Sherritt Reports 2010 Second-Quarter Results

Sherritt International Corporation (TSX:S) announced second-quarter 2010 results.

The press release is quoted as saying:

Net earnings for second-quarter 2010 were $15.7 million ($0.05 per share), compared to $24.4 million ($0.08 per share) for second-quarter 2009. Sales volumes for second-quarter 2010 (Sherritt’s share) totaled 8.3 million pounds of nickel, 1.0 million pounds of cobalt, 8.2 million tonnes of thermal coal, 1.1 million barrels of oil and 171 GWh of electricity. Cash, cash equivalents and short- term investments were $707.6 million at June 30, 2010. Of the cash balance, $60.4 million (50% basis) was held by the Moa Joint Venture and $64.3 million (100% basis) was held by the Ambatovy Joint Venture.

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