Sherritt Announces the Retirement of its Chairman
Article content
TORONTO — Sherritt International Corporation ('Sherritt' or the 'Corporation') (TSX:S) today announced that Sir Richard Lapthorne, Chairman of the Board of Directors (the 'Board'), has advised the Corporation that his previously announced retirement will be effective today due to personal reasons.
Article content
Sir Richard has served as Chairman of the Board since June 2019. Over that time, the Corporation has undergone significant transformation, strengthening its balance sheet, advancing operational capabilities, and navigating an extended period of commodity price volatility.
Article content
'Serving as Chairman of Sherritt has been a profound responsibility and privilege,' said Sir Richard. 'With the Corporation now well-positioned for long-term growth, this is the right time to begin a leadership transition. I have every confidence in the Board and executive team to continue building on the momentum we have established.'
Article content
During Sir Richard's tenure as Chairman, Sherritt completed two major debt restructurings, implemented a disciplined capital strategy, and made critical investments to extend the life of key operations. These efforts have enabled the Corporation to deliver improved future cash flow, enhance operational efficiency, and position itself as a reliable supplier of critical minerals.
Article content
'On behalf of the Corporation, I want to thank Sir Richard for his leadership,' said Leon Binedell, President and CEO of Sherritt. 'His guidance helped steer Sherritt through market turbulence and into a position of great potential. We are deeply grateful for his service.'
Article content
About Sherritt
Article content
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 an estimated mine life of approximately 25 years and is advancing an expansion program focused on increasing annual MSP production by 20% of contained nickel and cobalt. The Corporation's Power division, through its ownership in Energas, 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'.
Article content
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as 'believe', 'expect', 'anticipate', 'intend', 'plan', 'forecast', 'likely', 'may', 'will', 'could', 'should', 'suspect', 'outlook', 'potential', 'projected', 'continue' or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements regarding strategies, plans and estimated production amounts resulting from expansion of mining operations at the Moa JV and dividend growth from the Power division.
Article content
Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; nickel, cobalt and fertilizer production results and realized prices; current and future demand products produced by Sherritt; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; revenues and net operating results; environmental risks and liabilities; compliance with applicable environmental laws and regulations; advancements in environmental and greenhouse gas ('GHG') reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance ('ESG') matters which are based on assumptions or developing standards; environmental rehabilitation provisions; risks related to the U.S. government policy toward Cuba; current and future economic conditions in Cuba; the level of liquidity and access to funding; Sherritt share price volatility; and certain corporate objectives, goals and plans for 2025. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.
Article content
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. These risks, uncertainties and other factors include, but are not limited to, commodity risks related to the production and sale of nickel cobalt and fertilizers; security market fluctuations and price volatility; level of liquidity of Sherritt, including access to capital and financing; the ability of the Moa JV to pay dividends; the risk to Sherritt's entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; risks related to Sherritt's operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; political, economic and other risks of foreign operations, including the impact of geopolitical events on global prices for nickel, cobalt, fertilizers, or certain other commodities; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; risk of future non-compliance with debt restrictions and covenants; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; risks to information technologies systems and cybersecurity; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failure; potential interruptions in transportation; identification and management of growth opportunities; the ability to replace depleted mineral reserves; risks associated with the Corporation's joint venture partners; variability in production at Sherritt's operations in Cuba; risks associated with mining, processing and refining activities; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failures; uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity risks; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to the Corporation's corporate structure; foreign exchange and pricing risks; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation's accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2025; and the ability to meet other factors listed from time to time in the Corporation's continuous disclosure documents.
Article content
The Corporation, together with its Moa JV, is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, procurement, construction, commissioning, ramp-up to commercial scale production and completion; and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant.
Article content
Readers are cautioned that the foregoing list of factors is not exhaustive and 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 Analysis for the three months ended March 31, 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.
Article content
The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation's other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Article content
Article content
Article content
Article content
Contacts
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
24 minutes ago
- Globe and Mail
These 2 Beaten-Down Dividend Stocks and This ETF Yield Over 4%. Here's Why They Are Worth Doubling Up on in June.
The S&P 500 (SNPINDEX: ^GSPC) has staged an epic recovery and is now positive year to date as investors look past ongoing macro challenges and focus on long-term growth. The rebound has increased the valuations of many stocks and exchange-traded funds (ETFs) -- making major indexes like the S&P 500 relatively expensive. But there are still compelling bargains if you know where to look. Here's why Phillips 66 (NYSE: PSX), J.M. Smucker (NYSE: SJM), and the Global X MLP & Energy Infrastructure ETF (NYSEMKT: MLPX) are great buys for investors looking to generate passive income from dividend stocks and ETFs. Dedicated to rewarding shareholders -- and maybe even more so now Scott Levine (Phillips 66): With energy prices plunging over the past year, many oil and gas stocks have received a cold shoulder from investors. Shares of leading refining company Phillips 66, for example, have plummeted more than 18% over the past year as of this writing. Disconcerting as this drop may be, it provides a great buying opportunity for investors to load up on a solid energy stock that currently offers a 4.3% forward yield. It's not merely the fact that Phillips 66 offers a high-yield dividend that makes it alluring. From 2012, the first full year it paid a dividend after it was spun off, through 2024, the company has boosted its dividend higher at a compound annual growth rate of 15%. While returning an increasing amount of capital to shareholders, management hasn't been willing to jeopardize the company's financial well-being. Over the past five years, Phillips 66 has averaged a 72% payout ratio. While it operates midstream assets and has a chemicals business, it's the company's refining business that contributes most to its bottom line. From 2021 through 2024, the refining business represented, on average, 38% of the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Phillips 66 has succeeded in reducing refining costs over the past couple of years, and it's targeting further reductions by 2027 -- something that makes further dividend hikes more likely. After reducing refining costs from $6.98 per barrel in 2022 to $5.90 in 2024, management has set a goal of dropping this to $5.50 by 2027. Another potential factor that could help drive further dividend growth is the recent activist investor activity, which resulted in Elliot Investment Management picking up two board seats. Those looking to procure more passive income would be well served to gas up their portfolios with Phillips 66. A high-yield cash cow at a bargain-bin price Daniel Foelber (J.M. Smucker): J.M. Smucker got hammered on Tuesday -- falling 15.6% in a single session. That steep of a sell-off is unusual for a traditionally low-growth, stodgy, dividend-paying company. The stock is now treading water at its lowest level in over 12 years. The packaged food company has a diverse portfolio of brands spanning five key categories -- U.S. retail coffee (led by Folgers and Café Bustelo), retail frozen handheld and spreads (Jif peanut butter, Uncrustables sandwiches, Smucker's toppings, etc.), U.S. retail pet foods (brands like Milk-Bone and Meow Mix), and sweet baked snacks (mainly Hostess products like Twinkies). The challenge with J.M. Smucker is that some of its products depend on discretionary spending (like treats for pets). Many of its snack brands are pressured by competition and changing buyer preferences toward healthier options. Throw in inflationary challenges and tariffs, and it's easy to see why J.M. Smucker profits have been falling. Given these headwinds, some investors may pass on J.M. Smucker and not think twice about buying the beaten-down value stock. But J.M. Smucker has an exceptionally valuable ace in the hole -- its free cash flow (FCF). Even during a down year, the company still generated $816.6 million in FCF compared to $455.4 million in dividend payments. Better yet, it expects FCF to tick up higher in fiscal 2026 -- reaching $875 million. J.M. Smucker has a generous 4.6% yield and 29 consecutive years of dividend increases , making it a great stock for collecting passive income. J.M. Smucker's growth is slowing, but the stock's valuation already reflects investor concerns -- with the company guiding for $8.50 to $9.50 in fiscal 2026 adjusted earnings per share. Even if it achieves the low end of that earnings guidance range, it would still have a dirt-cheap adjusted forward price-to-earnings ratio of just 11.1. Add it all up, and J.M. Smucker is a great choice for value investors looking for a high-yield dividend stock to buy in June. This ETF offers diversification and a 4.5% dividend yield Lee Samaha (Global X MLP & Energy Infrastructure ETF): This ETF currently yields 4.5% and offers investors a way to get diversified exposure to investing in America's future as an energy superpower. The fund invests in midstream infrastructure (pipelines and storage) companies. They tend to have relatively stable streams of income from take-or-pay contracts and offer less sensitivity to the price of energy compared to companies such as oil and gas exploration and production companies or oil and gas services companies. That's not to say the companies it invests in, such as Kinder Morgan, Cheniere Energy, and Energy Transfer, don't have indirect exposure to the price of energy, because they do. High energy prices encourage investment in energy development, which in turn leads to increased production. That makes signing long-term contracts with customers a lot easier for pipeline and storage companies. Another factor improving the prospects for energy infrastructure companies is an administration committed to promoting energy production and ensuring the U.S. achieves energy self-sufficiency and the capability to export energy. It's no coincidence that President Donald Trump's secretary of the interior is Doug Burgum, the former governor of North Dakota, a major oil-producing state. It's also notable that one of the first actions Trump took in office was to remove the pause on export permit applications for new liquefied natural gas terminals that had been put in place by the previous administration. It all adds up to making this ETF an attractive investment, particularly with the price of oil still above $60 a barrel. Should you invest $1,000 in Phillips 66 right now? Before you buy stock in Phillips 66, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Phillips 66 wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor 's total average return is988% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025
Globe and Mail
33 minutes ago
- Globe and Mail
Why FTAI Aviation Stock Deserves a Spot in Your Portfolio for Now
FTAI Aviation Ltd. FTAI, with robust earnings and revenue estimates, efficient solvency, strong liquidity and the ability to raise shareholder value via regular dividends, offers a great investment opportunity in the Zacks Aerospace Defense Equipment industry. Let's focus on the reasons that make this Zacks Rank #2 (Buy) stock an attractive investment pick at the moment. FTAI's Earnings & Revenue Forecast The Zacks Consensus Estimate for FTAI's 2025 earnings per share (EPS) has increased 1.6% to $5.14 in the past 30 days. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $2.11 billion, which indicates year-over-year growth of 21.8%. Overview of FTAI's Solvency FTAI's times interest earned ratio at the end of the first quarter of 2025 was 7.6. The ratio, being greater than one, reflects the company's ability to meet future interest obligations without difficulties. FTAI's Liquidity Position FTAI's current ratio at the end of the first quarter of 2025 was 3.95, much higher than the industry's average of 1.74. The ratio being greater than one indicates the company's ability to meet its future short-term liabilities without difficulties. FTAI's ROIC FTAI Aviation's return on invested capital (ROIC) has outperformed the industry average in the trailing 12 months. Currently, FTAI's ROIC is 6.11% compared with the industry average of 4.43%. The ROIC evaluates a company's ability to earn returns on its investments. FTAI's Return to Shareholders FTAI Aviation has increased shareholder value by continuously paying dividends. Currently, the company's quarterly dividend is 30 cents per share, resulting in an annualized dividend of $1.20. FTAI's current dividend yield is 0.93%, better than the industry's average of 0.17%. FTAI Stock Price Performance In the past three months, FTAI Aviation shares have rallied 32.2% compared with the industry's average return of 22.5%. Other Stocks to Consider A few other top-ranked stocks from the same industry are Curtiss-Wright Corp. CW, Woodward, Inc. WWD and Leonardo DRS, Inc. DRS, each carrying a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. CW's long-term (three to five years) earnings growth rate is 12%. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $3.39 billion, which indicates year-over-year growth of 8.5%. Woodward's long-term earnings growth rate is 13.7%. The Zacks Consensus Estimate for WWD's fiscal 2025 sales is pegged at $3.45 billion, which implies an improvement of 3.7%. DRS' long-term earnings growth rate is 14.6%. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $3.52 billion, which indicates year-over-year growth of 9%. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Curtiss-Wright Corporation (CW): Free Stock Analysis Report Woodward, Inc. (WWD): Free Stock Analysis Report FTAI Aviation Ltd. (FTAI): Free Stock Analysis Report Leonardo DRS, Inc. (DRS): Free Stock Analysis Report
Globe and Mail
an hour ago
- Globe and Mail
Here's How Many Shares of Apple Stock You Should Own to Get $1,000 in Yearly Dividends
When people think about Apple (NASDAQ: AAPL), products like the iPhone likely come to mind. But long-time investors probably think more about the company's stock, which has rewarded shareholders with a 532% appreciation over the last 10 years through June 9. That's easily outpaced the S&P 500 index's 189% gain. Apple has also become a reliable dividend payer since restarting payouts in 2012. It's good to know that the board of directors has committed to making regular payouts. It's particularly useful if you're targeting a specific annual total, such as $1,000. Dividend support First, it's essential to check on whether Apple can support the current dividend. Fortunately, the company produces plenty of free cash flow (FCF) that should give investors confidence. In the first six months of the current fiscal year, which ended on March 29, Apple's FCF totaled $47.9 billion, and it paid out $7.6 billion in dividends. Now that we've confirmed Apple's ability to sustain its dividends, it's time to turn to the number of shares needed to produce $1,000 in yearly dividends. Share calculation Apple raised its May quarterly dividend by a penny to $0.26 per share. While the board of directors has a history of annual increases, it's prudent to take a conservative approach and assume the dividend remains constant. Should the company continue to boost payouts, you'll receive more than $1,000 annually. Multiplying the quarterly dividend by four works out to an annual dividend payment of $1.04 a share. To receive $1,000, you'd have to purchase 962 shares. Using the June 9 closing price of $201.45, those shares will cost about $194,000. It's nice to receive secure dividends. However, with a 0.5% dividend yield, investors will hope capital appreciation will provide the majority of Apple's total return. Should you invest $1,000 in Apple right now? Before you buy stock in Apple, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Apple wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor 's total average return is988% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
