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sherritt news releases

Average standard grade cobalt published price per Fastmarkets MB. QQQ 311.33. Despite the reduction in available gas supply, the Power business unit exceeded its production guidance for the year. Spending on capital for the year ended December 31, 2019 excludes right of use assets recognized on adoption of IFRS 16. Moa JV finished nickel and cobalt production of 31,506 tonnes and 3,370 tonnes (100%), respectively. The impairment was determined following the completion of an analysis of Block 10 drilling samples that confirmed that the existing well cannot be used for future production purposes. News Headlines for Sherritt International Corp. Tuesday, Oct 01, 2019. Unit operating costs in Q4 2020 were $26.73/MWh, up 21% from $22.15/MWh for last year. Up to December 31, 2020, the Moa JV (Moa Nickel Site and Fort Site) had a total recordable incident frequency rate (TRIFR) of 0.20 and a lost time incident frequency rate (LTIFR) of 0.14; the Oil and Gas business had a TRIFR and LTIFR of 0.00; and the Power business had a TRIFR of 0.56 and LTIFR of 0.00. Get the latest SHERRITT INTL CORP (SHERF) stock news and headlines to help you in your trading and investing decisions. As mining operations resume production activities, nickel inventory levels may rise given that supply could exceed demand as a number of industries that are large consumers of stainless steel, such as food and hospitality sector, will experience a delayed or slower economic recovery, particularly if the second wave of the pandemic is prolonged. Continue to emphasize de-leveraging of the balance sheet within the context of a low commodity price environment. The transaction resulted in the elimination of approximately $301 million of total debt, savings of more than $15 million in annual cash interest payments, the elimination of the cross-default risk of the Ambatovy shareholder agreement, and the extension of debt maturities to 2026 and 2029. Sherritt ended 2020 with cash and cash equivalents of $167.4 million ($75.0 million held by Energas in Cuba), up from $166.1 million last year ($79.8 million held by Energas in Cuba). Production at the Moa JV has largely been unaffected by the spread of COVID-19 in 2020. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. Sales volume for finished nickel and cobalt in Q4 2020 were up 2% and 1%, respectively, from last year. Bondholders also hold a $75 million 2029 note. Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) will release its fourth quarter and fiscal year 2020 financial results after market close on February 10, 2021. The declines in 2020 were primarily due to lower power production. An archive of the webcast and replay of the conference call will also be available on the website. The decline was due to the lower available gas supply, largely as a result of maturing oil field production. Sherritt International Corp. to Host Earnings Call. Spending is 50% of US$ expenditures for Moa JV and 100% expenditures for Fort Site fertilizer and utilities. Standard grade cobalt prices on December 31 closed at US$15.60/lb, down from US$15.65/lb at the start of the quarter. Sherritt Provides Notice of Fourth Quarter 2020 Results, Conference Call and Webcast. The conversion of the expansion loans into equity, which did not result in any change to the ownership interest percentage of either Moa JV shareholder, results in a simpler capital structure for the Moa JV, and results in all future distributions to shareholders being in the form of dividends. February 12, 2021 Seeking Alpha News Sherritt International Corporation 2020 Q4 - Results - Earnings Call Presentation. For additional information see the Non-GAAP measures section of this press release. Payments, which included US$27.7 million received in Canada and US$2.4 million accepted in Cuba to support local costs relating to Sherritt’s Oil and Gas operations, were higher than expected as Sherritt’s Moa Joint Venture partner, GNC, redirected US$20.0 million of its share of dividends paid by the joint venture to Sherritt to reduce the overdue receivables. The first, at a strike price of US$6.50/lb for a total cost of $5.8 million, is in effect for a 12-month period starting January 1, 2021. Additional risks, uncertainties and other factors include, but are not limited to, the ability of the Corporation to achieve its financial goals; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; and the ability of the Corporation to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements. Stable prices in the fourth quarter suggest that soft market conditions experienced earlier in the year due the onset of the COVID-19 pandemic have improved. The guidance for 2021 reflects Sherritt’s targets for production, unit costs and capital spending announced on January 25, 2021. NEW YORK, NY / ACCESSWIRE / February 11, 2021 / Sherritt International Corp. (TSX:S) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on February 11, 2021 at 9:00 AM Eastern Time. Sherritt received a $20.3 million prepayment against nickel deliveries in 2021. Average-realized prices in Q4 2020 and FY2020 were $55.10 and $57.05, respectively. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. The hedging strategy is designed to provide Sherritt with cash flow security in 2021 against downward changes in nickel prices. Sherritt is currently reviewing its options with respect to Block 10, including seeking an earn-in partner. The Power business has forecasted lower production guidance in 2021 largely due to planned maintenance activities previously deferred in 2020. All non-GAAP measures exclude the Ambatovy Joint Venture performance. 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. In FY2020 Sherritt recognized earnings from discontinued operations of $107.9 million related to the disposition of its 12% ownership interest in the Ambatovy Joint Venture as part of the balance sheet initiative and reclassification as discontinued operations. The latest news and upcoming dividend, earnings, and split events for Sherritt International Corporation (S:CX2). Sherritt Ends 2020 With Strengthened Balance Sheet and Well-positioned to Capitalize on Electric Vehicle Market Growth. News Headlines for Sherritt International Corp. Tuesday, Oct 01, 2019. Sherritt’s share of finished nickel production for FY2020 was 15,753 tonnes, down 5% from 16,554 tonnes for FY2019. Get the latest SHERRITT INTL RV (S.TO) stock news and headlines to help you in your trading and investing decisions. Mining, processing and refining (MPR) costs per pound of nickel sold for Q4 2020 and FY2020 were down 11% and 10% to US$4.73/lb and US$4.93/lb, respectively. Sherritt will continue to develop and reinforce its ESG commitments in 2021 and beyond. Despite being impacted by unplanned repairs, Q4’s production totals helped to offset the negative effects of railway service disruptions in Q1 and an extended plant shutdown in Q3 due to additional found work scope and reduced contractor availability due to COVID-19, enabling the Moa JV to largely meet its production guidance of 32,000 to 33,000 tonnes on a 100% basis for the year. Researching Sherritt International (TSE:S) stock? The repairs resulted in a reduction of nickel and cobalt production to 50% of normal capacity for several days. Tina Litzinger, Sherritt International Corporation elected Chairperson of Nickel Institute. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Currency in EUR, Sherritt International Corp. to Host Earnings Call, Sherritt Ends 2020 With Strengthened Balance Sheet and Well-positioned to Capitalize on Electric Vehicle Market Growth, Sherritt Provides Notice of Fourth Quarter 2020 Results, Conference Call and Webcast. NEW YORK, NY / ACCESSWIRE / February 11, 2021 / Sherritt International Corp. (TSX:S) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on February 11, 2021 at 9:00 AM Eastern Time. Sherritt purchased two separate put nickel options, each on 25% of its share of attributable finished nickel production from the Moa JV for 2021. Capital spending for FY2020 was $32.2 million, down 4% from last year. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. The increase was due to a number of factors including, receipt of more than US$30.1 million of Cuban energy payments and $26.3 million of dividend distributions from the Moa Joint Venture, partly offset by negative cash flow at Oil and Gas and the $9.3 million purchase of nickel put options. Refer to note 4 of the audited consolidated financial statements for the year ended December 31, 2019 for additional information. NDCC for FY2020 was US$4.20/lb, up marginally from US$4.14/lb for FY2019. ... -- Sherritt International Corporation ... Press Releases Sherritt signed the BlackNorth Initiative Pledge aimed at ending anti-Black systemic racism and creating opportunities for the BIPOC community. Finished nickel production was largely in line with guidance for the year, while cobalt achieved targets for 2020. News. The new agreement extends Sherritt’s track record of no labour disruptions at the refinery since it began operations in 1954. Get the latest SHERRITT INTL CORP (SHERF) stock news and headlines to help you in your trading and investment decisions. As at December 31, Sherritt had drawn $8 million against the facility. Revenue for FY2020 was $24.9 million, down 16% from last year as lower realized prices in Cuba more than offset the higher cost-recovery production in 2020. Revenue in FY2020 totaled $37.2 million, down 18% from $45.3 million for last year. The prepayment is consistent with Sherritt’s efforts to enhance its liquidity. Net earnings (loss) from continuing operations, Moa JV expansion loans receivable revaluation, Adjusted net loss from continuing operations. Revenue in Q4 2020 was relatively unchanged at $6.2 million when compared to $6.3 million for Q4 2019. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. SA Transcripts Sat, Nov. 07, 2020 3 Comments. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. Sherritt's CEO to Step Down from Role in 2021. 2020 guidance was updated September 30, 2020. GE to Pay $2.7 Million Over Cuba Sanctions The Wall Street Journal Interactive Edition. ... From Business Wire News Releases. OPTIMIZE OPPORTUNITIES IN CUBAN ENERGY BUSINESS, Successfully execute Block 10 drilling program. In 2020, nickel prices ended the year up 18% from the start of the year. Find the latest press releases from Sherritt International Corp. (SHERF) at Nasdaq.com. Lower production was primarily due to natural reservoir declines at Puerto Escondido/Yumuri and the absence of new development drilling. Sherritt International : U.S. gets 'C-,' faces $2.59 trillion in infrastructure needs over 10 years : More Must read. Business Wire . Sherritt Releases 2013 Sustainability Report Marketwire (Canada) Tuesday July 22, 2014 12:03 PM. Over the longer term, we expect to fuel our growth through an increased focus on commercializing the innovation and process development capabilities of our Technologies Group.”, Net earnings (loss) from continuing operations for the period, Cash provided (used) by continuing operations, Combined adjusted operating cash flow (2), Net earnings (loss) from continuing operations per share, Cash, cash equivalents and short-term investments. Sherritt also announced voting results of its 2019 Annual General Meeting of Shareholders held in Toronto, Ontario on June 24, 2019. Sherritt’s refinery in Fort Saskatchewan had its operating license renewed for 10 years by Alberta’s Ministry of Environment and Parks. The analysis also confirmed that no viable technical solution to prevent the further flow of water into the existing well is possible. The Company has launched a search for his successor, and Mr. Pathe has agreed to stay on until a replacement is in place to ensure an orderly transition. Sherritt successfully completed a balance sheet initiative in Q3 that improved its capital structure and addressed its Ambatovy investment legacy following stakeholder approval. The increase in Q4 2020 was largely due to normalized availability of diesel fuel supply at Moa, resulting in the greater use of mining equipment and better access to higher grade material compared to last year. Added to this uncertainty is the substantial increase expected in nickel pig iron production, leading some industry analysts to predict an oversupplied nickel market in the near term. Despite being impacted by unplanned autoclave repairs at the refinery in Fort Saskatchewan, Alberta, Q4’s production totals helped to offset the negative effects of railway service disruptions in Q1 and an extended plant shutdown in Q3 due to additional found work scope, and reduced contractor availability due to COVID-19, enabling Sherritt to largely meet its production guidance at the Moa JV for the year. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The impairment loss consists of a $95.0 million impairment on exploration and evaluation assets and a $20.6 million impairment on capital spare parts included within property, plant and equipment. Sherritt International CEO David Pathe stepping down after completing restructuring theglobeandmail.com - November 23 at 2:21 PM: Sherritt’s CEO to Step Down from Role in 2021 finance.yahoo.com - November 23 at 9:21 AM: Pure Sunfarms' Brand Goes International in Lane Crawford Hong Kong Holiday Pop-Up Shops marketwatch.com - November 19 at 4:45 PM Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for January 2021. Sherritt released its 2019 Sustainability Report showing progress against its Environmental, Social, and Governance (ESG) targets, including efforts to reduce greenhouse emissions, maintain peer-leading safety metrics, and commitments to doubling the number of female employees by 2030. The increase in cost recovery production in Cuba helped to offset lower production from Spain. Unit operating costs for FY2020 were $17.38/MWh, in line with guidance for the year. Sustaining capital spending in Q4 2020 was $9.3 million, up 35% from $6.9 million in Q4 2019. UPHOLD GLOBAL OPERATIONAL LEADERSHIP IN FINISHED NICKEL LATERITE PRODUCTION. Get the latest SHERRITT INTL CORP. (HRT.MU) stock news and headlines to help you in your trading and investment decisions. News and research before you hear about it on CNBC and others. COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS. The Corporation may, from time to time, make oral forward-looking statements. At this time, Sherritt is not contemplating any further investments in Block 10 without first securing an earn-in partner. The year-over-year increase was attributable to lower production. Consistent with IFRS standards, Sherritt’s investment in the Ambatovy Joint Venture met the criteria to be classified and presented as discontinued operations for accounting purposes. Down from role in 2021 and beyond be comparable to similar measures provided by companies! Changes in nickel prices new development drilling context of a low commodity price environment at! 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