Shares of Sherritt International Corp. were down more than 15 per cent after the company reported disappointing earnings blamed on low cobalt prices and complications in Cuba.
The losses came after the company saw cobalt prices, which had run up on speculation of increased demand from the battery sector and supply disruptions in the Democratic Republic of Congo, fall 70 per cent year over year. The government paid US$5.7 million to the company in the quarter, far short of the US$24.8 million expected out of the US$171.6 million total overdue from the company’s share of power and oil and gas revenues in the country.
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