(Adds details, background, shares)
April 30 Canadian miner Sherritt International
Corp reported a quarterly loss due to charges related to
a Madagascar mine and costs related to the weakening of the
Sherritt, once Canada's biggest thermal coal producer,
reported a net loss of C$48.2 million ($44 million), or 16
Canadian cents per share, in the quarter ended March 31.
The company reported a profit of C$23.1 million, or 8
Canadian cents per share, a year earlier.
Revenue rose 13 percent to C$120.9 million.
The company said it recorded C$27.5 million in expenses
related to the Ambatovy nickel and cobalt mine in Madagascar,
which started production in January.
Sherritt owns 40 percent of the Ambatovy joint venture, with
Sumitomo Metal Mining Co Ltd, Korea Resources
Investment & Development Inc and SNC-Lavalin Group
Inc holding the rest.
The company also has a joint venture with the Cuban state to
Sherritt is engaged in a battle with activist investor
George Armoyan, the chief executive of investment holding
company Clarke Inc, over a slate of nominees to the
Shareholders affiliated with Armoyan, who own some 5 percent
of the shares of Sherritt, have accused Sherritt management of
destroying value for shareholders and has criticized payments
made to Sherritt's directors to compensate them for U.S.
sanctions against Cuba.
Sherritt also has interests in oil and gas production and
The company's shares closed at C$4.66 on the Toronto Stock
Exchange on Tuesday.
($1 = 1.10 Canadian dollars)
(Reporting By Shubhankar Chakravorty in Bangalore; Editing by