Nickel and cobalt miner Sherritt International today provided an update on its recent progress against the company’s strategic priorities for 2018
Nickel and cobalt miner Sherritt International (TSX:S) today (May 30) provided 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.
As highlighted in the press release:
- Reduced its debt by purchasing for cancellation an additional $10 million of outstanding debentures in the open market in May.
- Implemented a new initiative to improve mining fleet availability at the Moa JV in Cuba. 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.
- Completed the replacement of an economizer on acid plant 1 located at Ambatovy in Madagascar 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.
As quoted in the press release, president and chief executive officer of Sherritt, David Pathe said:
“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, 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.”