Sherritt International Corp. is currently focused on restoring power to its Cuban operations after a nationwide power outage. The company’s Moa Nickel mine is running at 50 to 60 percent capacity using its own power generation following the outage caused by Hurricane Oscar, which has now weakened to a tropical storm. Despite the challenges, Sherritt emphasized that mixed sulphides production should not experience significant disruptions.
The recent outage, which began on October 18th and saw partial restoration by October 19th, has prompted Sherritt to work on fully restoring the national grid. The mine is also assisting regional power stations in their restart efforts, with the expectation that operations will return to normal once the national grid is fully operational, despite potential delays due to Hurricane Oscar.
Sherritt remains confident that the outage will not impact its 2024 guidance. The company is involved in the mining and refining of nickel and cobalt using hydrometallurgical processes, specializing in high-purity metals production from lateritic ore. Additionally, its technologies group provides environmental solutions for oil and mining companies worldwide.
As of the latest trading update, Sherritt International stock (TSX:S) was valued at $0.20 per share, showing a 28.81 percent decrease year-to-date but a 10.53 percent increase from the previous month. Investors can engage in discussions about the stock on the Sherritt Bullboard and other Stockhouse stock forums, but should note that the information presented in this article is for informational purposes only and should not be considered investment advice. For full disclaimer information, visit the disclaimer page.
In light of the situation, it is important for stakeholders to stay informed and monitor developments as the restoration efforts continue.
