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Sherritt International releases Q2 result

Metal News - Published on Fri, 01 Jun 2018

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Sherritt International Corporation, a world leader in the mining and refining of nickel and cobalt from lateritic ores, announced that an update on its recent progress against the Company’s strategic priorities for 2018 aimed at strengthening the balance sheet, optimizing opportunities in the Cuban energy business and upholding global leadership in finished nickel and cobalt production.

Key highlights of Sherritt’s Q2 initiatives:

1. Reduced its debt by purchasing for cancellation an additional CAD 10 million of outstanding debentures in the open market in May.

2. Implemented a new initiative to improve mining fleet availability at the Moa JV. The initiative, which will involve the procurement of new trucks and equipment with availability guaranteed by the supplier, is expected to result in lower maintenance and capital costs over time.

3. Completed the replacement of an economizer on acid plant 1 located at Ambatovy consistent with expected timelines. The replacement is part of Sherritt’s ongoing efforts to improve Ambatovy’s production stability and asset reliability. With the completion of the economizer replacement, Sherritt anticipates improved finished nickel and cobalt production at Ambatovy for the second half of 2018 consistent with previous guidance.

Mr David Pathe, President and CEO of Sherritt International siad that “Combined, our recent efforts demonstrate that we are sustaining our momentum into 2018 and strengthening our ability to capitalize on the favorable outlook for nickel and cobalt demand.” Mr Pathe added that “With the weather and logistical challenges of Q1 now behind us, we remain focused on achieving our production and unit cost targets for the year.”

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Posted By : Rabi Wangkhem on Fri, 01 Jun 2018
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