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Sherritt announces Q4 and year end 2016 financial results

2017-02-17 11:33:24  【Print】
BEIJING (Asian Metal) 17 Feb 17 - On February 16, 2017, Sherritt International Corporation ("Sherritt" or the "Corporation") reported its financial results for the year ended December 31, 2016.

Q4 and 2016 highlights:
  • .Asian Metal Copyright5;">In the second half of 2016, the maturity dates of the three senior unsecured debentures ($720 million principal value) were each extended by three years to 2021, 2023 and 2025.Asian Metal Copyright The adjusted net loss from continuing operations of $81.Asian Metal Copyright In the same timeframe, the Ambatovy Joint Venture financing lenders agreed to up to six principal payment deferrals totaling US$565.Asian Metal Copyright93lb at the end of 2015.Asian Metal Copyright1 million (100% basis) which are to be repaid on a schedule starting in 2021, or earlier subject to cash flow generation.
  • The 2016 nickel average reference price of US$4.36/lb was down 19% from the 2015 average reference price of US$5.37/lb.Asian Metal Copyright10lb at Ambatovy and US$3.Asian Metal Copyright However, after two years of a steeply declining price, nickel prices ended 2016 at US$4.54/lb compared to US$3.93/lb at the end of 2015. 
  • 2016 Net Direct Cash Costs (NDCC) of US$3.42/lb at the Moa JV and US$4.27/lb at Ambatovy are both improvements over their prior year comparables.Asian Metal Copyright28share in the fourth quarter compares to an adjusted net loss from continuing operations of $113.Asian Metal Copyright Fourth quarter 2016 NDCC of US$3.10/lb at Ambatovy and US$3.80/lb at Moa JV were recorded. 
  • Cash, cash equivalents and short-term investments ended the year at $309.Asian Metal Copyright28share in the fourth quarter compares to an adjusted net loss from continuing operations of $113.Asian Metal Copyright6 million, which is $125.Asian Metal Copyright1 billion for the same period a year ago.Asian Metal Copyright8 million lower than the ending balance of 2015.Asian Metal Copyright54lb compared to US$3.Asian Metal Copyright The main uses of cash were $65.Asian Metal Copyright93lb at the end of 2015.Asian Metal Copyright7 million to repay loans and borrowings, and $59.Asian Metal Copyright Fourth quarter 2016 NDCC of US$3.Asian Metal Copyright8 million in interest payments on the outstanding debentures.
  • The net loss of $378.Asian Metal Copyright Cash, cash equivalents and short-term investments ended the year at $309.Asian Metal Copyright9 million for 2016 compares to a net loss of $2.Asian Metal Copyright54lb compared to US$3.Asian Metal Copyright1 billion for the same period a year ago.Asian Metal Copyright In the same timeframe, the Ambatovy Joint Venture financing lenders agreed to up to six principal payment deferrals totaling US$565.Asian Metal Copyright The adjusted net loss from continuing operations of $81.Asian Metal Copyright However, after two years of a steeply declining price, nickel prices ended 2016 at US$4.Asian Metal Copyright3 million or $0.28/share in the fourth quarter compares to an adjusted net loss from continuing operations of $113.Asian Metal Copyright In the same timeframe, the Ambatovy Joint Venture financing lenders agreed to up to six principal payment deferrals totaling US$565.Asian Metal Copyright8 million a year ago.
Note: All amounts are Canadian dollars unless otherwise indicated.

.Asian Metal Copyright In the same timeframe, the Ambatovy Joint Venture financing lenders agreed to up to six principal payment deferrals totaling US$565.Asian Metal Copyright

Nickel Ore

Philippine 1.8%min China

Unit:RMB/mt
China's active nickel sulfate producers' average output statistics by province by month
Unit: mt
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