Despite rising revenues, Sherritt reports Q2 loss

TSX-listed nickel and cobalt producer Sherritt International reported a net loss for the three months ended June 30, of C$30.1-million, or C$0.10 a share, compared with C$10.7-million, or C$0.04 a share, in the same period in the prior year. Earnings were mainly impacted on by the company’s attributable share of losses in Ambatovy, in Madagascar, which consisted of significant depletion, depreciation and amortisation charges totalling C$40.3-million. The company owns a 40% stake in the project, which is still ramping up operations.