TORONTO, ONTARIO--(Marketwired - Jan. 22, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sherritt International Corporation ("Sherritt") (TSX:S) today announced that commercial production has been achieved at the Ambatovy nickel operations in Madagascar.
"Bringing Ambatovy to commercial status is a key milestone in its development as a long-life, low-cost producer of finished nickel and finished cobalt," said David Pathe, President and CEO of Sherritt. "I want to thank all of the employees who have worked diligently and safely to achieve this major milestone."
Commercial production is defined as 70% of ore throughput of nameplate capacity in the Pressure Acid Leach (PAL) circuit on average over a thirty-day period and is the point at which all revenue and operating costs cease to be capitalized.
For purposes of Sherritt's financial statements, Sherritt's share of earnings (losses) from Ambatovy will begin to be recognized beginning February 1, 2014.
The focus at Ambatovy remains on optimizing operating performance to achieve nameplate capacity (60,000 tpa finished nickel and 5,600 tpa finished cobalt, 100% basis).
Sherritt is a world leader in the mining and refining of nickel from lateritic ores with projects and operations in Canada, Cuba, Indonesia and Madagascar. The Corporation is the largest thermal coal producer in Canada and is the largest independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide.
The Corporation's common shares are listed on the Toronto Stock Exchange under the symbol "S".