Sherritt International

Alberta Nickel Cobalt
Sherritt International Corporation
Public
Traded asTSXS
ISINCA8239011031 Edit this on Wikidata
IndustryMining, Oil and Gas
Founded1927
HeadquartersToronto, Ontario Canada
Key people
David Pathe, Chairman, President & CEO[1]
Productsnickel, cobalt, oil, gas, power, fertilizer
RevenueCA$1.136 billion (2014)[2]
Number of employees
7,670 (2011)[3]
Websitewww.sherritt.com

Sherritt International is a Canadian resource company, based in Toronto, Ontario. The company's business interests include nickel and cobalt mining, oil and gas exploration and production, and electricity generation. Sherritt is one of the largest foreign investors in Cuba.

Operations

Mining

Structures on the grounds of the Sherritt plant, Fort Saskatchewan, Alberta, Canada.

Sherritt has most of its profit coming from mining operations. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The company has a portfolio of mineral rights on which it earns royalties from the production of potash and other minerals.

The company has nickel laterite mines in Moa, Cuba and near Moramanga, Madagascar. Sherritt has metal refineries in Fort Saskatchewan, Alberta, Canada and in Toamasina, Madagascar. Sherritt produces nickel, cobalt, ammonia, sulphuric acid, and ammonium sulphate at its Fort Saskatchewan facility.

The nickel and cobalt mining operations at the Ambatovy mine in Madagascar began production in second quarter 2012[4] and the Ambatovy project received its export permit in Q3 2012.[5] Sherritt holds 12% ownership of the project.[6] Sherrit's partners in the project are Japan's Sumitomo Corporation and the Korea Investment Corporation. The Ambatovy project is an integrated production system encompassing all stages from mining to refinery in the same country.[7] The Ambatovy venture has two nickel deposits located near Moramanga, Madagascar. The ore from these deposits is delivered via pipeline to a processing plant and refinery located near the Port of Toamasina.

Oil and gas

Sherritt operates oil and gas fields leased from the Cuban government (Varadero, Yumuri, Puerto Escondido) and has interest in some fields in Spain and Pakistan.[8] Sherritt has invested CA$215 million for the construction of two integrated gas processing and electrical generation systems in Cuba. The natural gas feedstock was previously flared and wasted. These operations commissioned in mid-2002 have a combined capacity of 226 MW. Sherritt has natural gas activities on the island. Sherrit built and operates a natural gas feeder pipeline network, and a 30 kilometres (19 mi) pipeline to Havana. In 2010, Cuba’s onshore and coastal 2010 crude oil production was estimated at approximately 50,000 barrels per day, of which 11,128 barrels per day represents Sherritt’s net equity in that production.[9]

In Cuba, Sherritt extended one of its existing production-sharing contracts until 2028, and signed contracts for two new blocks that have 25-year terms and together encompass more than 1,200 square kilometres (460 sq mi) in the same area that the company is already producing. In 2015, Sherritt reported its cost to produce oil is less than US$9 per barrel.[10]

Electricity

Sherritt owns 33% of Energas, an electricity producing company in Cuba. Energas supplies 11.6% of Cuba’s electric power.[11] The nickel mined by the company can be used to make cheaper solar cells.[12] Nickel is used to make batteries and new developments in batteries use nickel.[13] Sherritt has two major joint ventures that produce cobalt. Cobalt is a primary component of battery cathodes, and cobalt is needed for electric vehicles.[14]

Fertilizer

Sherritt owns assets, which produce fertilizer products, primarily for sale in the Western Canadian market, and which provide some of the critical input requirements for the Fort Saskatchewan metals refinery. Revenue is derived primarily from the sale of nitrogen fertilizers, and of sulphate fertilizers produced directly or indirectly as a by-product of the metals refining process.

History

The company was named after Carl Sherritt, an American citizen and teamster on local rail construction projects who, after becoming a trapper and prospector, staked copper prospects in the Cold Lake area of Manitoba; and J. Peter Gordon, a civil engineer who had also worked on the railroad construction.[15] Eldon Brown was the company's first employee and general superintendent.[16]

The Sherritt process, hydrometallurgical cobalt extraction techniques that enhance recovery from nickel-cobalt sulfide concentrates, is named for Sherritt Gordon Mines Ltd.

Industrial Deaths

References

  1. ^ 2018 Annual Information Form, page 72
  2. ^ 2014 Annual Report (Report). Sherritt International Corporation. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  3. ^ 2011 Annual Report (Report). Sherritt International Corporation. Archived from the original on 2013-01-21. Retrieved 2012-11-28.
  4. ^ "Sherritt Provides Ambatovy Progress Update" (Press release). Toronto, Ontario: Sherritt International Corporation. 2012-04-12. Archived from the original on 2015-09-24. Retrieved 2012-11-28.
  5. ^ "Ambatovy Receives Operating Permit" (Press release). Toronto, Ontario: Sherritt International Corporation. 2012-09-13. Archived from the original on 2015-09-24. Retrieved 2012-11-28.
  6. ^ "Sherritt International - Operations - Metals - Ambatovy JV". www.sherritt.com. Retrieved 28 July 2020.
  7. ^ "The Ambatovy Project, One of the World's Largest Nickel Mining Projects". Sumitomo Corporation. August 2013. Retrieved 2015-10-02.
  8. ^ "Sherritt's global operations". Sherritt. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  9. ^ Pinon, Jorge R (1 April 2014). "Piñón on Energy: Analyzing Sherritt « Cuba Standard, your best source for Cuban business news". www.cubastandard.com. Archived from the original on 1 April 2014.
  10. ^ Saywell, Trish (2015-05-20). "Sherritt brings discipline to the business". Northern Miner. Retrieved 2015-10-02.
  11. ^ http://imo2.thejakartapost.com/eversafe/2013/01/29/cuban-national-electric-system-and-6-top-power-plants/[dead link]
  12. ^ Coxworth, Ben (2010-08-05). "Nickel and selenium could be used for cheaper, more efficient solar cells". Retrieved 2015-10-02.
  13. ^ "Military technology promises battery revolution". Energy Harvesting Journal. 2012-02-16. Retrieved 2015-10-02.
  14. ^ Vanzo, Ryan (2015-06-04). "Sherritt International Corp. Could Double Because of Electric Vehicles". The Motley Fool Canada. Retrieved 2015-10-02.
  15. ^ Chalkley, M. E.; Cordingley, P.; Freeman, G.; Budac, J.; Krentz, R.; Scheie, H. (January 14, 2009). "A History of Sherritt – Fifty Years of Pressure Hydrometallurgy at Fort Saskatchewan". Republic of Mining. Retrieved May 23, 2016.
  16. ^ "Eldon Leslie Brown (1900 - 1998)". Canadian Mining Hall of Fame. Retrieved May 23, 2016.
  17. ^ a b c d e f g h i Werniuk, Jane (February 2008). "Marching to a different drum: Sherritt International at eighty". Canadian Mining Journal. The Northern Miner Group: 13. Retrieved 2015-10-02.
  18. ^ Ritter, Arch (2010-10-20). "Does Sherritt International Have a Future in Cuba?". The Cuban Economy – La Economía Cubana. Retrieved 2015-10-02.
  19. ^ "Sherritt wins Luscar Coal with improved bid". CBC News. Canadian Broadcasting Corporation. 2001-04-24. Retrieved 2015-10-02.
  20. ^ By Yahoo (23 December 2008). "Cuba News / Yahoo! - CubaNet News - Noticias de Cuba / Cuba News". www.cubanet.org. Archived from the original on 23 December 2008.
  21. ^ "Sherritt International Corporation and Dynatec Corporation Announce Closing of Arrangement" (Press release). Toronto, Ontario: Sherritt International Corporation. 2007-06-14. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  22. ^ Schnurr, Leah (2008-03-18). "Sherritt to buy Royal Utilities for C$700 mln". Canada.com. Toronto: CanWest. Reuters. Archived from the original on 2015-11-09. Retrieved 2011-06-09.
  23. ^ "Sherritt Succeeds in Bid for Royal Utilities Income Fund" (Press release). Toronto, Ontario: Sherritt International Corporation. 2008-04-29. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  24. ^ "Sherritt Technologies, a Division of Sherritt International Corporation, Licenses Technology to Chinese Zinc Producer" (Press release). Toronto, Ontario: Sherritt International Corporation. 2008-07-23. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  25. ^ Wright, Lisa (2009-04-14). "Easing of Cuba ban lifts Sherritt". Toronto Star. Retrieved 2015-10-02.
  26. ^ "Sherritt to Acquire a Controlling Interest in the Sulawesi Nickel Project" (Press release). Toronto, Ontario: Sherritt International Corporation. 2010-12-01. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  27. ^ "Sherritt profit doubles on rising metal prices". The Globe and Mail. Toronto. 2011-10-26. Retrieved 2015-10-02.
  28. ^ Critchley, Barry (2013-05-07). "Scott Leckie wants action at Sherritt International – including a stock buy-back". Financial Post. Postmedia Network. Retrieved 2015-10-02.
  29. ^ "Sherritt Announces Increase in Quarterly Dividend" (Press release). Toronto, Ontario: Sherritt International Corporation. 2013-02-26. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  30. ^ "S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices". TMX Money. 2013-09-13. Retrieved 2015-10-02.
  31. ^ Paddon, David (2013-12-24). "Sherritt selling coal business for $946M; Westmoreland gets seven mines". CTV News. Bell Media Television. The Canadian Press. Retrieved 2015-10-02.
  32. ^ "Sherritt to Divest of Coal Assets for $946 Million and Focus on Core Businesses" (Press release). Toronto, Ontario: Sherritt International Corporation. 2013-12-24. Archived from the original on 2015-10-04. Retrieved 2015-10-02.
  33. ^ "Bridge damaged by Hurricane Matthew collapses in Cuba, killing 4". BNO News. November 23, 2016. Archived from the original on November 24, 2016. Retrieved November 23, 2016.