Sherritt International Corporation, a diversified resource company, engages in the development of hydrometallurgical and coal technologies, including alternative uses of coal as an energy resource. The company primarily operates in Canada, Cuba, Spain, and Pakistan and a significant mining property under development in Madagascar. Metals The Metals segment consists of a 50% interest in the Moa Joint Venture (formerly known as the Metals Enterprise), and a 40% interest in the Ambatovy Joint Venture, which is constructing a nickel and cobalt project in Madagascar. The company also owns certain fertilizer, sulphuric acid, utilities, storage and other assets located in Fort Saskatchewan, Alberta. MOA JOINT VENTURE: The Moa Joint Venture is a vertically-integrated nickel and cobalt mining, processing, refining and marketing joint venture between subsidiaries of Sherritt and General Nickel Company S.A. (GNC), a Cuban company. The operations of the Moa Joint Venture are currently carried on through three companies. Moa Nickel S.A. (Moa Nickel) owns and operates the mining and processing facility located at Moa, Cuba. The Cobalt Refinery Company Inc. (CRC) owns and operates the metals refinery located at Fort Saskatchewan, Alberta. International Cobalt Company Inc. (ICCI) acquires mixed sulphides from Moa Nickel and third parties, contracts with CRC for the refining of such purchased materials and then markets finished nickel and cobalt products. Moa Nickel mines lateritic nickel and cobalt ore by open pit methods and processes it at its facilities at Moa, Cuba into mixed sulphides containing nickel and cobalt. AMBATOVY JOINT VENTURE: The Ambatovy Project is a nickel and cobalt project under construction in Madagascar. The company indirectly holds a 40% interest in each of AMSA and DMSA, the two Ambatovy Joint Venture companies. Each of Sumitomo and Kores holds a 27.5% interest and SNC-Lavalin indirectly holds the remaining 5% interest in the Ambatovy Project companies. Sumitomo operates as an integrated trading and investment business enterprises. Kores is a state-owned corporation of the Government of the Republic of Korea that provides financing and technical support for many Korean investments and joint ventures. SNC-Lavalin has been involved in the Ambatovy Project for more than four years. Coal Sherritt Coal is delineated into three distinct operational groups: Prairie Operations, Mountain Operations and Coal Developments Assets. PRAIRIE OPERATIONS: Prairie Operations principally consists of ownership of RUIF, which in turn owns 100% of Prairie Mines & Royalty Ltd (Prairie Mines). Prairie Mines’ coal business consists primarily of the production of thermal-coal from eight mines in Alberta and Saskatchewan, which is sold to major electric utility companies in Western Canada as fuel to generate electricity. Prairie Mines also produces and sells Char to the barbeque briquette industry and holds a portfolio of mineral rights on which it earns royalties from the mining of coal, potash and other minerals. Prairie Mines is engaged in the construction of an activated carbon plant in Bienfait, Saskatchewan in a joint venture with Norit Canada. As of December 31, 2008, Prairie Mines had 671 million tons of the total reserves at its owned mines and 28 million tons of the total reserves at its contract mines. MOUNTAIN OPERATIONS: The principal asset of Mountain Operations is its 50% interest in the Coal Valley Partnership (CVP), a 50/50 Ontario general partnership between the Corporation and OTPPB SCP. CVP owns 100% of Coal Valley Resources Inc. (CVRI). CVRI mines and sells thermal-coal and owns the Coal Valley mine, Obed Mountain mine, Gregg River mine and Coleman properties. COAL DEVELOPMENT ASSETS: The Coal Development Assets include a 50% interest in the Carbon Development Partnership (CDP), a 50/50 Ontario general partnership between Sherritt and OTPPB SCP. CDP’s foremost project is the Dodds-Roundhill coal gasification project. CDP is also working to actively protect and commercialize coalbed methane in relation to the coal reserves it holds. Oil and Gas The company explores for, develops and produces oil and gas, primarily from fields situated in Cuba. It also has interests in oil fields off the coast of Spain and from a gas field in Pakistan. Within Cuba, the company operates and holds exploration and production rights under production-sharing contracts with Union Cubapetroleo (CUPET). The company indirectly holds 100% working-interests in six production-sharing contracts in Cuba covering approximately 1,040,875 net acres. The company holds a 14.5% working-interest in the Casablanca oil field, a 15.6% working-interest in the Rodaballo oil field, a 29% working-interest in the Boquer´on oil field, and an 18.4% working-interest in the Barracuda oil field, all located in the Gulf of Valencia, offshore Spain. The company also holds a 15.79% working-interest in a mining lease comprising the Badar gas field, located in the Indus Basin in central Pakistan. History Sherritt International Corporation was founded in 1995.
sherritt international corp
(S:Toronto Stock Exchange)
181 Bay Street
Toronto, ON M5J 2T3
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