TORONTO (Yosefardi) – Sherritt International Ltd has spent a total of US$27.6 million for exploration of nickel deposit in Sulawesi Island, Indonesia until June 30, 2013.
“This represents 25% of the funding Sherritt is required to complete to obtain 46% economic interest in the project,” said Sherritt in a quarterly review recently.
Exploration drilling to refine the definition of the nickel deposit began in April 2013. “Cores from the drilling program are currently being analyzed,” the company said.
Sherritt is partner of Rio Tinto Plc in the Sulawesi project, initially known as Lasamphala nickel project, where Rio Tinto pledged an up to US$5 billion of investment.
Sherritt is a company with total assets of US$6.7 billion as at June 30, 2013. The company generated sales revenue of US$625 million in the first half of 2013.