| Canada's Sherritt hit by strike at Madagascar mine | |
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* Sherritt says strike started a week ago * Says should not affect 2015 output f'cast (Adds processing plant production rate) TORONTO, March 23 (Reuters) - Diversified Canadian miner Sherritt International said on Monday a strike by employees at its Ambatovy nickel mine in Madagascar had forced the company to curb output there. The company said the strike had started a week ago and was continuing despite efforts to reach a resolution. The mine is running at a reduced capacity due to the strike, curtailing ore feed to its Toamasina processing plant. Sherritt said work was continuing at the Toamasina plant and that the strike was not expected to hurt its 2015 production forecast. The strike at the mine had not prevented the attainment of 54,000 tonnes of nickel production on an annualised basis, or about 90-percent of the capacity of the processing plant, Sherritt and its Japanese partner, Sumitomo Corp, said in statements. The 90-percent production rate is one of the requirements in achieving financial completion on the project, the companies said, adding that they aimed to fulfil all other conditions by Sept. 30. Sherritt said it would provide updates on any developments at the mine, adding that it was committed to working with employees and government officials to resolve the dispute quickly. (Reporting by Euan Rocha; Additional reporting by Yuka Obayashi in Tokyo; Editing by Nick Zieminski)
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Sherritt International Corporation
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PRODUCER |
CODE : S.TO |
ISIN : CA8239011031 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sherritt International is a nickel producing company based in Canada. Sherritt International produces nickel, cobalt in Cuba, develops nickel in Madagascar. Its main asset in production is MOA in Cuba, its main asset in development is AMBATOVY in Madagascar and its main exploration property is COAL VALLEY in Canada. Sherritt International is listed in Canada. Its market capitalisation is CA$ 94.2 millions as of today (US$ 68.9 millions, € 64.4 millions). Its stock quote reached its highest recent level on September 22, 2006 at CA$ 9.99, and its lowest recent point on March 20, 2020 at CA$ 0.09. Sherritt International has 294 280 000 shares outstanding. |