Sherritt reports strong nickel and cobalt production in Q1 2021
(Kitco News) - Sherritt International (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported that its finished nickel production at the Moa JV (Cuba) in Q1 2021 totaled 4,188 tonnes, up 9% from the 3,836 tonnes produced in Q1 2020 while finished cobalt production for Q1 2021 was 477 tonnes, up 19% from the 400 tonnes produced in Q1 2020.
The company said that the growth was largely attributable to high inventories of mixed sulphides at the refinery in Fort Saskatchewan, Alberta and improved refinery reliability.
Net loss from continuing operations for Q1 2021 was $1.9 million, or nil per share, compared to a net loss of $34.5 million, or $0.09 per share, for the same period last year. The improvement was driven largely by strong contributions from the Moa JV as a result of higher sales volumes and stronger realized prices.
“Sherritt sustained the momentum we established following the successful close of our balance sheet initiative last year into 2021 as evidenced by our strong performance in Q1,” said president and CEO David Pathe. “Even while managing against the continuing global pandemic, we ended the quarter with improved finished nickel and cobalt production results at the Moa Joint Venture, a $5 million reduction in our long-term debt, our highest adjusted EBITDA in almost three years, and improved nickel and cobalt market conditions.”
Sherritt is a world leader in the mining and refining of nickel and cobalt from lateritic ores with projects and operations in Canada and Cuba. The corporation is the largest independent energy producer in Cuba, with power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide.