Sherritt International

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Sherritt International Corporation
Type Public (TSX: S)
Industry Mining, Oil and Gas
Founded 1927
Headquarters Canada Toronto, Ontario
 Canada
Key people Jowdat Waheed, President & CEO
Ian W. Delaney, Chairman
Products nickel, coal, oil, gas, energy
Revenue Increase$1.096 billion CAD (2005)
Employees 2,514 (2008)[1]
Website www.sherritt.com

Sherritt International (TSX: S) is a Canadian energy company, based in Toronto, Ontario. It is involved in nickel and cobalt mining, thermal coal production, oil and gas exploration and production, and electricity generation. Sherritt is one of the largest foreign investors in Cuba, and the Canadian company with the largest business interests there.

Operations

Mining

Sherritt has most of its profit coming from mining operations (40%), with mines in Moa, Cuba, and a metal refinery in Fort Saskatchewan, Alberta, Canada.

Sherritt coal revenue is derived from its 50% holding of Luscar Energy Partnership.

Nickel mining operations at the Ambatovy, Madagascar, are expected to begin production by first quarter 2011. Sherritt holds 40% ownership of the project. In December 2010, Sherritt estimated the project would cost US$4.76 billion.[2]

Oil and gas

Sherritt operates oil and gas fields leased from the Cuban government (Varadero, Canasí, Yumuri, Puetro Escondido) and has interest in some fields in Spain.

Electricity

Sherritt owns 30% of Energas, an electricity producing company in Cuba.

History

  • 1927: Incorporation of Sherritt Gordon Mines Limited.
  • 1954: Construction of the refinery at Fort Saskatchewan, Alberta.
  • 1991: Sherritt acquires Canada Northwest Energy Limited, a producer of oil and gas.
  • 1993: Company renamed to Sherritt Inc.
  • 1994: Sherritt becomes the largest producer of nitrogen and phosphate fertilizers in Canada after acquiring fertilizer assets from Imperial Oil Limited.
  • 1995: Incorporation of Sherritt International Corporation, with interest in mining, oil and gas and technology business in Cuba. Nickel, cobalt, oil and gas production begins in Cuba..
  • 1998: Creation of Sherritt Power Corporation, building gas-fired electricity generation plants in Cuba, with a 30% interest in Energas.
  • 2001: Creation of Luscar Energy Partnership in cooperation with Ontario Teachers' Pension Plan Board by acquiring Luscar Ltd., Canada’s largest coal producer.
  • 2007: Sherritt acquires Dynatec mining corporation in a friendly takeover. Among the assets was the Ambatovy nickel project in Madagascar.
  • 2008: Sherritt acquires all outstanding shares from Royal Utilities Income Trust. Royal Utilities Income Trust owned Prairie Mines & Royalty Ltd, that operates thermal coal mines in Saskatchewan and Alberta. [3]

References

  1. ↑ "Company Profile for Sherrit International Corp (CA;S)". http://zenobank.com/index.php?symbol=CA;S&page=quotesearch. Retrieved 2008-10-09.
  2. ↑ "Mining Journal - Sherritt raises Ambatovy costs again". 2010-12-18. http://www.mining-journal.com/finance/sherritt-raises-ambatovy-costs-again. Retrieved 2010-12-18.
  3. ↑ "Sherritt to buy Royal Utilities for C$700 mln by Reuters March 18, 2008". http://www.canada.com/story_print.html?id=b8d2026c-cf3f-43ad-92a7-d82e5e29f51a&sponsor=. Retrieved 2011-06-09.

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