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Electric vehicle growth puts pressure on nickel supply

By: Robyn Wilkinson     8th December 2017 Global research and consultancy firm Wood Mackenzie estimates that nickel demand for electric vehicle (EV) batteries will increase from about 40 000 t in 2016 to 220 000 t in 2025, as demand for hybrid, plug-in and full EVs grows in developed countrie 

Sherritt formalises restructuring of Ambatovy JV

By: Henry Lazenby     10th November 2017 Canadian diversified miner Sherritt International has signed a definitive agreement to restructure the Ambatovy Joint Venture (JV), which will see Sherritt transfer its 28% stake in return to eliminate debt from its balance sheet. Under the terms of the JV restructuring, which was first revealed... 

Sherritt narrows Q3 loss as higher commodity prices, lower costs boost the bottom line

By: Henry Lazenby     26th October 2017 Canadian diversified miner Sherritt International has reported improved headline earnings for the three months ended September, as higher realised prices for nickel, cobalt and oil and lower unit operating costs, mainly for nickel and electricity boosted earnings. Excluding special items, the net... 

Sherritt rings TSX opening bell in celebration of 90 years in business

By: Henry Lazenby     22nd June 2017 Canadian diversified miner Sherritt International on Thursday rang the opening bell of the TSX in celebration of the company’s 90 years of operations and 21 years being listed on Canada’s largest stock exchange. Senior VP for human resources Karen Trenton had the honour of opening the market for... 

Sherritt scales back Ambatovy ownership, to remain operator

By: Henry Lazenby     2nd May 2017 Canadian diversified miner Sherritt International has reached agreement with its joint venture (JV) partners to reduce its interest in the Ambatovy nickel/cobalt mine, in Madagascar, from 40% to 12%. Sherritt, which derives about a quarter of its revenue from Ambatovy, has long ceased funding... 

Sherritt narrows Q1 headline loss

By: Henry Lazenby     27th April 2017 Canadian diversified miner Sherritt International has increased headline earnings in the March quarter as significantly higher nickel, cobalt and oil prices boosted the bottom line. The Toronto-based company reported a loss, adjusted for special items, totalling C$82.7-million, or C$0.25 a share... 

Sherritt to ramp up 2017 capex as it resumes oil & gas drilling, Ambatovy charges

By: Henry Lazenby     18th February 2017 Diversified miner Sherritt International says it expects to increase capital expenditure (capex) on new mining development and fleet upgrades this year. The Toronto-headquartered company said the majority of its $129-million capex budget for this year will be focused on completing the first Block... 

Four Sherritt Moa employees dead in municipal bridge collapse

By: Henry Lazenby     24th November 2016 Four employees of Canadian diversified miner Sherritt International have died after a municipal bridge they were working on collapsed Tuesday, the company announced Wednesday. According to TSX-listed Sherritt, the bridge is over a shallow river, and is the main access from the local town and port... 

Sherritt restarts producton at Cuba-based Moa mine

By: Henry Lazenby     13th October 2016 Operations have resumed at Canadian diversified miner Sherritt International's Moa joint venture mine and high-pressure acid leach operations in eastern Cuba, with minimal damage in the wake of Hurricane Matthew. Hurricane Matthew was a Category 4 storm when it swept across eastern Cuba late on... 

Project lenders defer some Ambatovy debt payments – Sherritt

By: Creamer Media Reporter      5th August 2016 Project lenders to TSX-listed Sherritt International’s 40%-owned Ambatovy joint venture (JV), in Madagascar, have agreed to grant the company and its JV partners six principal payment deferrals totalling $565-million. The Ambatovy JV, in which Sumitomo Corporation holds 32.5% and Korea Resources... 

Sherritt’s second-quarter net loss per share widens by 119%

By: Samantha Herbst     26th July 2016 As nickel prices remained under pressure in the three months to June 30, with reference prices averaging $4/lb, TSX-listed diversified miner Sherritt International has reported a 119% wider net loss a share from continuing operations in the second quarter, which translates to a 44% wider net loss... 

Ambatovy JV defers principal payment, Sherritt continues not to fund cash calls

By: Henry Lazenby     15th June 2016 Canadian diversified miner Sherritt International has announced that the group of lenders to its 40%-owned Ambatovy nickel and cobalt mine, in Madagascar, have entered into temporary agreement to defer a principal repayment due on Wednesday, to August 5. The Toronto-headquartered company said an... 

Sherritt widens headline loss as low oil, metals prices hurt Q1 financials

By: Henry Lazenby     27th April 2016 Diversified miner Sherritt International has reported a 79% wider adjusted loss year-on-year in the first quarter, as nickel, cobalt and oil prices have plunged during the period. Excluding special items of about C$79.1-million, Toronto-based Sherritt recorded an adjusted loss of... 

No material impacts expected at Sherritt’s Ambatovy ops

By: Henry Lazenby     29th February 2016 Malagasy shipments of Ambatovy mine operator Sherritt International will resume today after federal government confirmed that the company was except from paying a new cargo inspection and fee levy, and government issues orders allowing port operations to resume. Sherritt, which owned a 40%... 

Sherritt in talks with Madagascar govt to end tax dispute

By: Henry Lazenby     23rd February 2016 Diversified Canadian miner Sherritt International on Tuesday said it had no intentions of changing the full-year guidance for its share of nickel production from the Ambatovy nickel/cobalt joint-venture operation, in Madagascar, despite the possibility that a shipping tax dispute could halt... 

Ambatovy mine continues to perform

By: Creamer Media Reporter      8th December 2015 The Ambatovy nickel and cobalt mine, in Madagascar, in which TSX-listed Sherritt International owns a 40% interest, produced 4 006 t of nickel and 283 t of cobalt in November. Production for the month was at about 81% of nameplate capacity. 

Sherritt widens loss as lower commodity prices weigh

By: Henry Lazenby     28th October 2015 Diversified miner Sherritt International has increased its net loss by C$158.7-million during the third quarter ended September, as lower prices for nickel, cobalt and oil and gas products weighed on its bottom line. The Toronto-based firm reported a net loss from continuing operations of... 

Sherritt clips 2016 budget, suspends quarterly dividend

By: Henry Lazenby     18th September 2015 To protect its balance sheet in the face of depressed commodity prices, TSX-listed Sherritt International after market close on Thursday announced that the board had decided to suspend the C$0.01 a share quarterly dividend and to implement significant capital spending cuts in 2016. Capital... 

Worker dies at Sherritt’s Ambatovy operation, Madagascar

By: Henry Lazenby     21st August 2015 A contract worker has died from head injuries after being struck by a falling tree at diversified miner Sherritt International’s Ambatovy joint-venture (JV) project, in Madagascar. TSX-listed Sherritt reported that an employee of a tree-clearing contractor was working  in a future mining area on... 

Thawing diplomatic relations rekindle prospects of US investment in Cuba’s mining and petroleum sectors

By: Ilan Solomons     14th August 2015 Re-establishing diplomatic relations between Cuba and the US after 54 years has rekindled fresh hopes that Cuba’s mining and petroleum industries will benefit from potential US investment in these sectors. On January 15, the US Department of Commerce and the Treasury published regulatory... 

Looming cobalt market deficit to spur investment interest 

By: Henry Lazenby     7th August 2015 Cobalt has undergone somewhat of a transformation over the past five years, in step with the new emerging applications in the booming battery business that have driven a three-fold demand increase. Despite being a smaller industry than its battery raw material counterparts – roughly half the size... 

Sherritt's Madagascar Ambatovy project puts in strong July performance

By: Henry Lazenby     6th August 2015 Multinational miner Sherritt International has reported much-improved quarter-over-quarter operating metrics at its Ambatovy nickel/cobalt project, in Madagascar. For July, finished nickel output was 1 694 t (4 236 t on a 100% basis), or about 83% of nameplate capacity, and finished cobalt output... 

PearTree appoints new president, head of mining

By: Sashnee Moodley     26th June 2015 PearTree Securities, a subsidiary of PearTree Financial Services, the originator of flow through donation financing in Canada, has appointed Trent Mell PearTree president and head of mining.  

Madagascar nickel project suffers another setback

By: Henry Lazenby     4th June 2015 Diversified Canadian resource company Sherritt International has suffered another setback at the Ambatovy nickel/cobalt project, in Madagascar. Strikes at both the mine and plant, and a transformer failure had choked the operation’s ability to ramp up to the coveted 90% of design capacity for 90... 

Strike action hinders Sherritt's Ambatovy project from finding stride

By: Henry Lazenby     6th May 2015 Strike actions involving a portion of Sherritt International’s workforce at the Ambatovy mine and, subsequently, at the Ambatovy plant, in Madagascar, was hindering the operation’s ramp-up to commercial production. For April, finished nickel output was 1 244 t, or 3 110 t on a 100% basis, about... 

Sherritt International confirms strike action at Madagascar plant

By: Henry Lazenby     15th April 2015 Diversified Canadian miner Sherritt International confirmed on Wednesday that certain employees were partaking in strike action at its Ambatovy nickel/cobalt plant, near Toamasina, Madagascar. The strike followed a short similar action at the Ambatovy mine last month, which, together with... 

Mining companies risk competitive edge without more women on board

By: Simon Rees     13th April 2015 Canadian mining companies should have more women on their boards to sharpen their competitive edge, increase diversity and boost creativity, Patrice Merrin told an audience at the Women in Mining Toronto branch last week. Among her many roles, Merrin was currently a corporate director on the... 

Ambatovy ramp-up continues despite reduced output in March

By: Henry Lazenby     6th April 2015 Diversified Canadian miner Sherritt International has advised that finished nickel output at its Ambatovy project, near Moramanga, Madagascar, was lower than expected owing to a plant shutdown in late February following a hydrogen sulphide gas release and a recent strike. For March, finished... 

Sherritt International achieves major production milestone at Madagascar nickel project 

By: Henry Lazenby     23rd March 2015 Pending independent verification, multinational miner Sherritt International has achieved a significant production milestone at its Ambatovy nickel project, in Madagascar, after securing the sixth – and one of the most critical – of ten certificates under the terms of the project’s financing... 

Ambatovy marches towards commercial production

By: Henry Lazenby     8th January 2015 Canadian diversified resource company Sherritt International on Thursday reported that full-year 2014 finished nickel output from its Ambatovy nickel and cobalt mine, in Madagascar, rose 47% over the previous year, as well as by the same percentage in the December quarter, compared with the... 

Sherritt International posts Q3 loss, cuts into workforce

By: Henry Lazenby     30th October 2014 TSX-listed nickel and cobalt producer Sherritt International will cut its salaried workforce by 10%, excluding employees at its Ambatovy nickel and cobalt mine, in Madagascar, as part of its company-wide restructuring process. Sherritt, which had started a process to sell its Toronto head-office... 

Despite rising revenues, Sherritt reports Q2 loss

By: Henry Lazenby     31st July 2014 TSX-listed nickel and cobalt producer Sherritt International reported a net loss for the three months ended June 30, of C$30.1-million, or C$0.10 a share, compared with C$10.7-million, or C$0.04 a share, in the same period in the prior year. Earnings were mainly impacted on by the company’s... 

Sherritt International consolidates strategy, extends Cuban PSC

By: Henry Lazenby     2nd June 2014 Canadian diversified resource company Sherritt International on Monday announced that it had signed and extended an existing production-sharing contract (PSC) in its oil and gas business with the Cuban government for ten years to 2028. President and CEO David Pathe told Mining Weekly Online that... 

Sherritt International swings to Q1 loss

By: Henry Lazenby     30th April 2014 Diversified Canadian miner Sherritt International on Wednesday reported a first-quarter net loss, as a charge at its new Ambatovy nickel mine, in Madagascar, and financing costs related to a weakening Canadian currency impacted on its results. The Toronto-based miner, which specialises in mining... 

Sherritt International completes coal business sale

By: Henry Lazenby     28th April 2014 Diversified Canadian miner Sherritt International on Monday said that it had completed the C$946-million divesture of its Canadian coal business, which would allow it to focus on its nickel and oil businesses. The company, which is currently engaged in a proxy battle put forward by dissident... 

Dissident shareholder has not made a compelling case to change Sherritt - ISS

By: Henry Lazenby     21st April 2014 Corporate governance analysis and proxy voting firm Institutional Shareholder Services (ISS) has concluded that dissident Sherritt International shareholder, Halifax-based investment firm Clarke Inc, has not made a compelling case for change, recommending that shareholders vote for Sherritt’s... 

Clarke Inc proposes three Sherritt board nominees

By: Henry Lazenby     3rd April 2014 In its attempt to shake up the board of diversified miner Sherritt International, Halifax-based investment firm Clarke Inc on Thursday named its three nominees for election to the Sherritt board at the Toronto-based mining company’s annual and special meeting on May 6. Under the leadership of... 

Sherritt sets date for activist shareholder meeting

By: Henry Lazenby     11th January 2014 Canadian nickel, oil and gas producer Sherritt International will hold a special meeting of shareholders on May 6 to vote on an activist investor's proposal to shake-up the company’s board. TSX-listed Sherritt said Clark Inc and shareholders affiliated with George Armoyan, which beneficially own... 

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