Sherritt International Corporation · TSX:S
Sherritt International — Investor Day (May 2018)
99 slides from Sherritt International's investor day presentation, May 30, 2018
Slide 1: 2018 Investor Day
SHERRITT 2018 INVESTOR DAY Welcome to Fort Saskatchewan May 30, 2018 1
Slide 2: Today's presenters
Today’s presenters David Pathe Andrew Snowden Steve Wood President and CEO Chief Financial Officer Chief Operating Officer Elvin Saruk John Marsh Lyle Trytten Senior Vice President Director, Technologies Projects GM of Sustainability Oil & Gas / Power 2
Slide 3: Today's agenda
Today’s agenda • Strategy & Outlook David Pathe • Financial Discussion Andrew Snowden • Review of Operations Steve Wood • Oil and Gas Outlook Elvin Saruk • Technologies Development John Marsh/David Pathe • History of Fort Site & Site Tour Lyle Trytten • Closing Remarks David Pathe 3
Slide 4: Forward-looking statements
Forward-looking statements The materials and presentations comprising the 2018 Investor Day for Sherritt International Corporation (“Sherritt” or the “Corporation”) presented on May 30, 2018 contain certain forward-looking statements. Forward-looking statements can generally be identified by the use
Slide 5: Strategy & Outlook
STRATEGY & OUTLOOK David Pathe President and CEO May 30, 2018 5
Slide 6: Since our last investor day…
Since our last investor day… $1.5B 1M Amount of debt eliminated Number of electric vehicles from balance sheet to be sold in China in 2018 Outlook for Sherritt is strongest in years 6
Slide 7: Near-term outlook for cobalt is strong
Near-term outlook for cobalt is strong Cobalt demand coming from the battery sector 70% 60% 50% 40% 30% 20% 10% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Batteries EV batteries Electric vehicles will consume 40% of the world’s cobalt supply by 2025 Source: CRU 7
Slide 8: Nickel supply deficit is accelerating
Nickel supply deficit is accelerating Global nickel supply/demand market balance (kt) 200 300 150 225 Nickel inventories (days) 150 • Supply deficit expected Market balance (kt) 100 75 to grow through 2025 50 0 0 • Demand is tied to EV (75) battery requirements (50) (150) • Current LME inventory is
Slide 9: 2018 priorities
2018 priorities 1 Preserve liquidity and enhance balance sheet strength Uphold global leadership in finished nickel laterite 2 production 3 Optimize opportunities in Cuban energy business The pillars of Sherritt’s strategy 9
Slide 10: Strategic priorities scorecard
Strategic priorities scorecard Strategic Priority 2018 Results YTD Strengthen balance sheet & preserve liquidity • Cash position increased to $237.3M – Q1 • $121.2M debenture purchased for $110.3M – Q1 • $10 million debenture purchase – Q2 Optimize Cuban energy business opportunities • PSC at PE/Yum
Slide 11: Pillars are underpinned by commitment to innovation
Pillars are underpinned by commitment to innovation Pioneered commercialization of 1,700 Patents since 1948 high pressure hydrometallurgy 35+ operations use Sherritt technology around the world R&D, external services and operations support Fort Site – a centre of innovation for 60+ years 11
Slide 12: Today's discussions
Today’s discussions 1 Sherritt’s transformation and balance sheet initiatives 2 Near-term outlook for production and costs Opportunities for growth and commercialization of 3 innovation 4 Site tour of our production facilities Goal is to be informative and interactive 12
Slide 13: Questions?
Questions? David Pathe President and CEO 13
Slide 14: Financial Review
FINANCIAL REVIEW Andrew Snowden Senior Vice President and CFO May 30, 2018 14
Slide 15: Today's discussion
Today’s discussion 1 Recent balance sheet initiatives & strategic priorities 2 Cash flow from operations – How Sherritt generates cash 3 Sherritt’s sensitivity to commodity prices 15
Slide 16: Strategic focus - balance sheet initiatives
Strategic focus - balance sheet initiatives 2014 2016 2017 2018 - Sold non-core coal - Extended debenture - Restructured Ambatovy - Repurchased $120M of assets for $946M and maturities by 3 years JV & eliminated $1.4B debentures for $110M repaid $425M in of debt - Repurchased $30M of - Additional $1
Slide 17: Impact of balance sheet initiatives
Impact of balance sheet initiatives $1,938M $653M 74%Decrease in net debt $507M since 2016(1) 12/31/2016 12/31/2017 3/31/2018 Reducing debt remains a key strategic priority (1) Non-GAAP measure. Net debt is defined as debt due within one year plus the face value of long-term debt, less cash, cash eq
Slide 18: Debt metrics are improving
Debt metrics are improving Net debt / LTM EBITDA(1) (year-end 2016) Net debt / LTM EBITDA(1) Capstone Mining 1.7x Capstone Mining 1.2x Copper Mountain 5.4x Copper Mountain 3.1x Ero Copper 0.0x Ero Copper 3.4x Hudbay Minerals 2.4x Hudbay Minerals 1.0x New Gold 3.4x New Gold 3.1x Taseko Mines 9.1x Tas
Slide 19: 3+ year runway before major liabilities are due
3+ year runway before major liabilities are due(1) $134M $206M $223M $170M 2018 2019 2020 2021 2022 2023 2024 2025 Public debentures Ambatovy partner loan • Sherritt has the option to repay its Ambatovy partner loan in: − Shares; − Cash and shares; or − 10 equal semi-annual payments commencing in De
Slide 20: Ambatovy distributable cash flow
Ambatovy distributable cash flow Revenue generated by Ambatovy - Payment of operating expenses and capital - Semiannual Senior Loan principal and its interest payments(1) - Deposit to Senior Debt Reserve Account - No cash in, Deferred Senior Loan principal prepayment and part of sponsor post-financi
Slide 21: Strategic priorities
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Slide 22: Disciplined capital allocation
Disciplined capital allocation Capital spending ($M)(1) 160 140 120 100 80 60 40 20 0 2012 2013 2014 2015 2016 2017 2018 Moa and Fort Site Ambatovy Oil&Gas Power • Moa JV and Fort Site: normalized sustaining capex of ~ $40M • Oil & Gas: timing of capital spending will be linked to the collection of
Slide 23: Reducing operating and head-office costs
Reducing operating and head-office costs Operations Moa MPR (1) costs (US$/lb, excl. by-product credits) • Focus on reduction of controllable costs − 3rd acid plant reduced operating costs 7.5 − New fleet to increase truck availability 7.0 • Lower NDCC aided by rising cobalt prices 6.5 Corporate 6.0
Slide 24: Reducing overdue receivables
Reducing overdue receivables Q1 progress US$M Q4 overdue Expected/due Received Q1 overdue Oil & Gas receivables $41.4 $21.5 ($27.4) $35.5 Power receivables $91.2 $13.3 ($13.3) $91.2 Total Cuban energy $132.6 $34.8 ($40.7) $126.7 receivables • Overdue receivables have always fluctuated over the years
Slide 25: Cash flow from operations
Cash flow from operations How Sherritt generates cash 25
Slide 26: Q1 impact of liquidity initiatives & working capital changes
Q1 impact of liquidity initiatives & working capital changes $ millions 132.3 237.3 33.1 (110.3) (9.4) (4.1) 203.0 (1.3) 16.0 (11.0) (11.0) Dec. 31, 2017 Adj. Interest paid Receipt of WC change Unit offering Repurchase Unit and Capex Other March 31, continuing on debentures advances of debentures de
Slide 27: How cash is generated from Cuba
How cash is generated from Cuba Moa JV Oil & Gas Power 50% interest 100% interest 33.3% interest Finished products sold by ICCI to Cost-recovery oil and profit oil sold international customers, no Electricity sold locally locally receivable issue Conditional Repayment Repayment Payments Repayment sa
Slide 28: Overview of Sherritt's financial assets in Cuba
Overview of Sherritt’s financial assets(1) in Cuba Moa JV Power Energas conditional sales Working capital facility Expansion loan agreement (CSA) Outstanding • $9M • $242M • $210M amount (Q1 2018) • Prime + 3.50% or bankers’ • 6.5% • 8% Interest rate acceptance + 4.50% • Interest suspended until Q2
Slide 29: Sensitivity to commodity prices
Sensitivity to commodity prices 29
Slide 30: Adj. EBITDA shows the sensitivity to nickel and cobalt prices
Adj. EBITDA(1) shows the sensitivity to nickel and cobalt prices Nickel Price (US$/lb) $10 $45 Cobalt price (US$/lb) $9 Moa JV - Adjusted EBITDA ($M) $40 $8 $35 $7 Cobalt price (US$/lb) Nickel price (US$/lb) $30 $133M $6 $25 $5 $20 $4 $78M $81M $15 $3 $51M $42M $10 $2 $27M $20M $1 $5 $0 $0 2012 2013
Slide 31: Moa – Cash flow sensitivity to nickel and cobalt prices
Moa – Cash flow sensitivity to nickel and cobalt prices Impact of US$1/lb nickel price increase Impact of US$5/lb cobalt price increase $40M $20M Low-end of guidance Low-end of guidance Upside leverage to improving nickel and cobalt prices Note: Sherritt’s share of cash 31
Slide 32: Review of 2018 NDCC forecasts
Review of 2018 NDCC forecasts Moa Ambatovy $2.75 $3.25 -15% $2.75 -27% $2.00 Old New Old New • Due to higher cobalt prices • Driven by higher cobalt prices offset by changes to cobalt ore grade NDCC will benefit from higher than anticipated cobalt prices 32
Slide 33: Summary
Summary 1 Sherritt’s debt reduced and now aligned with peer group Cost reduction and disciplined capital allocation remain 2 key strategic priorities Sherritt has strong upside leverage to rising nickel and 3 cobalt prices Balance sheet and liquidity initiatives are transforming Sherritt 33
Slide 34: Questions?
Questions? Andrew Snowden Senior Vice President and CFO 34
Slide 35: Review of Operations
REVIEW OF OPERATIONS Steve Wood EVP & Chief Operating Officer May 30, 2018 35
Slide 36: Today's discussion
Today’s discussion 1 Commitment to safety and sustainability 2 Review of operations and recent progress 3 Optimization initiatives and outlook 36
Slide 37: Focus on safety
Focus on safety Moa JV - Work-related incidents Q1 2018 results • Zero lost time incidents 1.00 Frequency (per 200,000 hours worked) • 7 million hours without a lost time incident 0.90 0.80 • Safest record since Q3 2005 0.70 0.60 0.50 Global commitment 0.40 0.30 • Implementing Towards Sustainable Mi
Slide 38: Commitment to sustainability
Commitment to sustainability Recent efforts Ongoing sustainability initiatives and programs • Supported Hurricane Irma and Cyclone Ava relief efforts • Signed 3-year partnership with UNICEF Canada for road safety for youth in Cuba • Launched Five-year Sustainability Goals to drive continuous improve
Slide 39: Review of operations & recent progress
Review of operations & recent progress 39
Slide 40: Moa joint venture overview
Moa joint venture overview 1Alberta, Moa Nickel S.A. Finished nickel and cobalt products Canada To Asia via Vancouver To Europe via Montreal • Mines and processes nickel and cobalt from lateritic ore bodies Fort • High cobalt-to-nickel production ratio Saskatchewan 2 Mixed sulphides are Cobalt Refin
Slide 41: Moa is a long-life asset
Moa is a long-life asset Nickel and cobalt production (tonnes, 100% basis) 33,599 33,972 34,572 34,263 33,542 32,909 33,705 32,927 • A vertically 31,524 31,500 integrated mining, processing and refining enterprise • 60+ years HPAL experience • 15+ years of proven reserve life • High cobalt-to- 3,721
Slide 42: Moa is a low-cost asset
Moa is a low-cost asset Net direct cash cost (US$/lb) 10.0 9.0 8.0 • Substantial cobalt and fertilizer by- 7.0 products produced 6.0 ensure the Moa JV remains competitive 5.0 throughout the cycle 4.0 • Moa’s NDCC has 3.0 been in the lowest 2.0 cost quartile for four 1.0 consecutive quarters 0.0 Q1 Q
Slide 43: Moa production update
Moa production update • Q1 mixed sulphides production and availability impacted by: − Heaviest rainfall in 20+ years − Spill-over effect from heavy rains in Q4 − Reduced ore stockpiles − Higher levels of impurities due to excess water − Rail service delays • Q2 developments: − Production at Moa back
Slide 44: Ambatovy joint venture overview
Ambatovy joint venture overview • Partnership with Sumitomo and Kores • Integrated mining, processing and refining plant in Madagascar • Class 1 nickel and high purity cobalt production • Operator at least through 2024 Ownership interest reduced to 12% with JV restructuring 44
Slide 45: Ambatovy production update
Ambatovy production update • Q1 production impacted by: − Cyclone Ava − Shutdown and repairs − Acid Plant 1 operating at 50% capacity • Q2 developments: − Replacement of economizer in Acid Plant 1 − Acid Plant 1 shutdown expected for ~ 3 weeks − Acid Plant 2 is operating normally • Ongoing focus on
Slide 46: Optimization initiatives and outlook
Optimization initiatives and outlook 46
Slide 47: Initiatives to optimize performance and efficiency
Initiatives to optimize performance and efficiency • Slurry preparation plant “dump pocket” − Goal is to improve screening of ore Mining fleet availability(1) (%) − Benefits include shorter haul distances and increased throughput 90% − 54% constructed with 2005 expansion project 80% 70% − Commission
Slide 48: Review of 2018 production forecasts
Review of 2018 production forecasts Moa (100% basis, tonnes)(1) Ambatovy (100% basis, tonnes)(2) 10,000 15,000 8,000 10,000 6,000 4,000 5,000 2,000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nickel Cobalt Nickel Cobalt • Production expected at lower range • Cobalt production guidance of guidance updated to grades
Slide 49: Summary
Summary 1 Q1 weather and logistical challenges now behind us 2 Initiatives underway to optimize efficiency and lower costs 3 On track for 2018 production and NDCC guidance targets 49
Slide 50: Questions?
Questions? Steve Wood Chief Operating Officer 50
Slide 51: Oil and Gas Update
OIL AND GAS UPDATE Elvin Saruk Senior Vice President, OGP May 30, 2018 51
Slide 52: Today's discussion
Today’s discussion 1 Sherritt’s oil and gas experience 2 Cuba’s north shore geology 3 Block 10 drilling and outlook 52
Slide 53: Sherritt's oil and gas experience
Sherritt’s oil and gas experience • Integrated operations in Cuba since 1992 − Specialize in long-reach directional drilling from land-based locations − Own 2 drilling rigs − Own most of maintenance and service equipment • Operate through Production Sharing Contracts − Cost recovery − Share of profi
Slide 54: Target production and exploration areas
Target production and exploration areas - Existing PSC’s - Expired PSC’s Based on long-reach directional drilling from land-based locations 54
Slide 55: Sherritt's gross production in Cuba
Sherritt’s gross production in Cuba 60,000 240,000,000 50,000 200,000,000 Cumulative Production (BBLS) Production Rate (BOPD) 40,000 160,000,000 30,000 120,000,000 20,000 80,000,000 10,000 40,000,000 0 0 Jan-09 Jan-12 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-0
Slide 56: Cuba's north shore geology
Cuba’s north shore geology 56
Slide 57: Cuba's north coast
Cuba’s north coast • Complex area • Fold and thrust belt • Multiple duplexes • Each duplex has multiple thrusts • Best reservoir at top of thrusts 25 years of experience has provided a thorough understanding of geology 57
Slide 58: North coast structural model
North coast structural model Complex fold and thrust geology 58
Slide 59: Block 10 drilling and outlook
Block 10 drilling and outlook 59
Slide 60: Current areas of focus
Current areas of focus • Puerto Escondido/Yumuri PSC − Three-year extension to March 2021 − Cost recovery preserved − Profit oil reduced to 6% − Main purpose of extension is to retain equipment and personnel • Block 8A − Awaiting CUPET to approve seismic program • Block 6A − PSC signed November 2017
Slide 61: Our experience with Block 10
Our experience with Block 10 • CUPEY-1X drilled in 1994 tested 3750 barrels/day • Reprocessed seismic resulting in a better definition of the Lower Veloz and encouraged of the Upper Veloz presence • Additional potential identified • Drilled initial wells from land location with current technology Ne
Slide 62: Block 10 target prospects
Block 10 target prospects Primary target is the Litoral prospect 62
Slide 63: Overview of Block 10
Overview of Block 10 Target area requires approximately 6,000 metres of drilling 63
Slide 64: Block 10 well status
Block 10 well status SW CUPEY-1X NE Upper Vega Alta Upper Veloz 9 5/8” shoe 3318mMD Lost Circulation Zone Tested Oil First Well Lower LT-100 ST6 Well Plan First Well Vega Alta 7” Liner Second Well Anticipated Loss Circulation 7 5/8” Expandable Liner 4 1/2” Liner TD 7” Liner Lower 4 1/2” Liner TD Vel
Slide 65: Block 10 drilling profile
Block 10 drilling profileT6 Drilling Profile 1. Using the existing wellbore to 3318m MD, which is the depth of the 9-5/8” casing. 2. Drill and set expandable liner at least 100 meters below loss circulation zone. (Estimated to be set at approximately 4300m MD) 18-5/8” Casing @ 354m MD 3. The 7” line
Slide 66: Block 10 development potential
Block 10 development potential • Exploration PSC: − Cost Recovery − Profit Oil • Two target zones: − Upper and Lower Veloz • Average cost per well: − US$13 to $15 million • Opex: - ~US$10/barrel • Potential production: − 25,000 bopd GWI Development plan to be finalized pending drilling results in Q3
Slide 67: Summary
Summary 1 Sherritt has extensive oil and gas experience in Cuba 2 Block 10 development potential is significant 3 Preliminary Block 10 drilling results expected in Q3 67
Slide 68: Questions?
QUESTIONS? Elvin Saruk Senior Vice President, OGP May 30, 2018 68
Slide 69: Partial Upgrading of Bitumen
PARTIAL UPGRADING OF BITUMEN David Pathe President & CEO John Marsh Director, Technologies Projects May 30, 2018 69
Slide 70: Today's discussion
Today’s discussion 1 Why Sherritt is qualified 2 Market opportunity for bitumen upgrading 3 Overview of Sherritt’s process and pilot testing results 4 Next steps and timeline 70
Slide 71: Sherritt has a long track record of innovation
Sherritt has a long track record of innovation • Pioneered commercialization of high pressure hydrometallurgy 1,700 Patents since 1948 • • 35+ operations use Sherritt technology around the world Technologies group provides R&D, external services and operations support Experience with coal liquefacti
Slide 72: Logical extension into hydrocarbon processing
Logical extension into hydrocarbon processing Hydrometallurgical Heavy oil operations reactor design Bitumen Upgrading Proximity to Alberta’s oil Direct coal liquefaction sands Opportunity to capitalize on our experience and proximity to bitumen producers 72
Slide 73: Market opportunity for bitumen upgrading
Market opportunity for bitumen upgrading 73
Slide 74: Bitumen producers currently need diluent for transportation
Bitumen producers currently need diluent for transportation Bitumen + Diluent = Bitumen blend API Gravity 8.0 67.5 > 19 Viscosity (cSt) > 450,000 0.62 < 350 Diluent Light, low viscosity hydrocarbon stream used to improve flow characteristics Represents ~30% of the bitumen blend Bitumen blend meeting
Slide 75: Represents huge market potential
Represents huge market potential Estimated industry benefit (US$ bn / year)(1) 2017 2030 Net cost of diluent for Diluent blending with bitumen $6bn $15bn Avoidance and heavy crudes Diluent Increased bitumen Transportation blend shipments Benefit $1bn $3bn occupy vacated pipeline space Value uplift a
Slide 76: Overview of Sherritt's process and pilot testing results
Overview of Sherritt’s process and pilot testing results 76
Slide 77: Sherritt's technology
Sherritt’s technology • Upgrading bitumen may be accomplished by rejecting carbon or adding hydrogen Carbon rejection methods produce 20%-30% of low value coke or asphaltene product and have low liquid yields Typical hydrogen addition techniques are reliant on highly active and expensive catalys
Slide 78: Pilot test results - Pipeline critical properties
Pilot test results - Pipeline critical properties API gravity (º) Viscosity (Centistokes) Minimum 1,000,000 pipeline specification 100,000 10,000 Maximum pipeline 450,000 specification 1,000 23 350 19 100 8 - 10 10 59 20 1 Bitumen Bitumen Upgraded Sherritt Product Bitumen Bitumen Upgraded Sherritt P
Slide 79: Pilot test results - Product yield improvement
Pilot test results - Product yield improvement What is inside an oil barrel? 100% Light 80% 60% + = 40% 20% Heavy 0% (1) Bitumen Upgraded Sherritt Product WCS WTI Feed Feed upgraded Blend (2) Naphtha Diesel HGO Residue Sherritt’s product delivers higher liquid yield, lower gasoline and higher diesel
Slide 80: Competitive advantage vs. alternatives
Competitive advantage vs. alternatives 33 Delayed Coking (Full Upgrading) 31 29 27 API gravity 25 23 Hi-Q (MEG Energy) 21 Sherritt 19 Pipeline API specification 17 Jet Shear 15 35 40 45 50 55 60 65 70 WCS supply cost (C$/bbl at 10% ATAX IRR) Process Provider Capex intensity (C$/bpd) Jet Shear(1) Fra
Slide 81: Next steps and timeline
Next steps and timeline 81
Slide 82: Sample timeline
Sample timeline 2018 2019 2020 2021 2022 Discussions with potential partners Site assessment, basic design Design, procurement and construction of the pilot plant Commissioning Testing / operations Decision on commercial plant 82
Slide 83: Next steps
Next steps • Develop better understanding of commercial environment and potential economics • Discussions initiated with: − Alberta Government agencies − Potential partners for demonstration plant − License and royalty structures to be determined Potential to monetize process is being fully exploite
Slide 84: Summary
Summary Sherritt has developed an innovative process that 1 addresses significant bitumen industry need Technology is based on Sherritt’s processing capabilities 2 and experience 3 Process has been proven in pilot testing Timelines of additional testing and commercialization 4 being developed 84
Slide 85: Questions?
Questions? David Pathe President & CEO John Marsh Director, Technologies Projects 85
Slide 86: Introduction to Sherritt Metals
Introduction to Sherritt Metals Lyle Trytten General Manager Sustainability May 30, 2018 86
Slide 87: Today's discussion
Today’s discussion • Sherritt and site background • Responsible production • JV and Metals Refinery operations • Utilities and Fertilizers operations • Tour of facilities 87
Slide 88: Sherritt and site background
Sherritt and site background • Sherritt Gordon Mines Ltd − Started as a copper miner, discovered nickel (Sherridon - 1927) (Lynn Lake - 1940s) − Developed hydrometallurgical technology (1950s) • Fort Saskatchewan Refinery − Started operation in 1954 − Lynn Lake mine closed mid-1970’s − First Moa sul
Slide 89: Development over the years
Development over the years • Developed a JV with Cuban nickel agency in 1994 to secure feed − 50% Sherritt, 50% General Niquel de Cuba − Moa Nickel – mining and processing in Cuba − Cobalt Refinery Company – refining nickel and cobalt in Canada − International Cobalt Company – marketing nickel and c
Slide 90: Sherritt Fort Site Agenda
Sherritt Fort Site AGENDA 90
Slide 91: Responsible production – Safety first
Responsible production – Safety first • The Fort Site employs ~750 workers − 360 Hourly Employees (Unifor) in Operations, Maintenance − No labour interruption in history of site (>60 yrs) − Culture of collaboration and being in touch with workforce • Many long-term employees (more than 20 years of s
Slide 92: Responsible production - Environmental
Responsible production - Environmental • Greenhouse gases – regulated under Alberta law − Able to capture process CO2 emissions from Ammonia Plant for use • Solid process “wastes” are byproducts sold to third parties • Zero liquid effluent to river − Treated in regional sewage treatment plant, inclu
Slide 93: Responsible production – sustainable mining
Responsible production – sustainable mining • Supply chain transparency is important to our customers • Core sustainability commitments: we will − Ensure our process feeds are free from human rights abuses − No child or forced labour − No feeds from identified conflict areas, artisanal and small-sca
Slide 94: Joint venture operations
JOINT VENTURE OPERATIONS Moa Laterite Ore Sulphuric Acid HPAL CCD Wash Tailings Sulphide Precipitation Mixed Sulphides 60% Ni+Co Fort Saskatchewan Ammoni Ammonia Leach Leach Residue a Recycl Ni / Co Separation e Metal Ammonia Recovery Byproducts Nickel Cobalt SP/ Hydrogen Reduction Hydrogen Reductio
Slide 95: Joint venture products
Joint venture products • Nickel Briquettes − Sintered, LME Grade, 99.8% − Unsintered, “Steel Grade”, 99.4% nickel • Nickel Powders − Coarse, standard and fine grades • Cobalt Briquettes − Sintered, 99.9% − Cobalt Powder − Coarse grade • Ammonium Sulphate: − ~180,000 t/y − Coarse and fine grades High
Slide 96: Utilities and fertilizer operations
Utilities and fertilizer operations • Ammonia Plant − Produce up to 350 t/d for internal use and sale − Standard Haber-Bosch process • Sulphuric Acid Plant − Produce up to 800 t/d for internal consumption and sale − Operating rate determined by external sales (managed by third party) • Granulation P
Slide 97: Questions?
Questions? Lyle Trytten General Manager Sustainability 97
Slide 98: Closing Remarks
CLOSING REMARKS David Pathe President and CEO May 30, 2018 98
Slide 99: Sherritt International Corporation
Sherritt International Corporation 181 Bay Street, 26th Floor, Brookfield Place Toronto, Ontario, Canada M4T 2Y7 Investor Relations Joe Racanelli Telephone: 416.935.2457 Toll-Free: 1.800.704.6698 Email: investor@sherritt.com Website: www.sherritt.com 99