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Canadian miner Sherritt's nickel and cobalt production declined in the third quarter amid equipment issues and a facility shutdown extended by an outbreak of Covid-19.
Third quarter nickel production dropped from a year earlier by 22pc to 2,908 metric tonnes, while cobalt production fell by 18pc to 334t in the same period. The declines were caused by an extended shutdown at the Fort Saskatchewan refinery, where a rise in Covid-19 cases added two days of closure, Sherritt said.
Overall, the shutdown lasted for 13 days rather than a more typical five days, according to Sherritt. The facility shutdown as part of planned maintenance that occurs every six years. Maintenance issues and equipment failure prior to the facility shutdown also caused a temporary reduction in the plant's capacity.
The Canadian metal producer reduced its nickel output guidance for 2021 to 31,000-32,000t from the 32,000-34,000t anticipated at the end of 2020. Sherritt maintained its cobalt guidance at 3,300-3,600t for the year.
Still, the company is planning to expand production at its Moa nickel and cobalt joint venture in both Cuba and Canada, with updates planned for the first quarter of 2022.
Sales in the quarter also declined compared to the third quarter last year, with nickel dropping by 16pc to 2,989t and cobalt falling by 26pc to 372t. Power segment sales fell by 22pc to $7.3mn.
Third quarter revenue rose from a year earlier by 11pc to $109mn. The company posted a loss of $16mn compared to a 229mn profit a year earlier.
Source: Argusmetal
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