Sherritt in oil sands joint ventureThe talk is that Sherritt is about to announce a joint venture to develop an oil sands project. The rumored partner is Opti Canada and the project is expected to cost upwards of CAN$1.5 billion. This could be why a fire has been lit under this stock today. The shorts are in big trouble now.
Ian D. known as the barracuda of Bay Street for his savvy dealmaking is on the board of Directors for Opti so there is a connection. In fact, Sherritt has been doing a lot of work on it's balance sheet for the last year and a half. There has been little in the way of any corporate developments other than expansion of existing assets.
The chart is indicating a double top breakout is possibly coming soon depending on what happens over the next few sesions of trading. The stock is too cheap in any case based on regularity of earnings and dividend.
This could get interesting!