Sherritt reports first profitable quarter since 2014

CUBA STANDARD — Reporting net income of CDN$14.8 million for the fourth quarter of 2021, Sherritt International Corp. broke a chain of 33 consecutive quarterly losses.

The fourth-quarter net earnings compare to a net loss of CDN$49.3 million in the fourth quarter of 2020. For the year, the company reported a loss of CDN$13.9 million.

After having been bogged down by low nickel, cobalt and oil prices since 2014, Cuba’s largest foreign investor is now banking on rising global demand for electric-vehicle batteries in a planned expansion of nickel and cobalt mining operations in Cuba.

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