Newspaper article The Canadian Press

Sherritt Lowers Ambatovy's 2016 Nickel Target for Second Time This Year

Newspaper article The Canadian Press

Sherritt Lowers Ambatovy's 2016 Nickel Target for Second Time This Year

Article excerpt

Sherritt lowers Ambatovy's 2016 nickel target

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TORONTO - Sherritt International Corp. (TSX:S) cut its Ambatovy mine's 2016 nickel production forecast for the second time this year.

The mining company -- which operates Ambatovy and owns 40 per cent of the joint venture -- said Tuesday the new production estimate is for between 40,000 and 42,000 tonnes of nickel.

That's down 2,000 tonnes from an estimate issued in July and down 8,000 tonnes from the original 2016 estimate for between 48,000 and 50,000 tonnes of nickel from the mine in Madagascar.

Ambatovy's 2016 cobalt production estimate is 2,000 to 3,300 tonnes -- unchanged from the previous estimate but down from the original 2016 guidance for between 3,300 and 3,800 tonnes.

The revised outlook for one of Sherritt's biggest operations was included with the company's third-quarter financial report, which showed a loss of $120. …

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