Informacion economica sobre Cuba

Sherritt posts loss on lower nickel sales, price

Reuters

(Reuters) – Canadian miner Sherritt International Corp posted a

third-quarter loss on Wednesday as lower nickel prices and sales

volumes, and lower exports of thermal coal weighed on revenue.

The miner's net loss was C$22.6 million, or 8 Canadian cents a share, in

the quarter ended Sept 30. That compared with a profit of C$45.5

million, or 16 cents a share, in the year-earlier period.

Adjusted to remove one-time items, earnings were 3 Canadian cents a

share, compared with average analyst expectations of 9 Canadian cents a

shares, according to Thomson Reuters I/B/E/S.

Revenue dropped 9 percent to C$422.2 million as nickel sales volumes

fell 9 percent to 8.6 million pounds and thermal coal sales volumes fell

7 percent to 8.5 million tonnes.

Sherritt said the ramp-up at its Ambatovy nickel mine in Madagascar is

progressing, with full commercial production expected in early 2013. The

project, which is a joint venture with Sumitomo Corp <8053.T> and Korea

Resources Corp , is on track to remain within its $5.5 billion capital

budget.

Sherritt owns nickel operations in Canada, Cuba, Indonesia and

Madagascar, along with numerous coal mines in Canada and energy projects

in Cuba.

(Reporting by Julie Gordon; Editing by Gerald E. McCormick)

http://news.yahoo.com/sherritt-posts-loss-lower-nickel-sales-price-132205587–finance.html;_ylt=A2KLOzIoW5FQt0gAe0DQtDMD


Related Articles:

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *

Calendar
Please help us to to pay for more powerful servers. Thank you.
Peso Convertible notes
Peso Convertible
Archives