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Reiterates Production Guidance for 2017
TORONTO, ON–(Marketwired – September 20, 2017) –
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Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX: S) today announced that operations and production activities at its Moa Joint Venture and Oil and Gas and Power facilities in Cuba have been restored to normal capacity following a period of clean up and re-start in the aftermath of Hurricane Irma.
Sherritt also confirmed that none of its facilities incurred more than minimal damage, and that all of its employees were safely accounted for.
“Although our production activities were interrupted by Hurricane Irma, the disruption was relatively insignificant thanks to the considerable preparation and planning efforts we undertook with our Cuban partners,” said David Pathe, President and CEO of Sherritt International. “As a result, Hurricane Irma has not had any material impact on our expected 2017 production emanating from Cuba. With production and operations back to normal, we now look forward to drill results from our oil exploration activities in the Block 10 concession, which we anticipate in Q4 of 2017.”
Sherritt recommenced drilling in Block 10, which is located in the Bay of Cardenas off of Cuba’s north shore, on September 18. The drilling is being completed under a production sharing contract with the state oil company, Cubapetroleo SA (Cupet).
Sherritt, which is celebrating its 90th anniversary in 2017, is the world leader in the mining and refining of nickel from lateritic ores with projects and operations in Canada, Cuba and Madagascar. The Corporation is the largest independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The Corporation’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Source: Sherritt Investor Relations
Wed, 20 Sep 2017 21:00:00 GMT