Here we go again
Sherritt’s escrow account to cover funding requirements of the Ambatovy Joint Venture was depleted following a cash call in October 2018. The escrow account was established as a requirement of the Ambatovy restructuring completed in December 2017 when Sherritt’s ownership interest was reduced to 12% in exchange for the elimination of $1.4 billion of debt. Any future cash funding requirements will be dependent on Ambatovy’s production as well as prevailing commodity prices among other items. If additional cash funding is required, Sherritt does not anticipate providing any such funding based on Ambatovy’s current debt structure.