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Nickel and cobalt producer Sherritt posts net earnings of C$63.5 million in 2022

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Sherritt International (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, yesterday reported net earnings from continuing operations of C$63.7 million in 2022, compared to a net loss from continuing operations of C$13.4 million in 2021.

Sherritt's adjusted net earnings from continuing operations amounted to C$88.4 million in 2022, compared to an adjusted net loss from continuing operations of C$13.9 million in 2021.

The company's net earnings for the period amounted to C$63.5 million, compared to a net loss of C$18.4 million in 2021.

The company said that finished nickel production was 32,268 tonnes (100% basis), in line with guidance, representing a 3% increase year-over-year primarily due to increased refinery reliability, while finished cobalt production of 3,368 tonnes (100% basis) was materially within guidance and 4% lower than the prior year as a result of the higher nickel-to-cobalt ratio in the Moa mixed sulphide feed and lower availability of third-party feed.

President and CEO Leon Binedell said, "2022 was a pivotal year for Sherritt. On the strength of higher nickel and fertilizer prices, we achieved strong operating and financial results while delivering on each of our 2022 strategic priorities to set the stage for continued success in the future.

"We were able to commence a low capital intensity expansion program, significantly deleverage our balance sheet, finalize transformative payment agreements with our Cuban partners to recover C$368 million of total outstanding receivables, advance our portfolio of proprietary technologies, and meet our sustainability targets."

Headquartered in Toronto, Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals essential for an electric future. Sherritt said it has embarked on a multi-pronged growth strategy focused on expanding nickel and cobalt production by up to 20% from 2021 and extending the life of mine at Moa beyond 2040. The company is also the largest independent energy producer in Cuba.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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