Sherritt International is a Canadian resource company, based in
Toronto, Ontario
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
. Sherritt is a world leader in the mining and refining of nickel and cobalt – metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Operations
Mining
![Sherritt-Plant-Fort-Saskatchewan-Alberta-Canada-02A](https://upload.wikimedia.org/wikipedia/commons/e/e3/Sherritt-Plant-Fort-Saskatchewan-Alberta-Canada-02A.jpg)
Moa Joint Venture
Sherritt has a 50/50 partnership with
General Nickel Company S.A. (GNC) of Cuba (the
Moa Joint Venture) and a wholly‑owned fertilizer business and
sulphuric acid, utilities and fertilizer storage facilities in
Fort Saskatchewan
Fort Saskatchewan is a city along the North Saskatchewan River in Alberta, Canada. It is northeast of Edmonton, the provincial capital. It is part of the Edmonton census metropolitan area and one of 24 municipalities that constitute the Edmo ...
, Alberta, Canada (Fort Site) that provides additional sources of income.
The Moa Joint Venture mines, processes and refines nickel and
cobalt
Cobalt is a chemical element with the symbol Co and atomic number 27. As with nickel, cobalt is found in the Earth's crust only in a chemically combined form, save for small deposits found in alloys of natural meteoric iron. The free element, pr ...
for sale worldwide (except in the United States). The Moa Joint Venture is a vertically‑integrated joint venture that mines
lateritic ore by open pit methods and processes them at its facilities at
Moa, Cuba
Moa is a municipality and an industrial city in the Holguín Province of Cuba. Its name is believed to mean "water here".
History
Moa, one of the youngest cities in Cuba, was founded in 1939. One of the most significant personalities linked to i ...
into mixed sulphides containing nickel and cobalt. The mixed sulphides are transported to the refining facilities in Fort Saskatchewan, Alberta. The resulting nickel and cobalt products are sold to various markets, primarily in Europe, Japan and China. At current depletion rates, the concessions of the Moa Joint Venture are planned to be mined until at least 2034. In Q2 2019, the Moa Joint Venture filed an updated
National Instrument 43-101 technical report on SEDAR that confirmed the current mineral reserves and outlined increased mineral resources with the potential to extend Moa’s mine life.
The Fort Site facilities provides inputs (ammonia, sulphuric acid and utilities) for the Moa Joint Venture metals refinery, produces agriculture fertilizer for sale in Western Canada and provides additional fertilizer storage and administrative facilities. The metals refinery facilities in Fort Saskatchewan have an annual production capacity of approximately 35,000 (100% basis) tonnes of nickel and approximately 3,800 (100% basis) tonnes of cobalt.
Ambatovy Joint Venture
In 2007, Sherritt acquired a 40% interest in the
Ambatovy Joint Venture to develop and build a vertically-integrated nickel and cobalt mining, processing, refining and marketing operation in
Madagascar
Madagascar (; mg, Madagasikara, ), officially the Republic of Madagascar ( mg, Repoblikan'i Madagasikara, links=no, ; french: République de Madagascar), is an island country in the Indian Ocean, approximately off the coast of East Africa ...
. The Joint Venture reached commercial production in 2014 and comprises (i) a mine and an ore preparation plant located in the immediate vicinity of the ore bodies near Moramanga in eastern central Madagascar, (ii) a pipeline, approximately 220 kilometres long, to transport the mined laterite ore in the form of prepared slurry from the ore preparation plant at the mine to the processing plant which is located just south of the port city of Toamasina, and (iii) a processing plant, including a refinery, that produces LME-grade finished nickel, as well as cobalt metal.
In 2017, Sherritt exchanged CAD1.4 billion in debt to its joint venture partners for 28% of its interest in the joint venture. In 2020, Sherritt exchanged its 12% interest in the joint venture for the remaining partner loans.
Oil and gas
Sherritt’s Oil and Gas division explores for oil and gas primarily from reservoirs located offshore, but in close proximity to the coastline along the north coast of Cuba. Specialized long reach directional drilling methods are being used to economically exploit these reserves from land‑based drilling locations.
Sherritt currently has an interest in three PSCs in the exploration phase.
In addition, Sherritt holds working‑interests in several oil fields and the related production platform located in the Gulf of Valencia in Spain.
Electricity
Sherritt’s primary power generating assets are located in Cuba at
Varadero,
Boca de Jaruco
Boca de Jaruco ( en, Mouth of Jaruco) is a small fishing village in the Mayabeque Province of Cuba. It is located in the municipality of Santa Cruz del Norte, at the mouth of the ''Rio Jaruco'', on the Straits of Florida.
Overview
An extensive o ...
and
Puerto Escondido. These assets are held by Sherritt through its one‑third interest in
Energas S.A. (Energas), which is a Cuban joint arrangement established to process raw natural gas and generate electricity for sale to the
Cuban national electrical grid
Cuban may refer to:
* Something of, from, or related to Cuba, a country in the Caribbean
* Cubans, people from Cuba, or of Cuban descent
** Cuban exile, a person who left Cuba for political reasons, or a descendant thereof
* Cuban citizen, a perso ...
. Cuban government agencies
Unión Eléctrica Unión may refer to:
Places
* Unión, Paraguay
* Unión Municipality, Falcón, Venezuela
* Unión, Montevideo, Uruguay
* Unión Cantinil, Huehuetenango, Guatemala
* Unión, San Luis, Argentina
* Unión Department, Córdoba Province, Argentina
* Uni ...
(UNE) and
Unión Cubapetróleo Unión may refer to:
Places
* Unión, Paraguay
* Unión Municipality, Falcón, Venezuela
* Unión, Montevideo, Uruguay
* Unión Cantinil, Huehuetenango, Guatemala
* Unión, San Luis, Argentina
* Unión Department, Córdoba Province, Argentina
* Uni ...
(CUPET) hold the remaining two‑thirds interest in Energas.
Raw natural gas is supplied to Energas by CUPET free of charge. The processing of raw natural gas produces clean natural gas, used to generate electricity, as well as by‑products such as condensate and
liquefied petroleum gas
Liquefied petroleum gas (LPG or LP gas) is a fuel gas which contains a flammable mixture of hydrocarbon gases, specifically propane, propylene, butylene, isobutane and n-butane.
LPG is used as a fuel gas in heating appliances, cooking e ...
. All of Energas’ electrical generation is purchased by UNE under long‑term fixed‑price contracts while the by‑products are purchased by CUPET or a Cuban entity providing natural gas to the City of Havana at market based prices. Sherritt provided the financing for the construction of the Energas facilities and is being repaid from the cash flows generated by the facilities.
The Energas facilities, which consist of the two combined cycle plants at Varadero and Boca de Jaruco, produce electricity using natural gas and steam generated from the waste heat captured from the gas turbines. Energas’ electrical generating capacity is 506 MW.
Fertilizer
Sherritt owns assets, which produce fertilizer products, primarily for sale in the Western Canadian market, and which provide some of the critical input requirements for the
Fort Saskatchewan
Fort Saskatchewan is a city along the North Saskatchewan River in Alberta, Canada. It is northeast of Edmonton, the provincial capital. It is part of the Edmonton census metropolitan area and one of 24 municipalities that constitute the Edmo ...
metals refinery. Revenue is derived primarily from the sale of nitrogen fertilizers, and of sulphate fertilizers produced directly or indirectly as a by-product of the metals refining process.
Technologies
Sherritt’s Technologies group provides technical support, process optimization and technology development services to Sherritt’s operating divisions, and identifies opportunities for the Corporation as a result of its research and development activities. Its activities include the internally focused development of technologies that provide strategic advantages to the Corporation; evaluating, developing and commercializing process technologies for natural resource based industries, in particular for the hydrometallurgical recovery of non-ferrous metals; and providing technical support for Sherritt’s operations, marketing and business development arms.
History
The company was named after
Carl Sherritt Carl may refer to:
*Carl, Georgia, city in USA
*Carl, West Virginia, an unincorporated community
* Carl (name), includes info about the name, variations of the name, and a list of people with the name
*Carl², a TV series
* "Carl", an episode of te ...
, an
American
American(s) may refer to:
* American, something of, from, or related to the United States of America, commonly known as the "United States" or "America"
** Americans, citizens and nationals of the United States of America
** American ancestry, pe ...
citizen and
teamster
A teamster is the American term for a truck driver or a person who drives teams of draft animals. Further, the term often refers to a member of the International Brotherhood of Teamsters, a labor union in the United States and Canada.
Origi ...
on local rail construction projects who, after becoming a trapper and prospector, staked
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
prospects in the Cold Lake area of
Manitoba
Manitoba ( ) is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population o ...
; and J. Peter Gordon, a
civil engineer
A civil engineer is a person who practices civil engineering – the application of planning, designing, constructing, maintaining, and operating infrastructure while protecting the public and environmental health, as well as improving existing ...
who had also worked on the railroad construction.
Eldon Brown was the company's first employee and general superintendent.
The Sherritt process,
hydrometallurgical cobalt extraction techniques
Cobalt extraction refers to the techniques used to extract cobalt from its ores and other compound ores. Several methods exist for the separation of cobalt from copper and nickel. They depend on the concentration of cobalt and the exact composition ...
that enhance recovery from
nickel
Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow to ...
-
cobalt
Cobalt is a chemical element with the symbol Co and atomic number 27. As with nickel, cobalt is found in the Earth's crust only in a chemically combined form, save for small deposits found in alloys of natural meteoric iron. The free element, pr ...
sulfide
Sulfide (British English also sulphide) is an inorganic anion of sulfur with the chemical formula S2− or a compound containing one or more S2− ions. Solutions of sulfide salts are corrosive. ''Sulfide'' also refers to chemical compounds lar ...
concentrates, is named for Sherritt Gordon Mines Ltd.
*1927: Incorporation of Sherritt Gordon Mines Limited.
*1954: Construction of the refinery at
Fort Saskatchewan
Fort Saskatchewan is a city along the North Saskatchewan River in Alberta, Canada. It is northeast of Edmonton, the provincial capital. It is part of the Edmonton census metropolitan area and one of 24 municipalities that constitute the Edmo ...
,
Alberta
Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
.
[
*1957: Sherritt purchased the interests of Chemico in all patents in the chemical metallurgical field in which Sherritt was involved.
*1991: Sherritt acquires Canada Northwest Energy Limited, a producer of ]oil and gas
A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and combustion, burned as a fuel. The main fossil fuels are coal, petroleum, oil, and natura ...
.[
*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
Cuba ( , ), officially the Republic of Cuba ( es, República de Cuba, links=no ), is an island country comprising the island of Cuba, as well as Isla de la Juventud and several minor archipelagos. Cuba is located where the northern Caribbea ...
. Nickel, cobalt, oil and gas production begins in Cuba.[
*1998: Creation of Sherritt Power Corporation, building gas-fired ]electricity
Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described ...
generation plants in Cuba, with a 30% interest in Energas SA.[
*1998: Sherritt acquires 37.5 percent share of Cubacel, the cellular telephone operator in Cuba for $US38 million. Sherritt also created a company called “Sherritt Green,” a small agricultural branch of the company, cultivating a variety of vegetables for the tourist market as well as a 25 percent share of the Las Americas Hotel and golf course in Varadero and a 12.5 percent share of the Melia Habana Hotel. These investments have been sold.
*2001: Creation of Luscar Energy Partnership in cooperation with ''Ontario Teachers' Pension Plan Board'' by acquiring Luscar Ltd., Canada’s largest ]coal
Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other elements, chiefly hydrogen, sulfur, oxygen, and nitrogen.
Coal is formed when dea ...
producer for a deal worth $CDN 1 billion.
*2005: Two Canadian energy conglomerates, Sherritt International and Pebercan Inc, discovered a new oil field off Cuba's northern coast containing 100 million barrels of oil.
* 2007: Sherritt acquires Dynatec mining corporation in a friendly takeover
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to t ...
. Among the assets was the Ambatovy mine nickel project in Madagascar
Madagascar (; mg, Madagasikara, ), officially the Republic of Madagascar ( mg, Repoblikan'i Madagasikara, links=no, ; french: République de Madagascar), is an island country in the Indian Ocean, approximately off the coast of East Africa ...
.[
* 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
Saskatchewan ( ; ) is a Provinces and territories of Canada, province in Western Canada, western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on t ...
and Alberta
Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
.
* 2008: Sherritt Technologies, a Division of Sherritt International Corporation, Licenses Technology to Chinese Zinc Producer.
* 2010: Sherritt to acquire a controlling interest from Rio Tinto Rio Tinto, meaning "red river", may refer to:
Businesses
* Rio Tinto (corporation), an Anglo-Australian multinational mining and resources corporation
** Rio Tinto Alcan, based in Canada
** Rio Tinto Borax in America
*** Rio Tinto Borax Mine, ...
in the Sulawesi Nickel Project in Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
. The Sulawesi Project currently ranks as one of the largest known undeveloped, greenfield laterite
Laterite is both a soil and a rock type rich in iron and aluminium and is commonly considered to have formed in hot and wet tropical areas. Nearly all laterites are of rusty-red coloration, because of high iron oxide content. They develop by ...
nickel deposits in the world. This project has since been abandoned.
* 2012: The Ambatovy Joint Venture begins production - reaches commercial production in 2014.
* 2014: Sherritt sells coal investments for $946 million (CDN) to Westmoreland Coal Company Westmoreland or Westmorland may refer to:
Places
*Westmoreland County, New South Wales, Australia
*Westmorland County, New Brunswick, Canada
*Westmorland Parish, New Brunswick, Canada
*Westmoreland Parish, Jamaica
*Westmorland, New Zealand, a subu ...
.
* 2016: Sherritt bondholders support a 3-year extension of maturities.
* 2018: Sherritt further strengthens its balance sheet by repurchasing $130 million of debentures following a successful equity unit offering.
* 2019: Sherritt’s Cuban partners ratify overdue receivables agreement for the repayment of US$150 million.
* 2019: Sherritt reaches 3 billion pounds of cumulative nickel production at its refinery in Fort Saskatchewan
* 2020: Sherritt completed a balance sheet initiative aimed at improving the Corporation’s liquidity which resulted in reducing debt levels by more than $300 million, annual cash interest payments by $16 million, extending our first material debt repayment to November 2026, and exchanging its 12% interest the Ambatovy Joint Venture for amounts owed to the Ambatovy Partners.
References
External links
Sherritt International Corporation
Official site.
Sherritt International Financial Reports
Sherritt International at Yahoo Finance
{{Authority control
Chemical companies of Canada
Mining companies of Canada
Natural gas companies of Canada
Oil companies of Canada
Electric power companies of Canada
Cobalt mining companies
Non-renewable resource companies established in 1927
1927 establishments in Manitoba
Oil and gas companies of Cuba
Companies listed on the Toronto Stock Exchange
Metal companies of Canada
Nickel mines in Cuba
Mining companies of Madagascar