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Sherritt posts loss on lower nickel sales, price

Canadian miner Sherritt International Corp. (S-T) posted a third-quarter loss on Wednesday as lower nickel prices and sales volumes, and lower exports of thermal coal weighed on revenue.

The miner's net loss was $22.6 million, or 8 cents a share, in the quarter ended Sept 30. That compared with a profit of $45.5 million, or 16 cents a share, in the year-earlier period.

Adjusted to remove one-time items, earnings were 3 cents a share, compared with average analyst expectations of 9 cents a shares, according to Thomson Reuters I/B/E/S.

Revenue dropped 9 percent to $422.2 million as nickel sales volumes fell 9 percent to 8.6 million pounds and thermal coal sales volumes fell 7 percent to 8.5 million tonnes.

Sherritt said the ramp-up at its Ambatovy nickel mine in Madagascar is progressing, with full commercial production expected in early 2013. The project, which is a joint venture with Sumitomo Corp. and Korea Resources Corp., is on track to remain within its $5.5 billion capital budget.

Sherritt owns nickel operations in Canada, Cuba, Indonesia and Madagascar, along with numerous coal mines in Canada and energy projects in Cuba. CTV Two CTV News CTV News Channel BNN - Business News Network CP24