At the Moa joint venture in Cuba, 2018 finished nickel production was 30,708 metric tonnes, despite weather events impacting operations, transportation delays and disrupted hydrogen sulphide supply throughout the period.

The Moa JVs's cobalt production was 3,234t, slightly below the low-end of guidance that called for 3,250t.

Toronto-based Sherritt expects the Moa JV's 2019 production to range between 31,000-33,000t of finished nickel and 3,300-3,600t of cobalt on a 100% basis.

The Ambatovy JV in Madagascar had a disappointing year, where nickel production came in about 2,000t below guidance at 33,185t. At 2,825t, cobalt production on a 100% basis was also below the expected 3,100-3,400t.

Sherritt said Category 2 cyclone Ava caused extensive damage to the operation.

This year Ambatovy is expected to produce 40,000-45,000t nickel and 3,500-4,000t cobalt.

Sherritt owns 50% of the Moa joint venture, and at Ambatovy it is the operator and holder of a 12% interest.

Sherritt's share of capital spending for 2019 is forecasted at US$72 million, which will be mainly earmarked to replace existing equipment and infrastructure at the Moa JV, as well as for drilling for Cuban crude oil on Block 10.

The company has lost about 67% of its value in the past year, despite a 6% or C2.5c gain Monday to 44c, capitalising it at $175 million.