Sherritt International swings to Q3 profit
TORONTO (miningweekly.com) – Global diversified miner Sherritt International on Wednesday reported a profit of $1.1-million, or nil per-share, compared with a net loss of $22.6-million, or $0.08 a share, in the same period a year earlier.
For the three months ended September 30, the TSX-listed company’s revenues dropped 16% to $286-million from $342-million a year earlier, as lower nickel and export coal prices, higher administrative expenses and lower royalties in coal offset gains from changes in the Ambatovy call option and higher finished metals sales volumes.
Ambatovy, located on the island nation of Madagascar, is the largest finished nickel and finished cobalt operation from lateritic ore in the world.
The company reported sales volumes, excluding sales from the Ambatovy joint venture, of 10.1-million pounds of finished nickel, one-million pounds of finished cobalt, 5.4-million tonnes of thermal coal, one-million barrels of oil and 130 GWh of electricity in the three-month period.
For the full year, Sherritt said it expected to produce 67 000 t of sulphides, 60 000 t of nickel and 5 550 t of cobalt. It also expected capital spending to total $248-million.
Sherritt is a specialist in mining and refining of nickel from lateritic ores with projects and operations in Canada, Cuba, Indonesia and Madagascar. The corporation is the largest thermal coal producer in Canada and is the largest independent energy producer in Cuba, with extensive oil and power operations on the island.
Sherritt also licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide.
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