The following is a summary of the Sherritt International Corporation (SHERF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sherritt International reported Q1 2024 consolidated revenue of $28.8 million, a drop compared to Q1 2023's $58.6 million due to lower prices in nickel, cobalt, and fertilizers.
The company had an adjusted EBITDA of negative $6.5 million and their net loss from continuing operations was $40.9 million for Q1 2024.
However, there was an increase in available liquidity in Canada, currently at nearly $68 billion, reversing the negative trend from H2 2023.
Business Progress:
Despite higher cost expectations, Sherritt's Mining division successfully reduced mining, processing and refining costs year-over-year in Q1 2024.
The new Slurry Preparation Plant was launched ahead of schedule and has been operating at design capacity from January 2024.
Their Power division is performing robustly, with anticipation for higher production levels.
Strategic moves are being made to strengthen power generation, including increasing gas supply in collaboration with Cuban partners.
Progress has been noted in leveraging technical expertise to unlock the processing value chain for the North American EV sector, as a move to counter Chinese dominance in refining battery materials.
More details: SHERRITT INTL CORP IR
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