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 earnings up 20% y/y

TSX-listed Sherritt International's second-quarter profit rose 20%, to $60.1-million, thanks to higher coal and oil prices and increased nickel sales. The company sold 9.1-million pounds of nickel, 1.1-million pounds of cobalt, eight-million tons...

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 to buy 57,5% of Rio's Sulawesi nickel project

TSX-listed Sherritt International has agreed to buy 57,5% of Rio Tinto's Sulawesi nickel project in Indonesia, the Canadian firm announced on Wednesday. Rio will keep the other 42,5% and Sherritt will take over as operator of the project, which...

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...

The road to an offer for Baffinland Iron

The announcement on Wednesday that Nunavut Iron has made an unsolicited offer for Baffinland Iron Mines may have seemed out of the blue, but the process leading up to the bid has been under way for most of this year. On February 18, former...

Private equity firm offers to buy Baffinland Iron

Private equity vehicle Nunavut Iron Ore on Wednesday announced an offer to buy Canadian junior Baffinland Iron Mines for C$0,80 a share in cash, valuing the company at C$274-million. Baffinland rose 60% on the TSX on Wednesday morning, to trade...

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 buys remaining stake in Coal Valley Partnership

TSX-listed diversified natural resource company Sherritt International has acquired the 50% interest it did not already own in the Coal Valley Partnership (CVP) for $45-million. It purchased the 50% shareholding from the Ontario Teachers’...

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...