With the spotlight shining on nickel, Canadian miner Sherritt International’s (TSX:S) CEO David Pathe sees brighter days ahead.
Sherritt, which has significant assets in Cuba, has weathered storms ever since Pathe’s predecessor gambled on partnering with Havana’s communist government in the 1990s, and the miner was pushed to the brink during president Trump’s tenure, when early last year, the White House began ramping up sanctions on Cuba.
Nickel has been a tough business since the financial crisis, and Sherritt’s market value sunk to a record low C$29.8 million ($22.8 million) in March from its 2008 peak of C$4.8 billion, trading at a low of eight Canadian cents.
In February, Sherritt had announced a proposed transaction designed to improve its capital structure and reduce the company’s debt by half, and at the end of August, Pathe said it closed a “significant restructuring” of all of its debt tied to exiting the costly Ambitovy project in Madagascar, eliminating C$300 million in debt and pushing out loan payments due next year to 2026.
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