NORTH AMERICA STORIES

Sherritt accepts nickel-plated haircut

Sherritt International’s (CN:S) Ambatovy nickel mine in Madagascar was once the company’s crown jewel, conceived and planned when nickel prices were blowing through the ceiling in the mid-2000s. Of course, nickel fell back to earth, and Ambatovy soon turned into huge balance sheet issue for the Canadian company.

Ambatovy nickel plant in Madagascar

Ambatovy nickel plant in Madagascar

Now Sherritt is adding by subtracting, handing over the bulk of its stake in the mega-project to partners Sumitomo Corp and Korea Resources Corp in exchange for forgiveness of C$1.4 billion in partner...

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