About Sherritt int
2021 based on prevailing nickel and cobalt prices, planned capital spend, and liquidity requirements for the Moa JV.As a result of the restructuring of its balance sheet in August 2020 that eliminated $30 million in cash interest payments annually, Sherritt did not have any cash interest payments in Q3 2021.Collections against overdue amounts owed to Sherritt by its Cuban energy partners continue to be adversely impacted by a combination of factors, including the ongoing effects of U.S. sanctions against Cuba and Cuba’s reduced access to foreign currency on account of the global pandemic which has eliminated almost all tourism revenue over the past 18 months. Cuba has announced plans to fully open its borders to international travelers on November 15, 2021 in advance of the winter travel season. As at October 31, 88% of Cuba’s population had received at least one vaccine dose and 64% have been fully vaccinated(1).Total overdue scheduled receivables at September 30, 2021 were US$152.5 million, down from US$154.7 million at June 30, 2021. Subsequent to quarter end, Sherritt received US$2.5 million in Cuban energy payments. Sherritt anticipates variability in the timing and the amount of energy payments in the near term, and continues to work with its Cuban partners to ensure timely receipt of energy payments. With the opening up of Cuba’s borders, the resumption of international tourism and the influx of foreign currency, Sherritt anticipates economic conditions in Cuba to improve in 2022.As at September 30, 2021, Sherritt held cash, cash equivalents and short-term investment in Canada totaling $82.1 million, up from $77.4 million at June 30, 2021. (1) Source: Our World in Data. Adjusted net loss(1) 2021 2020 For the three months ended September 30 $ millions $/share $ millions $/share Net (loss) earnings from continuing operations (15.5 ) (0.04 ) 11.4 0.03 Adjusting items: Unrealized foreign exchange loss (gain) - continuing operations 7.9 0.02 (3.6 ) (0.01 ) Other contractual benefits expense 3.1 0.01 - - Losses on commodity put options 0.4 - - - Gain on debenture exchange - - (143.4 ) (0.36 ) Impairment loss of Oil assets - - 115.6
Key features of the Sherritt int that are enabled through these drivers include:
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S. TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and nine months ended September 30, 2021, and announced it is embarking on an expansion strategy with its Cuban partners to capitalize on the growing demand for high purity nickel and cobalt being driven by the accelerated adoption of electric vehicles. The strategy, which will build on the 26-year successful track record of the Moa Joint Venture, centres on growing finished nickel and cobalt production by 15 to 20% per year from the 34,876 tonnes produced in 2020 and extending the life of mine at Moa beyond 2040 through the conversion of mineral resources into reserves using an economic cut-off grade.“Backed by a strengthened balance sheet and a favourable outlook for nickel and cobalt, we are moving forward with a multi-pronged strategy focused on generating incremental cash flow and transformative growth,” said Leon Binedell, President and CEO of Sherritt International Corporation. “In addition to commercializing projects developed by Sherritt Technologies, our growth will centre on brownfield opportunities, where working in close collaboration with our Cuban partners, we plan to increase finished nickel and cobalt production and extend Moa’s mine life. Preliminary economics of the brownfield projects identified are quite encouraging and suggest a high rate of return on investment and low capital intensity.“By taking advantage of embedded growth opportunities, Sherritt will be better positioned to capitalize on the expected strong demand for green metals in the coming years and significantly grow shareholder value.”Expansion plans for the Moa JV consist of a multi-phased approach, and includes completion of the new slurry preparation plant and other expansion circuits at Moa, installation of new equipment and upgrading existing equipment at the refinery in Fort Saskatchewan, Alberta, updating the 43-101 Technical Report published in June 2019 that reported more than 158 million tonnes of measured and indicated resources at 1% nickel and 0.13% cobalt at Moa
