Sherritt International

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History of Sherritt

1927	Sherritt Gordon Mines Limited is incorporated to develop mineral resources.

1947	Sherritt initiates funding at University of British Columbia (UBC) to experiment with hydro-metallurgical ore processing through an ammonia leach process.

1954	Construction completed on the refinery at Fort Saskatchewan, Alberta, which was built close to abundant natural gas supplies that were needed for the ammonia leach process.

1954	Sherritt commissions a new world scale nitrogen fertilizer plant in Alberta.

1990	The Fort Saskatchewan refinery is temporarily shut down due to lack of feedstock. Ian W. Delaney leads a successful proxy contest for control of Sherritt.

1991	Sherritt acquires Canada Northwest Energy Limited, a Calgary-based producer of oil and natural gas.

1993	Sherritt Gordon Limited changes its name to Sherritt Inc. Sherritt completes a refurbishment and expansion of its Fort Saskatchewan refinery.

1994	Sherritt acquires fertilizer assets from Imperial Oil Limited and becomes the largest producer of nitrogen and phosphate fertilizers in Canada. Metals Enterprise, a 50/50 joint venture with General Nickel S.A., is formed combining mining operations at Moa, Cuba with refining operations at Fort Saskatchewan, Canada.

1995	Creation of Sherritt International Corporation with interests in the commodity nickel and cobalt business, international oil and gas assets, engineering and technology businesses and other assets in Cuba. Sherritt Inc. retains the fertilizer business, Canadian oil and gas properties, and specialty metals and technology businesses (including Westaim).

1996	Sherritt Inc. changes its name to Viridian Inc. to reflect its core fertilizer business. Viridian is then acquired by Agrium Inc.

1997	Sherritt International acquires Dynatec International Ltd., and merges it with Sherritt's metallurgical consulting business. Dynatec Corporation is spun out as a separate public company by way of a dividend in-kind.

1998	Sherritt enters the power business by creating Sherritt Power Corporation to construct gas-fired generation facilities in Cuba through its one-third interest in Energas S.A. Sherritt acquires a 49% indirect interest in a venture building a 500-tonne per day soy-bean processing plant at Santiago de Cuba.

2001	Sherritt partners with the Ontario Teachers' Pension Plan Board to form Luscar Energy Partnership. The Partnership acquires Luscar Ltd., Canada’s largest coal producer.

2003	Luscar Energy Partnership acquires the Canadian thermal coal assets of Fording Inc. Sherritt purchases the outside interests in Sherritt Power Corporation, transforming it into Sherritt’s Power business unit.

2004	Sherritt celebrates 50 years of operations at the Fort Saskatchewan refinery. Through its minority interest in Energas, Sherritt begins construction on a 85 MW expansion in Cuba.

2005	Two million tonne Coal Valley thermal coal mine expansion announced. Sherritt Metals 16,000 tonne expansion of nickel/cobalt mining and refining operations announced. A quarterly dividend initialized, beginning with the payment of $0.025 per share.

2006	Coal Valley two million tonne expansion completed. 85 MW Power expansion in Cuba completed, and new 65 MW expansion underway. Metals Enterprise expansion initiated at Moa, Cuba. Sherritt and Teachers' launch IPO of mine-mouth thermal coal assets and royalty streams, creating the Royal Utilities Income Fund. Sherritt retains a 41.2% interest. Sherritt divests its soybean-based food processing business. Quarterly dividend increased to $0.03 per share in fourth quarter.

2007	65 MW Power Expansion in Cuba completed. Agreement signed for an additional 150 MW combined cycle plant at Boca de Jaruco, with full operation expected by 2010. Sherritt acquires the Dynatec Corporation in June 2007. The purchase includes a 40% ownership in the Ambatovy Nickel Project in Madagascar, which Sherritt will operate. At full capacity Ambatovy will produce 60,000 tonnes per year of nickel and 5,600 tonnes of cobalt. Commissioning is expected in 2010, and be fully operational in 2012-13. Sherritt enters financing agreements with a group of international lenders in August 2008 for the provision of US$ 2.1 billion of project debt financing to the Ambatovy Joint Venture. Sherritt Technologies is formed, including the former Dynatec Metallurgical Technologies division's operations, to utilize and license the Corporations 50+ years of research, development and commercial process implementation. Sherritt issues $225 million principal amount of 8.25% senior unsecured debentures series B, due October 24, 2014. Quarterly dividend increased to $0.036 per share in fourth quarter.

2008	Sherritt completes $430 million bought deal equity issue in April. Sherritt acquires all outstanding units of Royal Utilities Income Fund in May 2008.

2009	Sherritt sells its indirect interests in hotels in Cuba.

2010	Sherritt purchases remaining interest in Coal Valley Partnership in June. Quarterly dividend increased to $0.038 per share in fourth quarter 2010. Sherritt acquires controlling interest in the Sulawesi Nickel Project in Indonesia in December 2010.

2011	Sherritt issues $400 million principal amount of 8% unsecured debentures, due November 2018, and redeems $274 million outstanding principal amount of its 7.875% senior unsecured debentures series A, due November 2012.