Nickel miner Sherritt posts quarterly loss

Wed Oct 29, 2014 7:54am EDT
 
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Oct 29 (Reuters) - Canadian miner Sherritt International Corp reported a third-quarter loss, mainly due to depreciation charged at the Ambatovy nickel mine and higher income tax expenses.

Sherritt posted a loss of C$51.3 million ($46 million), or 17 Canadian cents per share, in the quarter ended Sept. 30, compared with a profit of C$1.1 million, or breakeven on a per-share basis, a year earlier.

The company, which mines nickel in Cuba and Madagascar, said adjusted revenue rose 55 percent to C$302.7 million. ($1 = C$1.1148) (Reporting by Narottam Medhora in Bangalore; Editing by Savio D'Souza)