Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canadian miner Sherritt International has kept its annual nickel production guidance unchanged at 32,000-33,000mt amidst steady production from its Moa joint venture in Cuba as well as its Fort Site mine in Alberta. 


Finished nickel production volumes in January-September declined by 6pc to 11,733mt, compared with 12,505mt in the prior year period.

Nickel sales in this period amounted to 11,510mt, down 9pc from 12,609mt in the first nine months of 2019. 


In Q3 2020, finished nickel volumes were down by 9pc to 3,750mt from 4,139mt in Q3 2019. Meanwhile, sales saw a steeper decline of 14pc to 3,568mt from 4,145mt in the same period under review.


The firm’s adjusted EBITDA in the first nine months fell short by 1pc to C$28.2mn ($36.8mn), from C$28.5mn during the same period in 2019. As for the third quarter, Sherritt’s adjusted EBITDA fell by 26pc to C$15.5mn, compared with C$20.9mn in Q3 2019.         


($1 = C$1.30) 


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