SHERRITT IS TOAST !!!I can't believe all you born losers are still defending SHERRITT!!! They had negative ebita earnings in Q1(pathetic) and so far in Q2 nickel+cobalt pricing is below Q1 average so expect more painfully losses in Q2 and cash burn. SHERRITT was alot better company when it had $2bil of debt on its books and alot better share price. All this debt reduction has destroyed sherritt's asset base, it's future going forward and it still can't produce a profit, even with all the interest expense savings....the problem here is obvious......it's not debt burden, it's the pueny and shrinking asset base going on to pay debt. Sherritt's only asset is moa. The oil+fertilizer+power biz is to small to provide anything meaningfully, it's technology patent bitumen b.s is a joke and no mention in Q1 summary so it's a dud and block10 is another dud. Block10 is seeking j.v partners??? Who the fukc will invest in Cuba if the U.S govt will impose harsh sanctions and confiscate U.S assets if a company is found profiting in Cuba on land/assets that were once U.S based before 1959 illegal ownership??? Almost every company internationally has some sort of U.S based assets or business trade!! Block10 will fail to attract money, period !!!!! SHERRITT is in big trouble here. Even if the get $2.5mil in recievables monthly it's still not enough to payoff 2021 bonds. $30mil/year, if Cuba doesn't ball is not a whole lot of dough especially if you negative ebita at $5.68 nickel and $18.58cobalt.... if nickel continues to weaken as it has been in the month of April despite strong LME draws and cobalt stays here then ebita will continue to plummet and the $2.5mil/month recievables will be used for plugging new holes and survival. None of it will make to purchase bonds. If nickel goes back down below $5... I expect David pathe will have to file for bankruptcy. Buying back bonds when your cashflow negative and produce negative ebita means your stupid, it's also indicates a massive spending problem or the asset base is to small for your total obligations. If SHERRITT was smart here they would use cash on hand and future recievables to expand moa capacity(if possible) by 25percent minimum so it pumps 42k-44++ tonns of nickel anually. For every dollar they spend to expand capex the Cuban givt will need to match to retain the 50/50split or else any new production increase will only benefit SHERRITT and the Cuban govt will be capped at the old agreement and production average. On top of this the Cuban govt will need to still pay $2.5mil on top to settle account recievables in which SHERRITT could use for there share of capex in the expansion meaning there not using alot of there money....if they can pump 44k out of this mine then that will compensate for Ambatovy loss. With $140m of recievables coming in and Cuba to match dollar per dollar to honor the j.v agreement then you got $280mil to expand moa and none of that would come from sherritt's stash....I would use the recievables to expand moa asset base. In my opinion will will be a better investment and in 2years if nickel does pop, earnings will also pop.....buying back bonds in a shrinking company makes no sense here. They got money on hand to buyback 2021 bonds anyway