Sherritt's Q1 profit halves as sales shrink and costs rise

Sherritt International, the Toronto-based diversified miner, on Wednesday unveiled a 50% plunge in first-quarter earnings to $32.3-million on lower sales and higher costs, while fears over the global economy refuse to abate. Revenues dipped to...

Pathe to replace retiring Sherritt CEO Delaney

Diversified miner Sherritt International said on Thursday said CFO David Pathe will replace CEO Ian Delaney, who will continue as chairperson. Delaney, a former investment banker, has been involved with Sherritt and its predecessor companies for...

Sherritt extends start-up schedule, budget for Ambatovy

Sherritt International now only expects to produce the first metal at its new Madagascar nickel mine early next year, and has increased the capital cost estimate by about 16%, to $5.5-billion, the company said on Tuesday. CEO Ian Delaney had said...

Sherritt earnings jump, nears first output at Ambatovy

TSX-listed Sherritt International more than doubled first-quarter profit to C$63,6-million, helped by higher commodity prices, and said on Wednesday it still expects to produce the first metal at its Ambatovy nickel project in Madagascar this...

Sherritt says Ambatovy cost raised to $4,76bn

The total cost for the Ambatovy nickel project in Madagascar is now pegged at $4,76-billion, including a contingency of $50-million, operator Sherritt International said on Friday. The previous figure issued by the company was $4,52-billion.

First metal from Ambatovy in Q2 2011 – Sherritt

The Ambatovy nickel/cobalt project in Madagascar should produce its first metal in the second quarter of next year, executives from project operator Sherritt International said on Wednesday. Mechanical completion is expected early in 2011 and the...

Sherritt adjusted earnings down y-on-y

Toronto-based nickel and energy firm Sherritt International reported adjusted net income of C$49,1-million, down from with C$55,9-million last year, after higher metals prices were offset by increased costs. Including an unrealised foreign...

Sherritt tweaks Ambatovy funding deal with partners

Toronto-based Sherritt International has agreed to put some money from its own balance sheet into building the Ambatovy nickel mine, in Madagascar, before drawing down again on loans provided by its partners. In return, the company will be...

Sherritt profit falls on foreign exchange, tax provision

Toronto-based nickel and energy firm Sherritt International earned C$15,7-million in the second quarter, 36% lower than in the same period a year earlier, the firm reported on Wednesday. However, the net income figure includes an unrealised...

Sherritt looks for next big project to build

Toronto-based Sherritt International wants to have another big project to build once its Ambatovy nickel/cobalt mine in Madagascar is completed, CEO Ian Delaney said on Tuesday. Ambatovy is one of two large nickel laterite projects nearing...

Sherritt posts Q1 profit

Toronto-based Sherritt International swung to a first quarter profit this year, helped by stronger nickel, cobalt and energy prices. The company earned C$59,7-million, compared with a net loss of C$42,9-million a year earlier, when the firm...

Sherritt plans 'aggressive' growth

After weathering the worst of the financial crisis and with its large Ambatovy nickel project in Madagascar heading towards commissioning, Canada's Sherritt International is ready to start thinking seriously about what comes next, CEO Ian Delaney...