Sherritt International Corporation (SHERF) 2022年年度报告「TSX」.pdf

1、2022FINANCIAL RESULTS Sherritt International CorporationSherritt International Corporation 1 Message from Sherritts Chief Executive Officer This past year was pivotal for Sherritt.We made significant progress towards our key strategic priorities to set the stage for long-term success.We commenced a

2、low capital intensity expansion program,significantly deleveraged our balance sheet,finalized transformative payment agreements with our Cuban partners,advanced our portfolio of proprietary technologies,and met our sustainability targets.Equally important,we had strong operating and financial result

3、s including significantly higher Adjusted EBITDA and Net Earnings.At our Metals business,we had strong operating results on the strength of higher nickel and fertilizer prices and sales volume.We advanced our expansion program that will see an increase of approximately 6,500 tonnes of contained nick

4、el and cobalt,or 20%,annually by the end of 2024 to capitalize on the substantial demand growth stemming from the energy transition.We see an opportunity to increase production of intermediary products which could enable direct sales of intermediate product into the electric vehicle battery supply c

5、hain,opening further growth opportunities for Sherritt and our partners,while also fully utilizing our existing refinery capacity.The past year has not been without challenges in our Metals business given the softening in the cobalt market and our lower than expected cobalt sales in the latter half

6、of the year.However,we expect demand for cobalt to normalize during 2023,as market conditions rebound and demand from EVs outpace the decline in demand from consumer electronics.With a key focus on building balance sheet strength,we bought back almost$150 million in second lien secured and junior no