Sherritt posts bigger loss due to coal sale charge

Wed Feb 19, 2014 7:57am EST
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Feb 19 (Reuters) - Canadian miner Sherritt International Corp posted a bigger fourth-quarter loss due to an impairment charge of C$466.8 million ($426 million) related to the sale of its coal assets, and it slashed its quarterly dividend.

Sherritt's fourth-quarter loss widened to C$673.8 million, or C$2.27 per share, from C$16.9 million, or 6 Canadian cents, a year earlier. Excluding items, the company posted a loss of 13 Canadian cents per share.

Sherritt cut its quarterly cash dividend to 1 Canadian cent per share from about 4 Canadian cents per share, to allow the company to meet near-term funding requirements in the face of persistently low commodity prices.