Sherritt International Corp
Primary ticker: TSX:S
Stage of development: Production
Primary minerals: Nickel, Cobalt
Project to promote:
Project location: Canada, Cuba
Website: www.sherritt.com
Corporate presentation: Click here
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Sherritt’s Moa Joint Venture has a current estimated mine life of 25 years and has embarked on an expansion program focused on increasing annual mixed sulphide precipitate production by approximately 20% of contained nickel and cobalt. The Corporation’s Power division, through its ownership in Energas S.A., is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Cash: CAD132.3
Debt: CAD 302.3
Major shareholders:
Clearwater Capital Management – 10.5%
Management ownership – <1%
Financials
Management Profile
Leon Binedell, President and Chief Executive Officer
Leon Binedell has served as President and Chief Executive Officer of Sherritt International Corporation since June 2021. Mr. Binedell is a mining executive with 26 years of industry experience in leading global mining companies and adjacent joint ventures. Prior joining the Corporation, Mr. Binedell was Chief Financial Officer of Guyana Goldfields Inc. a Canadian-based gold producer focused on gold deposits in Guyana. Mr. Binedell has also served in a variety of senior leadership roles at leading mining companies, including nickel and other base metals businesses. Prior to joining Guyana Goldfields Inc., he served as Finance Operating Executive with Resource Capital Funds, a leading private equity fund focused on the mining sector and the commercialization of mining innovation. Additional sector experience includes his time as National Leader of Finance Consulting in Mining & Energy at PricewaterhouseCoopers LLP, General Manager of Business Services at Xstrata Nickel (now Glencore) and Chief Financial Officer at Koniambo Nickel SAS.
What do you think makes your company such a compelling investment?
* Significant producer of nickel and cobalt with 20% near-term growth in production
* Long mine life of over 20 years based on mineral reserves
* Track record of balance sheet deleveraging
* Strategic growth opportunity to leverage hydrometallurgical expertise to develop North American battery focused refinery
* Increasing dividends from Power business expected in second half of 2024 and beyond
* Committed to high ESG standards and best industry practices