Decline in production and sales of finished nickel at Sherritt Madagascar Ambatovy joint venture in 2018 net loss reduced by about 63 per cent-Shanghai Metals Market

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Decline in production and sales of finished nickel at Sherritt Madagascar Ambatovy joint venture in 2018 net loss reduced by about 63 per cent

SMM News: according to the financial results report released by Sherritt International of Canada, the company's share of the 12 per cent joint venture in Madagascar, Ambatovy, fell 6 per cent year-on-year to 3982 tons in 2018, including an increase of 13 per cent to 1253 tons in the fourth quarter from a year earlier. Sales of finished nickel fell 7 per cent from a year earlier to 3944 tonnes, of which 14 per cent rose 14 per cent to 1026 tonnes in the fourth quarter from a year earlier.

In 2018, the average price of finished nickel for Ambatovy increased by about 30 per cent to C $7.87 per pound, with an increase of about 16 per cent to C $7.59 per pound in the fourth quarter from a year earlier. The net direct cash cost of finished nickel for the full year (NDCC) rose about 2 per cent from a year earlier to $3.91 a pound, with a year-on-year increase of about 12 per cent to $3.66 a pound in the fourth quarter.

Revenue from Ambatovy fell 64 per cent year-on-year to C $101.2 million in 2018, with a 60 per cent year-on-year decline to C $23.5 million in the fourth quarter and a net loss of about 63 per cent to C $40.8 million, with a year-on-year increase of about 19.4 per cent to C $22.6 million in the fourth quarter. Operating cash flow was negative, but better than the same period last year.

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Decline in production and sales of finished nickel at Sherritt Madagascar Ambatovy joint venture in 2018 net loss reduced by about 63 per cent

SMM News: according to the financial results report released by Sherritt International of Canada, the company's share of the 12 per cent joint venture in Madagascar, Ambatovy, fell 6 per cent year-on-year to 3982 tons in 2018, including an increase of 13 per cent to 1253 tons in the fourth quarter from a year earlier. Sales of finished nickel fell 7 per cent from a year earlier to 3944 tonnes, of which 14 per cent rose 14 per cent to 1026 tonnes in the fourth quarter from a year earlier.

In 2018, the average price of finished nickel for Ambatovy increased by about 30 per cent to C $7.87 per pound, with an increase of about 16 per cent to C $7.59 per pound in the fourth quarter from a year earlier. The net direct cash cost of finished nickel for the full year (NDCC) rose about 2 per cent from a year earlier to $3.91 a pound, with a year-on-year increase of about 12 per cent to $3.66 a pound in the fourth quarter.

Revenue from Ambatovy fell 64 per cent year-on-year to C $101.2 million in 2018, with a 60 per cent year-on-year decline to C $23.5 million in the fourth quarter and a net loss of about 63 per cent to C $40.8 million, with a year-on-year increase of about 19.4 per cent to C $22.6 million in the fourth quarter. Operating cash flow was negative, but better than the same period last year.

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