Cobalt Price Increase
Cobalt prices increased more than 35% from US$12.84 per pound in the first quarter to US$17.50 per pound in the second quarter so far, driven by the DRC's suspension of cobalt exports.
Debt Reduction and Maturity Extension
Sherritt reduced its debt obligations by $43 million, eliminated a $25 million premium, and extended debt maturity by six years to November 2031. This resulted in a more than 20% reduction in debt and a $3 million reduction in annual interest expense.
Strong Fertilizer Performance
Fertilizer sales volumes increased by 39%, with a 16% increase in average realized prices, driven by strong demand ahead of the spring planting season.
Successful Commissioning of Moa JV Expansion
Phase 2 of the Moa Joint Venture expansion began commissioning, with a ramp-up expected in the second half of the year. The expansion is on budget and expected to increase mixed sulfide production.