Canadian miner Sherritt International Corp. posted a third-quarter loss on Wednesday as lower nickel prices and sales volumes, and lower exports of thermal coal weighed on revenue.
The miner’s net loss was $22.6-million, or 8 cents a share, in the quarter ended Sept 30. That compared with a profit of $45.5-million, or 16 cents a share, in the year-earlier period.
Adjusted to remove one-time items, earnings were 3 cents a share, compared with average analyst expectations of 9 cents a shares, according to Thomson Reuters I/B/E/S.
Revenue dropped 9 per cent to $422.2-million as nickel sales volumes fell 9 per cent to 8.6 million pounds and thermal coal sales volumes fell 7 per cent to 8.5 million tonnes.
Sherritt said the ramp-up at its Ambatovy nickel mine in Madagascar is progressing, with full commercial production expected in early 2013. The project, which is a joint venture with Sumitomo Corp and Korea Resources Corp, is on track to remain within its $5.5-billion capital budget.
Sherritt owns nickel operations in Canada, Cuba, Indonesia and Madagascar, along with numerous coal mines in Canada and energy projects in Cuba.