Sherritt Announces Successful Start-Up of New Moa Joint Venture Acid Plant

Sherritt Announces Successful Start-Up of New Moa Joint Venture Acid Plant
July 19, 2016
TORONTO, ON--(Marketwired - July 19, 2016) -

Sherritt International Corporation ("Sherritt" or the "Corporation")
(TSX:S.TO) announced today that the third acid plant at the Moa Joint
Venture (50% interest) in Cuba is in commissioning and has begun
producing sulphuric acid. The 2,000 tonne per day plant is operating
currently at approximately 900 tonnes per day, with full performance
testing scheduled over the coming weeks. The project was concluded
within the established construction timeline and completion budget of
US$65 million (100% basis), and was Moa Nickel's first capital project
to be fully financed by a Cuban financial institution.

"We are pleased to complete this expansion project and to see it start
up successfully on time and on budget," said David Pathe, President and
CEO, Sherritt International. "The third acid plant delivers significant
cost savings, and reduces fuel consumption. The safety record during
construction and commissioning was a 0.48 Lost Time Injury rate with
over 1.2 million exposure hours and speaks to the high standards upheld
by the Cuban construction workforce."

When in full operation, the third acid plant has the potential to reduce
the Moa JV Net Direct Cash Cost ("NDCC") by approximately US$0.50/lb,
with the savings derived from an elimination of third-party sulphuric
acid purchases and reduced fuel oil purchases. Initial NDCC benefits
will be realized in the fourth quarter this year with the full NDCC
impact expected in 2017.

About Sherritt

Sherritt is the world leader in the mining and refining of nickel from
lateritic ores with projects and operations in Canada, Cuba, and
Madagascar. The Corporation is the largest independent energy producer
in Cuba, with extensive oil and power operations across the island.
Sherritt licenses its proprietary technologies and provides
metallurgical services to mining and refining operations worldwide. The
Corporation's common shares are listed on the Toronto Stock Exchange
under the symbol "S".

Source: Sherritt Investor Relations

Source: Sherritt Announces Successful Start-Up of New Moa Joint Venture
Acid Plant -
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