Sherritt earnings in holding pattern

Higher sales volumes in 1996 offset lower commodity prices and enabled Sherritt International (S-T) to post revenue and earnings similar to those achieved in 1995.

Revenue of $199.2 million and operating earnings of $40.1 million were relatively unchanged from levels posted in 1995, despite weaker prices for cobalt and nickel.

At the Fort Saskatchewan refinery in Alberta, total finished cobalt production amounted to 4.6 million lb. — 20% more than in 1995. Total finished nickel production of 55.8 million lb. was 8% higher than in the previous year.

Sherritt notes that, for the second consecutive year, a new production record was set at the Moa Bay operations in Cuba. Total production there was 26,034 tonnes of mixed sulphides — 26% higher than in 1995. The annual production of this facility has more than doubled in recent years as a result of a capital rehabilitation program and an infusion of working capital.