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

Canada’s nickel miner, Sherritt International’s production guidance remains unchanged and it expects to produce between 32,000 – 33,000mt of finished nickel by the end of this year.  


The company’s nickel production at its Moa joint venture and Fort Site remained mostly unaffected due to the COVID-19 pandemic in the second quarter of the year. Sherritt expects to keep the same momentum for the rest of the year, it said in a statement.  


Finished nickel production in the first six months of the year fell by 5pc to 7,983mt from 8,366mt in H1 2019. However, in Q2 2020, finished nickel production increased by 4pc to 4,147mt compared to 3,969mt in Q2 2019.  


Finished nickel sales volume in H1 2020 declined by 6pc to 7,942mt compared to 8,464mt in the first half of 2019. However, in Q2, sales volume witnessed a rise of 2pc to 4,169mt from 4,073mt in Q2 2019.  


The company’s revenue (including finished nickel and other sulfides) in H1 2020 dropped by 7pc to CA$209mn ($155mn) from CA$225.4mn in H1 2019. In the second quarter of the year, revenue fell by 6pc to CA$115.5mn compared to CA$123.1mn during the same period in 2019.  


Sherritt’s adjusted EBITDA in the first six months of the year surged 44pc to CA$26.5mn from CA$18.4mn in H1 2019. Adjust EBITDA in the second quarter of 2020 rose by 15pc to CA$16.4mn from CA$14.2mn in Q2 2019.  


($1 = CA$1.34)

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