Sherritt Releases its 2024 Sustainability Reports
TORONTO — Sherritt International Corporation ('Sherritt' or the 'Corporation') (TSX: S) is pleased to announce the release of its 2024 Sustainability Disclosures, including its Annual Sustainability Report, Climate Report, Tailings Management Report and Sustainability Scorecard outlining the Corporation's performance on environmental, social, and governance ('ESG') matters.
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'Sustainability is fundamental to our business, to our social license to operate in our host communities and countries and to our valued customers and other stakeholders,' said Leon Binedell, Executive Chairman, President and CEO of Sherritt. 'Our 2024 reports showcase how we are elevating our performance across health and safety, environmental stewardship and responsible production and supply. In 2024, we embarked on a thorough review of our sustainability vision. We refreshed our near-term targets, updated our long-term goals and ensured our sustainability strategy is aligned with the feedback from our partners, customers, communities, and investors. This process has strengthened our resolve to deliver lasting value to all our stakeholders and I am proud to affirm our progress as we mark another milestone year in our sustainability journey. We encourage our stakeholders to review these reports, as your insights and perspectives help shape and drive our shared goals.'
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Highlights from Sherritt's 2024 sustainability reports include:
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Health and Safety
Health and safety remains Sherritt's highest priority. In 2024, far-reaching enhancements to safety practices and policies were implemented. A series of safety strategy sessions were completed with each operation to create a multi-year roadmap for continued safety enhancements with an initial focus on felt leadership, supervisor training, contractor safety protocols and learning and development to strengthen safety culture and promote safe workplace behaviours at all operations.
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Environmental Stewardship
Sherritt has a strong environmental management system that is designed to align with global standards, comply with regulatory requirements and maintain the Corporation's social license to operate.
In 2024, Sherritt commenced the Moa JV's low-capital-intensity tailings project. The project, expected to be completed in late 2026, will be engineered and built to international standards and deliver an environmentally responsible tailings solution that will last for the entirety of the mine's estimated 25 year life.
Work also continued to identify climate-related risks and opportunities and to develop effective mitigation and management strategies aimed at reducing risk and capitalizing on emerging opportunities. Among the key actions undertaken were completing a climate risk and opportunity assessment for Energas S.A. as well as establishing baseline energy and greenhouse gas ('GHG') emissions assessments for Moa Nickel S.A. and Sherritt's operations in Fort Saskatchewan. These initiatives yielded several findings with the potential to lower GHG emissions intensity, reduce operating costs and enhance compliance with customer requirements.
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Responsible Production and Supply
Sherritt continues to demonstrate its commitment to ethical and responsible production, supply and sourcing practices aligning with internationally-recognized industry frameworks. Sherritt achieved a self-assessed Level A in all of The Mining Association of Canada's Towards Sustainable Mining protocols at Sherritt's operations in Fort Saskatchewan and confirmed independent validation of its conformance with the London Metal Exchange's Track B responsible sourcing requirements. Sherritt completed a comprehensive risk assessment of its mineral supply chain against Organization for Economic Co-operation and Development (OECD) standards, identifying no significant risks, and advanced its Indigenous Relations and Reconciliation Road Map, strengthening its commitment to meaningful partnerships with Indigenous communities. As a result of work that began in 2024, Sherritt also became a Participant of the Copper Mark as the Corporation aims to obtain The Nickel Mark award for the refinery facilities in Fort Saskatchewan in the future.
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Sherritt's 2024 Sustainability Report, Climate Report, Tailings Management Report and Sustainability Scorecard are available on Sherritt's website at www.sherritt.com.
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Sherritt's 2024 Sustainability Report and Sustainability Scorecard were prepared with reference to the Global Reporting Initiative's (GRI) and Sustainability Accounting Standards Board (SASB) disclosure standards.
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About Sherritt
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Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Sherritt's Moa Joint Venture has a current estimated mine life of 25 years and has embarked on an expansion program focused on increasing annual mixed sulphide precipitate production by 20% of contained nickel and cobalt. The Corporation's Power division, through its ownership in Energas S.A., is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol 'S'.
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FORWARD-LOOKING STATEMENTS
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Certain statements and other information included in this press release constitute 'forward-looking information' or 'forward-looking statements' (collectively, 'forward-looking statements') under applicable securities laws (such statements are often accompanied by words such as 'anticipate', 'forecast', 'expect', 'believe', 'may', 'will', 'should', 'estimate', 'intend' or other similar words). All statements in this press release, other than those relating to historical information, are forward-looking statements, including, but not limited to, statements regarding strategies, plans and estimated production amounts resulting from expansion of mining operations at the Moa Joint Venture; the anticipated completion and expected benefits of the Moa Joint Venture tailings project; potential GHG emission reductions; cost savings from identifying climate-related risks and opportunities; and the Corporation's goal to obtain The Nickel Mark award. The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation's other documents filed with the Canadian securities authorities, including without limitation the 'Managing Risk' section of the Management's Discussion and for the three and six months ended June 30, 2025 and the Annual Information Form of the Corporation dated March 24, 2025 for the period ending December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca.
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Toronto Sun
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Here's what Canada's effective U.S. tariff rate might look like after carve-outs
Published Aug 12, 2025 • 3 minute read The Canadian flag flies near the Ambassador Bridge at the Canada-U.S. border crossing in Windsor, Ont., on Saturday, March 21, 2020. Photo by Rob Gurdebeke / THE CANADIAN PRESS OTTAWA — When you peel back the many layers of tariffs and exemptions imposed by the United States, the effective tariff rate on Canada looks much lower than the headline figures suggest, some economists say. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account RBC senior economist Claire Fan said in an interview that the effective tariff rate is an average of the import duties paid on goods heading to the United States that accounts for exemptions tied to the Canada-U.S.-Mexico Agreement (CUSMA) on trade. While U.S. President Donald Trump ramped up blanket tariffs on Canada to 35% at the start of the month, that move maintained an exemption for goods compliant with the CUSMA. RBC estimates the effective tariff rate on Canadian goods is closer to 6% today. BMO's calculations from the start of the month place that figure a little higher, at around 7%. Read More Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The Bank of Canada said in late July — before Trump's latest escalation — that it estimated the effective U.S. tariff rate was around 5%, up from almost nothing at the start of the year. RBC's calculation is based on export volume data from 2024. Other sets of data offer slightly different measures of the tariff strain facing Canadian businesses. Fan said that, according to data published by the U.S. Census Bureau, Canada's effective tariff rate was roughly 2.4% in June, before the latest wave of higher tariffs came into effect. That figure captures the actual duties paid at the Canada-U.S. border, she said, and may fall short because of delays in reporting and general confusion over tariff levels among businesses. This advertisement has not loaded yet, but your article continues below. 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Please try again Interested in more newsletters? Browse here. Amidst the confusion, the answer is clear. The rules-based trade framework embodied in the Canada-U.S. Mexico agreement (CUSMA) and its free trade predecessors (NAFTA, Canada-U.S. Free Trade Agreement) has, for now, held. Perhaps the most disturbing thing about Canada's inability to reach a bilateral deal with the U.S. last month was not the 10 per cent tariff bump on CUSMA non-compliant exports. It was the fact that Canada's negotiators did not find out until the very last minute that the CUSMA framework had survived President Trump's Sharpie in signing his July 31 executive order on Canada. In what is being called the 'CUSMA carve-out,' up to 95 per cent of Canada's non-energy exports face free or very low-tariff access to the U.S. market as long as they comply with CUSMA rules. 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