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Toronto firm joins critics of Sherritt International, to vote for new directors

TORONTO - Sherritt International Corp. (TSX:S) is facing criticism from a new source — Takota Asset Management Inc., a private investment firm that counts the mining company among its largest holdings. Takota said Wednesday that it will vote in favour of three directors proposed by a group of dissident shareholders led by Halifax-based activist investment firm Clarke Inc. (TSX:CKI) and withhold its votes for three of the Sherritt nominees — Peter Gillin, Edythe Marcoux, and Bernard Michel.

Aluminum industry says auto demand will provide biggest wave since beverage cans

MONTREAL - The aluminum industry expects the automotive sector will generate the biggest wave of new demand since manufacturers started using the lightweight metal to make beverage cans. "For us, it's equivalent to the invention of the (aluminum) can which was introduced to many markets about 50 years ago," said Aluminum association of Canada president Jean Simard Friday. Automaker giant Ford plans on reducing the weight of its F-150 pickup truck by increasing the amount of aluminum used to 315 kilograms from 45 kg on current models.

Sherritt dissident shareholders name nominees for board of directors

HALIFAX - A dissident shareholder group led by Clarke Inc. (TSX:CKI) has nominated three directors for the board of directors at Sherritt International (TSX:S). The nominees include Clarke chief executive George Armoyan and David Wood, chief financial of the Municipal Group of Companies, a construction and mining infrastructure company. The third Clarke nominee is Astor Group chief executive Ashwath Mehra, who is also the former chief executive of MRI Trading AG and senior partner for the nickel and cobalt businesses at Glencore International AG.

Next Potash Corp CEO likely to keep priority on price

By Rod Nickel (Reuters) - The next chief executive of Canada's Potash Corp of Saskatchewan <POT.TO><POT.N>, the world's biggest fertilizer producer, is likely to stick with the company's strategy of supporting prices by managing supply, rather than shifting to a volume-driven scramble for market share. Potash Corp's long-serving CEO, Bill Doyle, passes the torch to successor Jochen Tilk in July, but the charismatic Doyle will stay on as senior adviser for a year.

Silver Wheaton sees Q4, full-year profits slashed; revenue hit by lower prices

VANCOUVER - Silver Wheaton Corp. (TSX:SLW) reported a sharp drop in both fourth-quarter and full-year net earnings Thursday and cut its dividend as declining precious metals prices took their toll on operations. The company reported after markets closed that the quarterly payout was being cut by two cents to seven cents US per share, payable on or about April 15 to shareholders of record April 4.

Thompson Creek Metals posts bigger loss than expected, revenue bellow estimates

DENVER - Thompson Creek Metals Co. Inc. (TSX:TCM) had an unexpectedly big loss in the fourth quarter. The Denver-based company, which has two operating mines in British Columbia and other Canadian development properties, had an adjusted net loss of US$28.5 million or 17 cents per share. Analysts had been looking for a loss of just three cents per share during the quarter. Thompson Creek's revenue was also below expectations, at US$117.1 million compared with the general estimate of $123.77 million.

Sherritt stock falls after bigger Q4 loss and dividend cut amid low commodities

TORONTO - Sherritt International Corp. (TSX:S) stock fell sharply Wednesday after it reported a $673.8 million net loss and said its dividend will be reduced by 76 per cent so it can use the cash elsewhere. The Toronto-based company's shares fell 28 cents or 8.75 per cent to $3.13 at mid-morning. Earlier, the stock traded as low as $3.02, equal to a multi-year low hit in December.

Sherritt reports bigger Q4 loss, misses estimates amid asset impairments

TORONTO - Sherritt International Corp. (TSX:S) missed analyst estimates in the fourth quarter as it recognized a $466.8 million impairment loss related to the previously announced sale of its coal business. As a result of the writedown and other items, the Toronto-based company reported a $38.1 million adjusted net loss in the fourth quarter, equal to 13 cents per share. Analysts had expected Sherritt's adjusted earnings would break even

Rio Tinto cost-cutting boosts profits especially at aluminum division

MONTREAL - Rio Tinto is raising its annual dividend by 15 per cent after adjusted profits increased last year to US$10.2 billion on a strong turnaround in its Canadian-based aluminum division. The world's second-largest miner said Thursday that its underlying earnings increased 10 per cent to US$5.53 cents per share on record production in some metals as well as cost reductions and layoffs across its operations.

Rio Tinto sells land options to LNG Canada at port in Kitimat, B.C.

LONDON - Mining giant Rio Tinto has entered into an option agreement with joint venture company LNG Canada to lease or sell a wharf and land at the Kitimat, B.C., port where LNG plans to build a natural gas liquefaction plant and export terminal. Financial details were not disclosed. LNG Canada is a joint venture comprised by Shell Canada Energy, China's Phoenix Energy Holdings Ltd., Korean affiliate Kogas Canada LNG Ltd. and Diamond LNG Canada Ltd., an affiliate of Mitsubishi Corp.
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