RE:RE:Anyone see anything positive “We are pleased with the success of the Cobalt Swap agreement and the liquidity it provides Sherritt. While we had some production challenges this quarter, our Moa Joint Venture’s strong cash position and expected cash flow generation will continue to support our expansion program,” said Leon Binedell, President and CEO of Sherritt International. “Our current liquidity profile and expected future Cobalt Swap distributions creates significant strategic optionality for Sherritt.”
Mr. Binedell continued, “We paid cash interest on our PIK notes in July 2023 and following a second PIK note cash interest payment in January 2024 we will have the opportunity to provide returns to our shareholders. At the end of the quarter, our capacity to make restricted payments under the Second Lien Note Indenture was approximately $114 million allowing significant flexibility to pursue investments and future shareholder returns.”
SELECTED Q2 2023 DEVELOPMENTS
- Available liquidity in Canada of $125 million largely driven by the successful completion of the first year of the Cobalt Swap.
All the stuff highlighted looks good to me! But yes the high cost isn't good... we should of guess though with the low cobalt prices...