Sherritt International made $81 million of profits during the fourth-quarter 2010, which means a 68% raise compared to the last year results, due to higher nickel and coal prices. The diversified miner’s results were equal to 28 cents per share, versus $48.3 million, or 16 cents per share for the same period a year ago. Filtering out one-time items, Sherritt earned 25 cents per share, above the average analyst estimates of 23 cents per share, according to Thomson Reuters. Revenue increased to $508 million from $379.2 million the previous year.
Sherritt is a producer of thermal coal in Canada and holds oil assets in Cuba, Spain and Pakistan, and manages 376 megawatts of power generation capacity in Cuba. In December, Sherritt approved an increase in the cost of its Ambatovy nickel-cobalt project in Madagascar. The total budget of this facility is currently US$4.76 billion, up from an earlier estimate of $4.52 billion. The increased cost was due mostly to slow progress on the construction of a power plant for the project.
In addition to the Ambatovy project, the company has nickel operations in Cuba and Canada
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