Sherritt International Corporation (TSE:S) reports an update of the estimated schedule and cost of the Ambatovy project.
Sherritt International Corporation (TSX:S) reports an update of the estimated schedule and cost of the Ambatovy project.
The press release is quoted as saying,
The Board of Directors has approved a revised schedule that anticipates first metal in first quarter 2012 and an associated capital cost estimate of US$5.5 billion, excluding financing charges, foreign exchange and working capital requirements. Sherritt will fund its 40% of the capital cost increase directly from funds on hand.
The company’s CEO is quoted as saying,
We are investing to ensure this project is done the right way. That means building a platform that will meet the demands of the world’s largest lateritic nickel operation for thirty years