NICKEL: Ambatovy boosts Sherritt bottom line

TORONTO – Sherritt International registered a combined revenue figure for 2014 of $1.14 billion, due in part to the 47% increase in nickel production from the Ambatovy project in Madagascar. Sherritt's share of production (40%) was 14,821 tonnes of nickel.

Capital spending at Ambatovy will cover sustaining activities and the second phase of construction for the tailings management facility. The second ore thickener was completed and commissioning begun by year end. The company says operational process issues are nearly ironed out.

The direct cash cost of nickel production was US$7.04 per lb, thanks in part to higher mining processing and refining costs in the fourth quarter due to major planned maintenance.

Read the entire Q4 financial report by clicking here.