VANCOUVER (miningweekly.com) – 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 trading, joined by TMX Group president for capital formation Ungad Chadda.
Toronto-based Sherritt is a resource company focused on the mining and refining of nickel from lateritic ores with projects and operations in Canada, Cuba and Madagascar.
The corporation is also an independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide.
The company announced last month that it had reached an agreement with its joint venture (JV) partners to reduce its interest in the Ambatovy nickel/cobalt mine, in Madagascar, from 40% to 12%.
For 2017, Sherritt expects to lift finished nickel output to between 81 000 t and 86 000 t, up from 75 033 t in 2016. Cobalt output is also expected to rise to 7 300 t to 7 900 t, up from the 6 967 t produced in 2016, while oil output in Cuba is expected to fall to between 11 500 bbl/d and 12 500 bbl/d.
Sherritt stock were first listed on the TSX on June 19, 1996.
The company’s stock on Thursday added 1.32% to close at C$0.77 apiece, boosted by a slight recovery in oil prices following a dismal performance so far this week that saw the American benchmark oil price drop to nearly $42/bl.