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Site of Sherritt's Ambatovy mining project in Madagascar (Geoffrey York)
Site of Sherritt's Ambatovy mining project in Madagascar (Geoffrey York)

Sherritt back in the black Add to ...

Canadian mining company Sherritt International Corp. is reporting a $48.3-million profit for the fourth-quarter.

That's a big contrast to the $592.1-million loss reported a year earlier, when Sherritt took a major writedown on a nickel project in Madagascar.

Sherritt says all major earth work at the project's plant and mine were completed in the quarter, as well as an offshore oil jetty and a facility for managing tailings.

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Construction on the massive multiyear project that Sherritt is building on behalf of its partners will continue this year.

Revenue from the Toronto-headquartered company's current metal, coal and oil operations in the fourth quarter was little-changed at just under $380-million.

 
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