last Monday and Friday, resulting from an announced thaw in US-Cuba relations.
Sherritt International Corp. expects a volatile nickel market this year and next as the global demand picture for the commodity remains unclear, according to its top executive.
Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) today announced changes to the leadership of its senior management team, effective February 1, 2012.
David V. Pathe will take over as Sherritt International Corp.’s chief executive officer from the retiring Ian W. Delaney effective Jan. 1, the company said in a statement.
Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.
Sherritt's Q1 earnings rose 116% over the same quarter a year ago. The company reported net earnings on Thursday of $63.6 million or 22 cents a share. A year ago, the company reported only $29.4 million in net earnings or 10 cents a share. The company's sales volumes were up slightly. Sherritt's sales volumes of nickel, reported in thounsands of pounds, was 9,438 in 2011 and 9,392 in 2010, less than a one per cent increase.
Canadian mining and energy company Sherritt is expecting production declines in Cuba in 2011, Cuba Standard reported: Sherritt, Cuba’s largest foreign investor, said in its fourth-quarter financial report that it expects moderate production declines in […]