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Incorporated in 1927 as Sherritt Gordon Mines Limited, Sherritt has deep Canadian roots; it is one of the oldest Canadian-owned metals producers still in operation. Refer to “Sherritt’s History”, at right, for more information.


Currently, Sherritt has three operating divisions, as well as a corporate office and technologies group. These entities are accounted for in our financial and sustainability reporting.

Division Operations, Products and Markets
  • Ambatovy Joint Venture in Madagascar (40% ownership) – nickel and cobalt mining, processing and refining for international markets. Watch this video to learn more about our Ambatovy operation.
  • Moa Joint Venture (50% ownership)
    • Moa, Cuba – nickel and cobalt mining and processing
    • Fort Saskatchewan, Alberta, Canada – nickel and cobalt refining for international markets
  • Fort Saskatchewan (100% ownership) – ammonia, sulphuric acid and utilities for the Moa Joint Venture’s nickel and cobalt production, and ammonium sulphate fertilizer (a by-product of nickel and cobalt production) for the western Canadian market. Watch this video to learn more about the Fort Saskatchewan operation.
Oil & Gas
  • Oil & Gas in Cuba (100% ownership) – exploration and production for Cuba’s energy needs
  • Energas, S.A. in Cuba (33.3% ownership) – electricity production from natural gas for Cuba’s electricity needs
Corporate and Technologies
  • Corporate Office in Toronto – corporate administration and management
  • Technologies Group – development and commercialization of high-pressure hydrometallurgical processes, engineering services and licensing of commercially proven technologies for mining companies worldwide

A more detailed overview of our business and corporate structure can be found on pages 1 to 7 in our 2015 Annual Information Form.

There have been no significant changes to the size of our company or its structure, ownership or supply chains during the reporting period, except for the sale of SNC-Lavalin Inc.’s 5% ownership position in the Ambatovy Joint Venture to Sumitomo Corporation, which increased its ownership position to 32.5%.

2015 Key Indicators


(C$ millions, except per share data, as at December 31) 2015
Combined revenue $1,022.7
Adjusted EBITDA(1) $113.1
Combined free cash flow(1) ($98.8)
Adjusted net loss from continuing operations(2) ($351.3)
Net loss from continuing operations per share ($7.05)
Cash, cash equivalents and short-term investments $435.4
Total loans and borrowings $2,263.1
Weighted average number of shares (millions) 293.7
(1) For additional information, please see the Non-GAAP Measures section of the Management’s Discussion and Analysis in our 2015 Annual Report.
(2) In 2015, Sherritt recorded impairment expenses of $80.6 million on its oil assets in Cuba and Spain and $1.6 billion at the Ambatovy Joint Venture. The adjusted net loss from continuing operations excludes these impairment losses, while the net loss from continuing operations per share includes the impairment losses.


  • Nickel: 80,977 tonnes (100% basis)
  • Cobalt: 7,198 tonnes (100% basis)
  • Oil: 18,257 barrels of oil equivalent per day
  • Electricity: 2,706 gigawatt hours (100% basis)


  • Full- and part-time employees and permanent contractors: 6,626
  • Total workforce: 11,361 (including long-term suppliers working on site)

On December 31, 2015, our market capitalization was $214.5 million and shareholder equity was $1,557.1 million. Refer to page 11 of our 2015 Annual Report for our Management’s Discussion and Analysis commentary on our performance during the year.

Our Supply Chain

Like most commodity producers, we play the role of a value-adding producer in a long supply chain. We require significant goods and services as inputs (the upstream supply chain) to develop bulk products, which we sell to customers that produce finished products for consumers (the downstream supply chain).

As the table below demonstrates, many of our products contribute materially to global sustainable development priorities. For instance: we provide energy to the Cuban people, we produce fertilizer for agricultural development and our high-quality metals are used in clean-technology infrastructure and products, such as alloys for renewable power applications, batteries for electric and hybrid electric vehicles, buildings, airplanes, household goods and appliances, medical devices and much more. For more information on how nickel is used in society, visit the Nickel Institute’s website.

Business Key Inputs Sherritt’s Contribution Key Customers
Metals Energy products, sulphuric acid, sulphur, limestone, engineering/ technical expertise Mining, processing and refining to produce finished nickel and cobalt and a fertilizer by-product
  • Car-component manufacturers
  • Steel producers
  • Battery producers
  • Agricultural producers
Oil & Gas Current technological drilling practices Drilling and extraction of oil
  • CUPET, Cuba’s national oil company, for national energy needs
Power Raw natural gas Processing of gas to produce electricity and by-products, such as condensate and liquefied petroleum gas
  • UNE, Cuba’s electricity utility, for the national grid
  • CUPET, for industrial processes and domestic needs

Refer to Operating Ethically for a description of how Sherritt applies anti-corruption and human rights requirements to its supply chain.