Higher Nickel and Cobalt Prices Drive Sherritt’s Strong First Quarter Results
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 months ended March 31, 2022. All amounts are in Canadian currency unless otherwise noted.
“The combination of high realized prices for each of the commodities we produce, strong production at the Moa JV, and the recovery of the Power business in the first quarter generated some of Sherritt’s best financial metrics since 2014,” said Leon Binedell, President and CEO of Sherritt International Corporation. “Most notably, we grew Adjusted EBITDA by 94% to $58.5 million, lowered NDCC at the Moa JV by 11% to US$3.42 per pound, and received $24.2 million in distributions from the Moa JV.”
Mr. Binedell added, “We expect to sustain this momentum through the second quarter and beyond given prevailing nickel, cobalt and fertilizer prices. Anticipated cash flow from operations and distributions from the Moa JV in 2022 underpin the balanced approach we are taking to fund growth opportunities while exploring ways to de-leverage our balance sheet. This direction provides us with a clear path to building shareholder value. Already, we have made considerable progress towards our goals based on the amount of work on our expansion and debottlenecking projects completed in the first quarter at Moa and the Fort Site.”
SELECTED Q1 2022 DEVELOPMENTS
- Advanced with project scoping, development of timelines and capital cost requirements for Sherritt’s growth strategy aimed at increasing finished nickel and cobalt production by 15 to 20% over production in 2021, which should result in an increase in annual nickel production of approximately 4,700 to 6,200 tonnes (100% basis) once all projects are completed in 2024. Progress in Q1 2022 included continued construction of the slurry preparation plant, near completion of a feasibility study for a leach plant sixth train at Moa, and the start of basic engineering on de-bottlenecking projects at the Fort Site and the basic engineering on upgrading of the acid plant at Moa.
- Net earnings from continuing operations were $16.4 million, or $0.04 per share, compared to a net loss of $1.9 million, or $nil per share, in Q1 2021.
- Adjusted EBITDA(1) was $58.5 million, Sherritt’s highest since Q3 2014. The improved Adjusted EBITDA was driven by higher nickel, cobalt, and fertilizer market prices, improved operating performance, and ongoing efforts to reduce costs, partly offset by $26.6 million of share-based compensation expense due to the impact of Sherritt’s 103% rise in the value of its shares.
- Sherritt’s share of finished nickel and cobalt production at the Moa Joint Venture (Moa JV) were 3,875 tonnes and 446 tonnes, respectively. Despite a 5% increase in mixed sulphides production at Moa compared to the same period last year, finished production was impacted by delays and disruptions in railway transportation services from Halifax to the refinery in Fort Saskatchewan, Alberta.
- Benefitting from increased by-product credits from higher cobalt and fertilizer prices, net direct cash cost (NDCC)(1) at the Moa JV was US$3.42/lb, the lowest since Q4 2018. In spite of significantly higher input costs, including a 181% increase in sulphur prices, 47% increase in natural gas prices and 35% increase in fuel oil prices, Sherritt’s Q1 2022 NDCC ranked it in the lowest cost quartile of all nickel producers according to annualized information tracked by Wood Mackenzie.
- Received $24.2 million of its share of Moa JV distributions in Q1, including $8.1 million deferred from Q4 2021. Given prevailing nickel and cobalt prices, planned spending on capital, including growth capital, working capital needs, and other expected liquidity requirements, Sherritt anticipates distributions for FY2022 to be greater than the $35.9 million (excluding re-directions from its Cuban partner, General Nickel Company S.A.) received in FY2021, and higher distributions in the second half of 2022 compared to the first half of the year.
- The Power business produced 137 GWh of electricity, up 44% from the same period last year, and generated $8.2 million in free cash flow(1), up 193%. The improved performance was driven by the completion of maintenance activities in 2021.
- Consistent with its commitment to environmental, social and governance (ESG) matters and to ongoing Board renewal named Maryse Bélanger as Deputy Chair and appointed Chih-Ting Lo, a decarbonization expert with extensive mining experience, as a Director.
(1) Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.
DEVELOPMENTS SUBSEQUENT TO QUARTER END
- An assessment of the expansion capital costs indicated that costs are estimated to be at the upper end of the US$20,000 to US$25,000 per tonne range of new nickel capacity disclosed previously. In light of a number of uncertainties relating to geopolitical developments, supply chain disruptions, the spread of COVID-19, and inflationary price pressures on construction materials, equipment, and labour costs, Sherritt will further evaluate its growth capital spend estimates once greater certainty on global supply chains and consequential pricing is available and additional engineering and design work is completed. In tandem with this review, Sherritt and its Cuban partner will continue to advance construction of the US$27 million (100% basis) slurry preparation plant, proceed with US$6 million (100% basis) of engineering work and plant capacity testing needed to finalize the cost of the expansion project, and develop a new life of mine plan for Moa. Sherritt expects to provide an update on the rollout and spending on capital related to the expansion strategy with each of its quarterly results with full project approval expected in the second half of 2022.
- On May 2, Sherritt paid interest of $14.9 million on the 8.50% second lien secured notes and did not make any mandatory redemptions as conditions pursuant to the provisions of the indenture agreement were not met.
Q1 2022 FINANCIAL HIGHLIGHTS
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$ millions, except as otherwise noted, for the three months ended March 31 |
|
2022 |
2021 |
Change |
||||||
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|
|
|
|
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|
|
|
|
||
|
Revenue |
|
|
|
$ |
34.1 |
$ |
21.9 |
56% |
||
|
Combined revenue(1) |
|
|
|
|
202.2 |
|
141.7 |
43% |
||
|
Earnings from operations and joint venture |
|
|
|
|
23.5 |
|
6.1 |
285% |
||
|
Net earnings (loss) from continuing operations |
|
|
|
|
16.4 |
|
(1.9) |
963% |
||
|
Net earnings (loss) |
|
|
|
|
15.7 |
|
(5.6) |
380% |
||
|
Adjusted EBITDA(1) |
|
|
|
|
58.5 |
|
30.2 |
94% |
||
|
Net earnings (loss) from continuing operations ($ per share) (basic and diluted) |
|
|
|
|
0.04 |
|
0.00 |
– |
||
|
|
|
|
|
|
|
|
|
|
||
|
Cash provided (used) by continuing operations for operating activities |
|
|
|
|
5.6 |
|
(3.0) |
287% |
||
|
Combined free cash flow(1) |
|
|
|
|
(1.7) |
|
19.0 |
(109%) |
||
|
Average exchange rate (CAD/US$) |
|
|
|
|
1.266 |
|
1.266 |
N/A |
||
(1) Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.
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|
2022 |
2021 |
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|
$ millions, as at |
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|
March 31 |
December 31 |
Change |
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|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
$ |
145.5 |
$ |
145.6 |
– |
|
Loans and borrowings |
|
|
|
|
|
|
449.9 |
|
444.5 |
1% |
Cash and cash equivalents at March 31, 2022 were $145.5 million, unchanged from December 31, 2021.
During the quarter, Sherritt received $24.2 million in distributions from the Moa JV, including $8.1 million that was deferred from Q4 2021. Distributions from the Moa JV are determined based on available cash in excess of liquidity requirements, including anticipated nickel and cobalt prices, planned capital spend, working capital needs, and other expected liquidity requirements.
Sherritt also received US$4.2 million ($5.3 million) in Cuban energy payments in Q1 2022. Total cash receipts were offset by $18.6 million of cash used by continuing operations for operating activities, which included $5.7 million of share-based compensation payments, and by capital expenditures totaling $4.9 million.
Total overdue scheduled receivables at March 31, 2022 were US$153.5 million, down from US$156 million as at December 31, 2021. Collections on overdue amounts from Sherritt’s Cuban energy partners continue to be adversely impacted by Cuba’s reduced access to foreign currency as a result of ongoing U.S. sanctions and the global pandemic’s impact on tourism. While Sherritt anticipates economic conditions in Cuba to improve in the remainder of 2022, it continues to anticipate 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.
Of the $145.5 million of cash and cash equivalents, $50.4 million was held in Canada, down from $64.2 million as at December 31, 2021, and $81 million was held at Energas, up from $78.9 million as at December 31, 2021. The remaining amounts were held in Cuba and other countries.
Adjusted net earnings (loss) from continuing operations(1)
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|
|
|
|
2022 |
|
|
|
2021 |
|
For the three months ended March 31 |
$ millions |
$/share |
$ millions |
$/share |
||||
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) from continuing operations |
$ |
16.4 |
$ |
0.04 |
$ |
(1.9) |
$ |
(0.01) |
|
|
|
|
|
|
|
|
|
|
|
Adjusting items: |
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|
|
|
|
|
|
|
|
Sherritt – Unrealized foreign exchange gain – continuing operations |
|
(1.1) |
|
– |
|
(2.6) |
|
(0.01) |
|
Corporate – Gain on repurchase of notes |
|
– |
|
– |
|
(1.3) |
|
– |
|
Corporate – Unrealized (gain) loss on commodity put options |
|
(0.9) |
|
– |
|
0.6 |
|
– |
|
Corporate – Realized loss on commodity put options |
|
0.9 |
|
– |
|
– |
|
– |
|
Oil and Gas – Gain on disposal of property, plant and equipment |
|
(1.3) |
|
– |
|
– |
|
– |
|
Oil and Gas and Power – ACL revaluation |
|
0.3 |
|
– |
|
1.6 |
|
– |
|
Other(1) |
|
0.5 |
|
– |
|
1.8 |
|
0.01 |
|
Total adjustments, before tax |
$ |
(1.6) |
$ |
– |
$ |
0.1 |
$ |
– |
|
Tax adjustments |
|
(0.1) |
|
– |
|
(0.5) |
|
– |
|
Adjusted net earnings (loss) from continuing operations |
$ |
14.7 |
$ |
0.04 |
$ |
(2.3) |
$ |
(0.01) |
(1) A non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section of this press release.
(2) Other items primarily relate to losses (gains) in net finance expense.
METALS MARKET
Nickel
Nickel prices experienced extreme volatility in the first quarter of 2022, culminating in the unprecedented one-day price spike by more than 250% to almost US$46/lb on March 8 that resulted in the suspension of trading on the London Metal Exchange (LME), cancellation of all trades that day, and the deferral of all settled contracts. The price climb and trading suspension were triggered by concerns over the disruption of nickel supply in the wake of Russia’s invasion of Ukraine and speculation of a short squeeze against a major market participant.
When trading resumed on March 16, the LME imposed new trading limits but was unable to curb trading volatility. Through March 25, trading was suspended regularly as price limits were breached. By March 31, trading had stabilized, and nickel prices closed at US$15.15/lb, up 60% from the start of the quarter.
Since the start of Q2 2022, trading on the LME has been consistent and prices have averaged at US$14.70/lb through May 10. It is anticipated that nickel prices will maintain their robustness through the end of 2022 based on forecasts provided by industry analysts. The favourable price outlook is due to expected demand from European consumers seeking non-Russian nickel supply because of its invasion of Ukraine.
Strong prices in Q1 were driven by strong consumer demand as reflected by the continued decrease in inventory levels. In Q1, nickel inventory levels on the LME fell by 29% from 101,886 tonnes at the start of the period to 72,570 tonnes on March 31. Although inventory levels on the Shanghai Futures Exchange rose to 6,097 tonnes from 2,406 tonnes at the start of the quarter, the closing amounts suggest a tight market.
Industry analysts, including Wood Mackenzie and S&P Global, have forecast continued strong demand and market tightness through to the end of 2022. LME nickel inventories have continued to decline in Q2, reaching 73,122 tonnes on May 10.
Near-term visibility of market fundamentals, including inventory levels, beyond 2022 is limited given the uncertainty caused by a number of recent geopolitical and macroeconomic developments relating to Russia’s invasion of Ukraine and ongoing effects of supply chain disruptions caused by COVID-19.
The long-term outlook for nickel remains bullish on account of the strong demand expected from the stainless steel sector, the largest market for nickel, and the rapidly growing electric vehicle battery market. Some market observers, such as Wood Mackenzie, have forecast a prolonged nickel supply deficit beginning in 2026 due to strong demand from the electric vehicle market and insufficient nickel production coming on stream in the near term.
Over the past year, multiple automakers and governments have announced plans for significant investments to expand electric vehicle production capacity to meet growing demand as well as more aggressive timelines to phase out the sale of internal combustion engines. In 2021, more than 6.5 million plug-in electric vehicles were sold despite the global pandemic. Industry observers estimate that the number of electric vehicles sold in 2022 will grow to 8.6 million units. CRU has forecast that electric vehicles sales will grow to 17.4 million units by 2025, driving significant demand for finished nickel and cobalt.
As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range and high performance electric vehicles manufactured by automakers with high purity, Class 1 nickel being an essential feedstock in the battery supply chain. Sherritt is particularly well positioned given its Class 1 production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves. The adoption of lithium iron phosphate (LFP) cathode battery chemistry, which is less expensive than nickel-manganese-cobalt (NMC) cathode chemistry, but with lower energy density and less vehicle range, may soften nickel demand from this segment of the market.
Cobalt
Sustaining an upward trend started in Q2 2021, cobalt prices continued their steady rise in Q1 2022, closing on March 31 at US$39.35/lb, up 16% from US$33.78/lb at the start of the quarter, according to data collected by Fastmarkets MB.
Higher cobalt prices in Q1 2022 were driven mostly by increased buying from electric vehicle battery manufacturers and increased stockpiling by consumers as a result of concerns over supply disruptions caused by Russia’s invasion of Ukraine. Russia was the world’s fifth largest cobalt producer in 2021. In addition, logistics concerns relating the transportation of cobalt hydroxide from the Democratic Republic of Congo (DRC), the world’s largest supply market, continued to cause market disruptions.
The visibility for cobalt prices in the near term is limited due to recent geopolitical and economic developments, including Russia’s invasion of Ukraine, the impact of economic sanctions against Russia on the world’s economy, and the impact of logistics disruptions in South Africa on the delivery of cobalt from the DRC.
Over the long term, the outlook for cobalt is particularly encouraging given the accelerated adoption of electric vehicles expected in the coming years. Cobalt is a key component of rechargeable batteries providing energy stability. Similar to developments in the nickel market, the adoption of LFP cathode battery chemistry, a less expensive but inferior alternative to NMC cathode chemistry, may soften cobalt demand.
CRU forecasts that demand for cobalt will grow by 12.7% annually and reach 317,000 tonnes by 2026 with the EV sector accounting for 50% of all cobalt demand.
REVIEW OF OPERATIONS
Moa Joint Venture (50% interest) and Fort Site (100%)
|
$ millions, except as otherwise noted, for the three months ended March 31 |
|
|
2022 |
2021 |
Change |
|||||
|
|
|
|
|
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|
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|
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
Revenue(1) |
|
|
|
|
|
$ |
185.6 |
$ |
126.3 |
47% |
|
Cost of sales(1) |
|
|
|
|
|
|
116.0 |
|
96.4 |
20% |
|
Earnings from operations |
|
|
|
|
|
|
67.7 |
|
27.8 |
144% |
|
Adjusted EBITDA(2) |
|
|
|
|
|
|
81.2 |
|
41.7 |
95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
Cash provided by continuing operations for operating activities |
|
|
|
$ |
24.2 |
$ |
23.5 |
3% |
||
|
Free cash flow(2) |
|
|
|
|
|
|
13.5 |
|
18.9 |
(29%) |
|
|
|
|
|
|
|
|
|
|
|
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PRODUCTION VOLUMES (tonnes) |
|
|
|
|
|
|
|
|
|
|
|
Mixed Sulphides |
|
|
|
|
|
|
4,126 |
|
3,931 |
5% |
|
Finished Nickel |
|
|
|
|
|
|
3,875 |
|
4,188 |
(7%) |
|
Finished Cobalt |
|
|
|
|
|
|
446 |
|
477 |
(6%) |
|
Fertilizer |
|
|
|
|
|
|
63,088 |
|
63,792 |
(1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NICKEL RECOVERY(3) (%) |
|
|
|
|
|
89% |
|
82% |
9% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
SALES VOLUMES (tonnes) |
|
|
|
|
|
|
|
|
|
|
|
Finished Nickel |
|
|
|
|
|
|
3,758 |
|
4,177 |
(10%) |
|
Finished Cobalt |
|
|
|
|
|
|
398 |
|
477 |
(17%) |
|
Fertilizer |
|
|
|
|
|
|
31,439 |
|
27,111 |
16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE-REFERENCE PRICES (US$ per pound) |
|
|
|
|
|
|
|
|
|
|
|
Nickel(4) |
|
|
|
|
|
$ |
11.97 |
$ |
7.97 |
50% |
|
Cobalt(5) |
|
|
|
|
|
|
35.90 |
|
21.71 |
65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE REALIZED PRICE (CAD)(2) |
|
|
|
|
|
|
|
|
|
|
|
Nickel ($ per pound) |
|
|
|
|
|
$ |
14.85 |
$ |
9.97 |
49% |
|
Cobalt ($ per pound) |
|
|
|
|
|
|
41.66 |
|
21.91 |
90% |
|
Fertilizer ($ per tonne) |
|
|
|
|
|
|
654.55 |
|
312.33 |
110% |
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIT OPERATING COSTS(2) (US$ per pound) |
|
|
|
|
|
|
|
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Nickel – net direct cash cost |
|
|
|
|
|
$ |
3.42 |
$ |
3.83 |
(11%) |
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|
|
|
|
|
|
|
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|
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|
|
SPENDING ON CAPITAL(2) |
|
|
|
|
|
|
|
|
|
|
|
Sustaining |
|
|
|
|
|
$ |
15.7 |
$ |
4.6 |
241% |
|
Expansion |
|
|
|
|
|
|
0.3 |
|
– |
– |
|
|
|
|
|
|
|
|
16.0 |
|
4.6 |
248% |
|
(1) |
Revenue and Cost of sales of Moa Joint Venture and Fort Site is composed of revenue/cost of sales, respectively, recognized by the Moa Joint Venture at Sherritt’s 50% share, which is equity-accounted and included in share of earnings (loss) of Moa Joint Venture, net of tax, and revenue/cost of sales recognized by Fort Site, which is included in consolidated revenue. For a breakdown of revenue between Moa Joint Venture and Fort Site see the Combined revenue section in the Non-GAAP and other financial measures section of this press release. |
|
|
(2) |
Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release. |
|
|
(3) |
The nickel recovery rate measures the amount of finished nickel that is produced compared to the original nickel content of the ore that was mined. |
|
|
(4) |
The average nickel reference price for the three months ended March 31, 2022 was impacted by the suspension of nickel trading and disruption events on the LME during the month of March 2022. The calculation of the average nickel reference price for the three months ended March 31, 2022 is based on LME guidance for disruption events, which uses the next available price after a disruption event. |
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|
(5) |
Average standard grade cobalt published price per Fastmarkets MB. |
Mixed sulphides production at the Moa JV in Q1 2022 was 4,126 tonnes, up 5% from the 3,931 tonnes produced in Q1 2021. The variance was largely due to the impact of heavy rainfall on mining operations in Q1 2021 that resulted in lower ore quality when compared to Q1 2022.
Sherritt’s share of finished nickel production in Q1 2022 totaled 3,875 tonnes, down 7% from the 4,188 tonnes produced in Q1 2021 while finished cobalt production for Q1 2022 was 446 tonnes, down 6% from the 477 tonnes produced in the same period last year. Finished metals production in Q1 2022 was impacted by delays in receiving mixed sulphides from Moa to the refinery due to railway transportation disruptions from Halifax to the refinery in Fort Saskatchewan, Alberta.
Second quarter production will be impacted by the planned annual maintenance shutdown of the refinery in Fort Saskatchewan. This year’s shutdown is smaller in scale when compared to the prior year, which was a full-facility shutdown completed once every six years. The 2022 shutdown is expected to last up to seven days, consistent in duration to prior years.
Revenue in Q1 2022 increased by 47% to $185.6 million from $126.3 million last year. The revenue increase was largely attributable to higher average-realized nickel, cobalt, and fertilizer prices(1), which were up 49%, 90%, and 110%, respectively, from Q1 2021. Fertilizer sales volumes grew by 16% to 31,439 tonnes due to consumer stockpiling in advance of 2022 planting season.
Mining, processing and refining (MPR) costs per pound of nickel sold in Q1 2022 were up 29% from Q1 2021. Consistent since the start of the global pandemic in the first quarter of 2020, higher MPR costs in Q1 2022 were driven by the significant rise in input costs, further compounded by Russia’s invasion of Ukraine. Most notably, input costs were marked by a 181% increase in sulphur prices, 47% increase in natural gas prices and 35% increase in fuel oil prices when compared the same period last year. Increased input costs were partly offset by lower purchased sulphuric acid consumption. Purchased sulphuric acid consumption was required in the prior year to offset lower sulphuric acid production at Moa ahead of the planned sulphuric acid plant shutdown in the second quarter of 2021.
Net direct cash cost (NDCC)(1) per pound of nickel sold decreased by 11% to US$3.42/lb in Q1 2022 from US$3.83/lb for Q1 2021. The improvement was principally due to higher cobalt and fertilizer by-product credits generated by higher average-realized prices and the 16% increase in fertilizer sales volumes. NDCC for Q1 2022, which was the lowest since the fourth quarter of 2018, ranked Sherritt in the lowest cost quartile of all nickel producers according to annualized information tracked by Wood Mackenzie.
Sustaining spending on capital in Q1 2022 was $15.7 million, up 241% from $4.6 million in Q1 2021. The year-over-year increase was due primarily to higher planned spending, including the receipt of mining equipment at Moa.
With support from Sherritt Technologies, the Moa JV advanced with its expansion strategy aimed at growing annual nickel and cobalt production by 15 to 20% from the combined 34,710 tonnes produced in FY2021, which should result in an increase in annual nickel production by approximately 4,700 to 6,200 tonnes (100% basis), once all projects are completed in 2024, and extending the life of mine at Moa beyond 2040.
Progress in Q1 2022 included:
-
Continued to advance construction of the slurry preparation plant at Moa, which included substantial completion of a raw ore rheological study and pipeline design, and commencement of civil works.
The project cost and schedule remain on track at an estimated cost of US$27 million (100% basis) with expected completion in early 2024. In 2022, US$9 million (100% basis) in growth capital spend, of which US$5.2 million (100% basis) has been committed, is expected for ordering of long lead materials and equipment, and civil and mechanical construction. The project is expected to deliver a number of benefits, including reduced ore haulage, lower carbon intensity from mining, and increased annual production of nickel and cobalt contained in mixed sulphides of approximately 1,700 tonnes commencing in mid-2024.
- Near completion of a feasibility study for a leach plant sixth train at Moa.
- The start of engineering related to de-bottlenecking projects at the Fort Site and basic engineering for upgrading the acid plant at Moa.
- Approval of US$6 million (100% basis) for basic engineering and plant capacity testing needed for the remaining expansion projects prior to full project approval in the second half of the year. As part of this work, Sherritt will review additional ESG considerations into the expansion plans as engineering advances.
- The engagement of external consultants to develop a new life of mine (LOM) plan based on economic cut-off grade methodology and conduct a Quality Assurance/Quality Control review at Moa. A site visit was successfully completed in February 2022 and detail work has commenced.
Contacts
For further investor information contact:
Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
E-mail: investor@sherritt.com
Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com
