Sherritt International Corp., symbol S on Toronto, is a diversified natural-resource company that produces nickel, cobalt, thermal coal, oil and gas. It also licenses its own mining technologies to other metals companies, and manages 376 megawatts of power-generation capacity in Cuba.
In the three months ended March 31, 2011, the Canadian mining stock’s earnings jumped 116.3%, to $63.6 million, or $0.22 a share. A year earlier, it earned $29.4 million, or $0.10 a share.
Revenue rose 29.5%, to $474.5 million from $366.4 million a year earlier. Higher prices for nickel, coal and oil were the main reasons for the improved results.
Operating in Cuba entails political risk. To lower this risk, the company is diversifying its operations by investing in other countries. For example, earlier this year it bought a 46% interest in mining giant Rio Tinto’s huge Sulawesi nickel project in Indonesia. In exchange, Sherritt will pay $110 million U.S. to fund a mine feasibility study on the site.
Sherritt’s long-term debt of $1.5 billion is a high 65.2 % of its market cap. However, the company holds cash of $732.0 million, or $2.48 a share.
The dividend paying stock’s payout rose 5.6% with the January 2011 payment, to $0.038 from $0.036. The shares now yield 1.9%.
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