(Bloomberg) — Sherritt International Corp.’s new boss sees the electric-vehicle revolution stretching all the way to Cuba, with the Canadian miner planning to boost output of battery-grade nickel and cobalt.
In its first major move under Chief Executive Officer Leon Binedell, the Toronto-based company wants to increase production at its Moa joint venture in Cuba by 15% to 20% from the 34,876 metric tons produced last year.
“Going after essentially the lower risk, lowest capital opportunity for Sherritt is a meaningful way of growing cash flows and pursuing growth,” Binedell said in an interview.
The plan, unveiled Wednesday in a statement, involves extending the existing mine’s life beyond 2040 and is designed to tap into expected strong demand for metals used in rechargeable batteries as the world weans itself off of fossil fuels.
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