Sherritt International is a
CanadianCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
energyIn physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
company, based in Toronto, Ontario. It is involved in
nickelNickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...
and
cobaltCobalt is a chemical element with symbol Co and atomic number 27. It is found naturally only in chemically combined form. The free element, produced by reductive smelting, is a hard, lustrous, silver-gray metal....
mining, thermal coal production, oil and gas exploration and
production-Science:* In geography, away from the source of a stream or river* In meteorology, away from the source of an air parcel or mass, along the normal direction of water or air flow* Downstream , in computer or telecommunications networks...
, and
electricityElectricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
generation. Sherritt is one of the largest foreign investors in
CubaThe Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
, and the Canadian company with the largest business interests there.
Mining
Sherritt has most of its profit coming from
miningMining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
operations (40%), with mines in
Moa, CubaMoa is a municipality and city in the Holguín Province of Cuba.Large nickel deposits located in the Moa area are exploited in part by joint ventures with the Canadian company Sherritt International.-Demographics:...
, and a metal refinery in Fort Saskatchewan,
AlbertaAlberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
,
CanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
Sherritt coal revenue is derived from its 50% holding of
Luscar Energy Partnership.
Nickel mining operations at the Ambatovy, Madagascar, are expected to begin production by first quarter 2011. Sherritt holds 40% ownership of the project. In December 2010, Sherritt estimated the project would cost US$4.76 billion.
Oil and gas
Sherritt operates oil and gas fields leased from the Cuban government (
VaraderoVaradero is a resort town in the province of Matanzas, Cuba, and one of the largest resort areas in the Caribbean. Varadero is also called Playa Azul, which means "blue beach" in Spanish.-Geography:...
, Canasí, Yumuri, Puetro Escondido) and has interest in some fields in
SpainSpain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
.
History
- 1927: Incorporation of Sherritt Gordon Mines Limited.
- 1954: Construction of the refinery at Fort Saskatchewan, Alberta
Fort Saskatchewan is a city in Alberta, Canada, located northeast of downtown Edmonton, Alberta's capital city, along the North Saskatchewan River. Fort Saskatchewan is part of the Edmonton Census Metropolitan Area and is one of 24 municipalities on the Capital Region Board...
.
- 1991: Sherritt acquires Canada Northwest Energy Limited, a producer of oil and gas.
- 1993: Company renamed to Sherritt Inc.
- 1994: Sherritt becomes the largest producer of nitrogen and phosphate fertilizers in Canada after acquiring fertilizer assets from Imperial Oil Limited
Imperial Oil Limited is Canada's largest petroleum company. The company is engaged in the exploration, production and sale of crude oil and natural gas. It is controlled by US based ExxonMobil, which owns 69.6% of its stock...
.
- 1995: Incorporation of Sherritt International Corporation, with interest in mining, oil and gas and technology business in Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
. Nickel, cobalt, oil and gas production begins in Cuba..
- 1998: Creation of Sherritt Power Corporation, building gas-fired electricity
Electricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
generation plants in Cuba, with a 30% interest in Energas.
- 2001: Creation of Luscar Energy Partnership in cooperation with Ontario Teachers' Pension Plan Board by acquiring Luscar Ltd., Canada’s largest coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
producer.
- 2007: Sherritt acquires Dynatec mining corporation
DMC Mining Services is a mining services contractor, otherwise known as a mining contractor. Its headquarters are currently based in Richmond Hill, Ontario....
in a friendly takeoverIn business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
. Among the assets was the Ambatovy nickel project in MadagascarThe Republic of Madagascar is an island country located in the Indian Ocean off the southeastern coast of Africa...
.
- 2008: Sherritt acquires all outstanding shares from Royal Utilities Income Trust. Royal Utilities Income Trust owned Prairie Mines & Royalty Ltd, that operates thermal coal mines in Saskatchewan
Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota....
and AlbertaAlberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
.
External links