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Sherritt International
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Sherritt International
Sherritt International is a Canadian resource company, based in Toronto, Ontario. Sherritt is a miner and refiner of nickel and cobalt. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol "S".
Sherritt has a 50/50 partnership with General Nickel Company S.A. (GNC) of Cuba (the Moa Joint Venture) and a wholly‑owned fertilizer business and sulphuric acid, utilities and fertilizer storage facilities in Fort Saskatchewan, Alberta, Canada (Fort Site) that provides additional sources of income.
The Moa Joint Venture mines, processes and refines nickel and cobalt for sale worldwide (except in the United States). The Moa Joint Venture is a vertically‑integrated joint venture that mines lateritic ore by open pit methods and processes them at its facilities at Moa, Cuba into mixed sulphides containing nickel and cobalt. The mixed sulphides are transported to the refining facilities in Fort Saskatchewan, Alberta. The resulting nickel and cobalt products are sold to various markets, primarily in Europe, Japan and China. At current depletion rates, the concessions of the Moa Joint Venture are planned to be mined until at least 2034. In Q2 2019, the Moa Joint Venture filed an updated National Instrument 43-101 technical report on SEDAR that confirmed the current mineral reserves and outlined increased mineral resources with the potential to extend Moa's mine life.
The Fort Site facilities provides inputs (ammonia, sulphuric acid and utilities) for the Moa Joint Venture metals refinery, produces agriculture fertilizer for sale in Western Canada and provides additional fertilizer storage and administrative facilities. The metals refinery facilities in Fort Saskatchewan have an annual production capacity of approximately 35,000 (100% basis) tonnes of nickel and approximately 3,800 (100% basis) tonnes of cobalt.
In 2007, Sherritt acquired a 40% interest in the Ambatovy Joint Venture to develop and build a vertically-integrated nickel and cobalt mining, processing, refining and marketing operation in Madagascar. The Joint Venture reached commercial production in 2014 and comprises (i) a mine and an ore preparation plant located in the immediate vicinity of the ore bodies near Moramanga in eastern central Madagascar, (ii) a pipeline, approximately 220 kilometres long, to transport the mined laterite ore in the form of prepared slurry from the ore preparation plant at the mine to the processing plant which is located just south of the port city of Toamasina, and (iii) a processing plant, including a refinery, that produces LME-grade finished nickel, as well as cobalt metal.
In 2017, Sherritt exchanged CAD1.4 billion in debt to its joint venture partners for 28% of its interest in the joint venture. In 2020, Sherritt exchanged its 12% interest in the joint venture for the remaining partner loans.
Sherritt's Oil and Gas division explores for oil and gas primarily from reservoirs located offshore, but close to the coastline along the north coast of Cuba. Specialized long reach directional drilling methods are being used to economically exploit these reserves from land‑based drilling locations.
Sherritt currently has an interest in three PSCs in the exploration phase.
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Sherritt International
Sherritt International is a Canadian resource company, based in Toronto, Ontario. Sherritt is a miner and refiner of nickel and cobalt. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol "S".
Sherritt has a 50/50 partnership with General Nickel Company S.A. (GNC) of Cuba (the Moa Joint Venture) and a wholly‑owned fertilizer business and sulphuric acid, utilities and fertilizer storage facilities in Fort Saskatchewan, Alberta, Canada (Fort Site) that provides additional sources of income.
The Moa Joint Venture mines, processes and refines nickel and cobalt for sale worldwide (except in the United States). The Moa Joint Venture is a vertically‑integrated joint venture that mines lateritic ore by open pit methods and processes them at its facilities at Moa, Cuba into mixed sulphides containing nickel and cobalt. The mixed sulphides are transported to the refining facilities in Fort Saskatchewan, Alberta. The resulting nickel and cobalt products are sold to various markets, primarily in Europe, Japan and China. At current depletion rates, the concessions of the Moa Joint Venture are planned to be mined until at least 2034. In Q2 2019, the Moa Joint Venture filed an updated National Instrument 43-101 technical report on SEDAR that confirmed the current mineral reserves and outlined increased mineral resources with the potential to extend Moa's mine life.
The Fort Site facilities provides inputs (ammonia, sulphuric acid and utilities) for the Moa Joint Venture metals refinery, produces agriculture fertilizer for sale in Western Canada and provides additional fertilizer storage and administrative facilities. The metals refinery facilities in Fort Saskatchewan have an annual production capacity of approximately 35,000 (100% basis) tonnes of nickel and approximately 3,800 (100% basis) tonnes of cobalt.
In 2007, Sherritt acquired a 40% interest in the Ambatovy Joint Venture to develop and build a vertically-integrated nickel and cobalt mining, processing, refining and marketing operation in Madagascar. The Joint Venture reached commercial production in 2014 and comprises (i) a mine and an ore preparation plant located in the immediate vicinity of the ore bodies near Moramanga in eastern central Madagascar, (ii) a pipeline, approximately 220 kilometres long, to transport the mined laterite ore in the form of prepared slurry from the ore preparation plant at the mine to the processing plant which is located just south of the port city of Toamasina, and (iii) a processing plant, including a refinery, that produces LME-grade finished nickel, as well as cobalt metal.
In 2017, Sherritt exchanged CAD1.4 billion in debt to its joint venture partners for 28% of its interest in the joint venture. In 2020, Sherritt exchanged its 12% interest in the joint venture for the remaining partner loans.
Sherritt's Oil and Gas division explores for oil and gas primarily from reservoirs located offshore, but close to the coastline along the north coast of Cuba. Specialized long reach directional drilling methods are being used to economically exploit these reserves from land‑based drilling locations.
Sherritt currently has an interest in three PSCs in the exploration phase.