- Sherritt International Corp. (TSX:S) has been working to restore power to its Cuban operations after a countrywide outage
- Sherritt’s Moa Nickel mine is operating at 50 to 60 per cent capacity using its own power generation after an outage caused when Hurricane Oscar, now a tropical storm, made landfall
- Thanks to backup power and risk planning, the company stressed that mixed sulphides production should not be materially affected
- Sherritt International stock last traded at $0.20 per share
Sherritt International Corp. (TSX:S) has been working to restore power to its Cuban operations after a countrywide outage.
In a news update, the company stated that the outage began on Friday and partial restoration was complete by Saturday, with efforts towards the complete restoration of the national grid continuing.
Sherritt’s Moa Nickel mine is operating at 50 to 60 per cent capacity using its own power generation after an outage. The mine is also helping regional power stations restart. Full operations are expected to resume once the national grid is restored, which is anticipated in the coming days, though this could be delayed by Hurricane Oscar. The hurricane, now a tropical storm, is not forecast to significantly impact the mine. Thanks to backup power and risk planning, the company stressed that mixed sulphides production should not be materially affected.
The team added that it does not expect any impact from this outage to its 2024 guidance.
After barreling through the Bahamas as a hurricane, Cuba’s electrical grid collapsed several times over the weekend as Oscar made landfall wreaking further havoc on the island’s infrastructure.
Using hydrometallurgical processes to mine and refine nickel and cobalt, Sherritt International Corp. is engaged in the production of these high purity metals from lateritic ore. Its technologies group creates solutions for oil and mining companies around the world to improve environmental performance.
Sherritt International stock (TSX:S) last traded at $0.20 per share. While down 28.81 per cent since the year began, its stock is up 10.53 per cent since last month.
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(Top photo: Sherritt International Corp.)
