Sherritt to Commence Drilling at Sulawesi Metal Project in 2H

Resources

Wednesday, 22 February 2012 22:09

Written by Hans GN

TORONTO, Indonesia Today - Sherritt International Corporation plans to commence its resource drilling program for Sulawesi metal project in second-half (2H) of this year.

It said the drilling is expected to bring total spending on the Project to approximately $30 million, or 27% of the total funding requirement to obtain Sherritt's 46% economic interest in the Project.

"It is anticipated that the environmental and social baseline studies will be initiated in second-quarter 2012, with expected completion in mid-year 2013," Sherritt said.

Sherritt is a world leader in the mining and refining of nickel from lateritic ores with projects and operations in Canada, Cuba, Indonesia and Madagascar.

It reported net earnings of $28.1 million for fourth-quarter 2011, compared to net earnings of $42.7 million for fourth-quarter 2010.

Net earnings for the year 2011 were $197.3 million compared to $144.8 million for the year 2010.

Net earnings for 2011 surpassed the prior year by $52.5 million largely as a result of higher market pricing for both export thermal coal and oil, and the resultant strong EBITDA, in Coal and Oil and Gas. (Indonesia Today)

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