Sherritt International, (TSE: S) has released its 2018 Q3 report, and the numbers are up, thanks to the success of the company’s Moa joint venture (JV) with the Cuban Government.
Sherritt specializes in mining and refining of nickel and cobalt from lateritic ores, and the company also has projects and operations in Canada and Madagascar.
Pathe says the jump in numbers was largely due to higher realized nickel and cobalt prices. Cobalt is mined as a by-product of nickel, and acts as a stabilizing component in the lithium-ion battery cell structure. The average-reference price for nickel improved 26% from last year to $6.01/lb while the average-reference price for cobalt increased 22% to reach $35.21/lb.
Sherritt’s share of finished nickel production at the Moa JV was 4,457 tonnes, up 10% from last year, while finished cobalt was 465 tonnes, flat from Q3 2017. Nickel production in Q3 2018 improved largely due to the arrival of new mining equipment that enabled Moa to surpass its target mixed sulphide production for the quarter.
The intermediary product is shipped from Cuba to Sherritt’s Fort Saskatchewan plant, and deposits are processed into LME grade quality nickel and cobalt briquettes.
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