Sherritt International Third Quarter Net Earnings Rise to $26.0 Million, or $0.28 Per Share, On Record Nickel and Oil Production and Higher Commodity Prices.TORONTO--(BUSINESS WIRE)--Oct. 25, 1999-- Sherritt International Sherritt International (TSX: S) is a Canadian energy company, based in Toronto, Ontario. It is involved in nickel and cobalt mining, thermal coal production, oil and gas exploration and production, and electricity generation. Corporation today announced net earnings of $26.0 million or $0.28 per restricted voting share ("share") for the third quarter of 1999 compared with net earnings of $6.6 million or $0.01 per share in the prior year period. Revenue for the third quarter increased by 46% to $99.4 million compared with the same period one year ago. Net earnings for the first nine months of 1999 rose by 60% to $43.1 million or $0.35 per share compared with net earnings of $26.9 million or $0.12 per share for the same period of 1998. Total finished nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. production reached 7,599 tonnes during the third quarter - the highest rate of production achieved in the 45-year life of the Fort Saskatchewan Saskatchewan, province, Canada Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. refinery. A 9% increase in Sherritt's nickel sales volume, helped by stronger nickel prices, contributed to record quarterly operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $16.8 million for the Metals business. Average net oil production of 17,973 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , 50% higher than the 12,005 barrels per day produced in the same quarter one year ago, combined with higher oil prices, resulted in record quarterly operating earnings of $19.8 million for the Oil and Gas business. The Corporation's total assets of $1.3 billion at September September: see month. 30, 1999 included cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $400.8 million. OPERATING HIGHLIGHTS METALS - Record nickel production and strong commodity prices boost earnings by 360% Sherritt International's Metals business results reflect the Corporation's 50% indirect interest in a vertically-integrated nickel/cobalt joint venture as well as the Corporation's marketing and trading activities in commodity metals. The Metals Enterprise has mining and associated processing facilities in Moa, Cuba Moa is a municipality and city in the Holguín Province of Cuba. Large nickel deposits located in the Moa area are exploited in part by joint ventures with the Canadian company Sherritt International (TSX: S). ; refinery operations in Fort Saskatchewan, Alberta Fort Saskatchewan is a city of 14,957 (2006 census) located km ( mi) northeast of downtown Edmonton, Alberta, Canada. The two city's boundaries touch across the North Saskatchewan River. History In 1875, under the command of Inspector W.D. ; and marketing and sales operations. Sherritt International proportionately pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. consolidates its 50% share of the financial position and results of operations of the Metals Enterprise. Record operating earnings of $16.8 million on revenue of $51.9 million were generated in the Metals business during the third quarter of 1999, compared with earnings of $3.7 million on revenue of $41.7 million during the third quarter of 1998. The continuing improvements in productivity, higher nickel prices, and higher cobalt Cobalt, town, Canada Cobalt (kō`bôlt), town (1991 pop. 1,470), E Ont., Canada, NE of Sudbury, near Lake Timiskaming. Once a center for cobalt and silver mining, the area is now economically depressed. and nickel sales volumes contributed to a 360% increase in third quarter earnings compared with the same period in 1998. Nickel prices continued to strengthen during the third quarter, with the London Metal Exchange London Metal Exchange (LME) A market for trading base metals, where traded options contracts are available against the underlying futures contract. cash price for nickel averaging U.S.$2.90 per pound, compared with U.S.$1.89 per pound in the prior year. The Metal Bulletin average free market price for 99.8% cobalt was U.S.$19.05 per pound, compared with U.S.$21.77 per pound during the same period in 1998. Total finished nickel production of 7,599 tonnes for the quarter was 6% above production levels in the third quarter of 1998, breaking the previous record of 7,179 tonnes set in the first quarter of 1999. For the first nine months of 1999 total finished nickel production was 21,221 tonnes, up 4% from the 20,428 tonnes produced during the first nine months of 1998. Total finished cobalt production during the third quarter of 1999 was 709 tonnes, slightly higher than the same period in 1998. Total finished cobalt production of 2,035 tonnes during the first nine months of 1999 was 4% higher than the 1,962 tonnes produced during the first nine months of last year. Total production of nickel plus cobalt contained in mixed sulphides was 6,434 tonnes during the third quarter of 1999, compared with 6,763 tonnes during the same period last year, reflecting the impact of a planned transition to a new orebody. Total production of mixed sulphides for the first nine months of 1999 was 19,975 tonnes, slightly below the 20,351 tonnes produced in the same period last year. OIL & GAS - 50% increase in oil production plus strong prices lead to record operating earnings The Corporation produces oil from fields in Cuba Cuba (ky  `bə, Span. k`bä), officially Republic of Cuba, republic (2005 est. pop. , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. and produces natural gas in Italy. In addition, it holds exploration
permits in a number of countries.
Revenue in the Oil and Gas business was up 135% in third quarter of 1999 compared with the third quarter of 1998. Record operating earnings of $19.8 million were generated on revenue of $36.8 million during the period, compared with operating earnings of $0.1 million on revenue of $15.7 million for the same quarter last year. Record production volumes in Cuba and higher oil prices contributed to the significant improvement in operating results. Average net oil production of 17,973 barrels per day in the third quarter was 50% higher than the same period last year and set a new production record for the ninth consecutive quarter. New wells in the Puerto Escondido Coordinates: For the town and municipality in Colombia, see . Puerto Escondido (literally: "Hidden Port") is a port city in the municipality of San Pedro Mixtepec Distrito 22 in the Mexican state of Oaxaca. , Canasi, Yumuri and Varadero Varadero is a resort town in the province of Matanzas, Cuba, and one of the largest resorts in the Caribbean. Varadero is also called Playa Azul, meaning "blue beach" in Spanish. West blocks contributed to record production from Cuba of 16,067 barrels per day for the quarter, an increase of 85% over the prior year. Production from new wells in Yumuri and Canasi contributed to a 33% increase in production from Cuba over the second quarter of 1999. Natural declines continued in Italy and Spain, with quarterly production volumes decreasing 43% over the prior year period. During the quarter, additional site restoration and abandonment abandonment, in law, voluntary, intentional, and absolute relinquishment of rights or property without conveying them to any other person. Abandonment also means willfully leaving one's spouse or children, intending not to return (see desertion). costs of $2.1 million were incurred in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of exiting properties in Italy by the end of the year. Average realized oil prices increased by 63% from the same period last year, as a result of a substantial move upward in the market price. The U.S. Gulf Coast Fuel Oil No. 6 reference price averaged U.S.$17.28 per barrel barrel: see English units of measurement. for the third quarter of 1999 compared with U.S.$9.90 per barrel for the same period last year. Oil and Gas capital expenditures for the third quarter were $11.4 million, with the majority of the expenditures directed toward increasing oil production in Cuba. FERTILIZERS - Nitrogen nitrogen (nī`trəjən), gaseous chemical element; symbol N; at. no. 7; at. wt. 14.0067; m.p. −209.86°C;; b.p. −195.8°C;; density 1.25 grams per liter at STP; valence principally −3, +3, or +5. production up 28% Fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. applications are seasonal in nature, with applications in the spring and fall. During the third quarter of 1999, the Fertilizer business built inventories ahead of the fall application season. Higher natural gas prices, lower fertilizer prices, and lower sales volumes due to a slightly later fall application season, contributed to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. during the third quarter of $1.9 million on revenue of $4.9 million, compared with breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations operating earnings during the third quarter of 1998 on revenue of $7.5 million. Gross fertilizer production was 100,685 tonnes during the third quarter of 1999, 28% higher than the 78,685 tonnes produced during the same period in 1998. The Western Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. ammonia ammonia, chemical compound, NH3, colorless gas that is about one half as dense as air at ordinary temperatures and pressures. It has a characteristic pungent, penetrating odor. reference price averaged $265 per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. during the third quarter of 1999, down 9% from the same period last year. In the third quarter of 1999, the average price for Western Canadian ammonium ammonium /am·mo·ni·um/ (ah-mo´ne-um) the hypothetical radical, NH4, forming salts analogous to those of the alkaline metals. ammonium carbonate super sulphate sulphate: see sulfate. was $200 per tonne, also down 9% from last year. OTHER - Power adds 33 MW of capacity This segment includes the Corporation's power-generation, communications, soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been processing, tourism, and agriculture investments in Cuba. Earnings before taxes for the quarter from these businesses were $1.5 million compared with a loss of $0.2 million in the third quarter of 1998. The power projects undertaken by Sherritt Power Corporation now have a total installed capacity of 131 MW. The Boca de Jaruco Boca de Jaruco is a small fishing village in the Havana Province of Cuba. It is located in the municipality of Santa Cruz del Norte, at the mouth of the Rio Jaruco, on the Straits of Florida. gas and power plant, which has a net power capacity of 33 MW, was commissioned in August 1999. YEAR 2000 A description of the Corporation's year 2000 issues and its efforts to manage the related risks was included in the Corporation's 1998 Annual Report. Internal risk assessments have been completed. These risk assessments identify those systems which may not be year 2000 compliant a. 1. (Computers) having dates fully and properly represented, and not susceptible to failure due to the year 2000 bug. , the level of risk associated in the event of a failure of such systems, any replacements, upgrades or retrofits required and their associated costs as well as the time required to implement and test solutions. These replacements, upgrades and retrofits will be completed by the end of the year. Assessment of major third party suppliers, service providers and customers is complete and indicates that these parties continue to make progress on their year 2000 readiness. The Corporation continues to focus its attention on Cuban suppliers, service providers and customers. Contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. have been developed by the Corporation and its major subsidiaries, operating divisions and joint venture operations to address the possibility that certain of their critical systems may fail as a result of year 2000 issues. Contingency plans for remaining operations will be finalized See finalization. prior to November November: see month. 30, 1999. These plans are reviewed on an ongoing basis and will be supplemented if necessary. The total costs required to address the Corporation's year 2000 remediation efforts as well as the accounting treatment afforded to such costs remains consistent with the disclosure set out in the Corporation's 1998 Annual Report. It is possible that certain critical components or systems will not be identified and that actual effects and costs of year 2000 issues may differ from the Corporation's expectations. Sherritt International Corporation, a widely-held Canadian public company, trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ") and the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg ("ME") under the symbol S; the Corporation's convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. trade on the TSE and the ME under the symbol S.DB.
CONSOLIDATED BALANCE SHEETS
[THOUSANDS OF CANADIAN DOLLARS]
SEPTEMBER 30 DECEMBER 31
1999 1998
(unaudited) (audited)
-----------------------------------------------------------------
ASSETS
Current assets
Cash and short-term investments $ 400,834 $ 510,391
Loans receivable 13,301 5,827
Accounts receivable 118,343 77,491
Inventories 77,030 79,182
Prepaid expenses 10,405 8,216
-----------------------------------------------------------------
619,913 681,107
Capital assets 455,115 420,775
Investments 156,889 112,786
Future income taxes - 4,401
Other assets 84,886 74,009
-----------------------------------------------------------------
$ 1,316,803 $ 1,293,078
-----------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term indebtedness $ 5,500 $ 7,043
Accounts payable and accrued liabilities 85,667 81,901
-----------------------------------------------------------------
91,167 88,944
Provision for site restoration
and abandonment 31,102 27,338
Future income taxes 6,362 14,190
Minority interest 2,921 3,156
-----------------------------------------------------------------
131,552 133,628
-----------------------------------------------------------------
Shareholders' equity
Convertible debentures 660,729 660,729
Capital stock 548,996 548,607
Deficit (24,474) (49,886)
-----------------------------------------------------------------
1,185,251 1,159,450
-----------------------------------------------------------------
$ 1,316,803 $ 1,293,078
-----------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
[THOUSANDS OF CANADIAN DOLLARS
EXCEPT PER SHARE AMOUNTS]
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
1999 1998(1) 1999 1998(1)
-----------------------------------------------------------------
Revenue $ 99,393 $ 67,857 $ 262,995 $ 238,546
-----------------------------------------------------------------
Expenses and other income
Operating, selling,
general and
administrative 52,124 55,810 178,547 184,671
Depletion and
amortization 12,986 12,727 35,996 34,551
Provision for site
restoration and
abandonment 2,628 590 3,764 1,779
Share of loss of
equity investments 315 502 282 2,114
Financing income, net (4,645) (13,529) (19,686) (36,442)
Minority interest 262 224 780 592
-----------------------------------------------------------------
Earnings before taxes 35,723 11,533 63,312 51,281
Taxes 9,737 4,933 20,238 24,360
-----------------------------------------------------------------
Net earnings 25,986 6,600 43,074 26,921
Interest on convertible
debentures (5,952) (6,158) (17,662) (18,274)
-----------------------------------------------------------------
Net earnings
applicable to restricted
voting shares $ 20,034 $ 442 $ 25,412 $ 8,647
-----------------------------------------------------------------
Earnings per restricted
voting share(2)
Basic $ 0.28 $ 0.01 $ 0.35 $ 0.12
Fully diluted $ 0.17 $ - $ 0.28 $ -
-----------------------------------------------------------------
Weighted average shares
outstanding (thousands) 72,268 72,051 72,197 72,038
-----------------------------------------------------------------
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (DEFICIT)
(unaudited)
[THOUSANDS OF CANADIAN DOLLARS]
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
1999 1998 1999 1998
-----------------------------------------------------------------
Beginning of period,
as reported $(44,508) $ 29,977 $(49,886) $ 21,542
Change in accounting
for income taxes - (971) - (741)
-----------------------------------------------------------------
Beginning of period, (44,508) 29,006 (49,886) 20,801
as restated
Net earnings 25,986 6,600 43,074 26,921
Interest on convertible
debentures (5,952) (6,158) (17,662) (18,274)
-----------------------------------------------------------------
End of period $(24,474) $ 29,448 $(24,474) $ 29,448
-----------------------------------------------------------------
(1) Restated to conform to the current year's presentation and
adoption of the new CICA accounting standard on income taxes,
effective January 1, 1998.
(2) Fully diluted earnings per share for 1998 is not appropriate as
the assumed conversion of the convertible debentures and stock
options would not be dilutive.
CONSOLIDATED STATEMENTS OF CASH FLOW
Nine months ended September 30
(unaudited)
[THOUSANDS OF CANADIAN DOLLARS]
1999 1998(1)
-----------------------------------------------------------------
Operating activities
Net earnings $ 43,074 $ 26,921
Items not affecting cash
Depletion and amortization 35,996 34,551
Provision for site restoration 3,764 1,779
and abandonment
Future income taxes 11,493 1,702
Other items (882) 2,706
-----------------------------------------------------------------
Cash provided before working
capital changes 93,445 67,659
-----------------------------------------------------------------
Decrease (increase) in non-cash
working capital
Accounts receivable (40,852) 6,483
Inventories 2,152 (520)
Prepaid expenses (2,189) (1,117)
Accounts payable and
accrued liabilities (6,275) 9,239
-----------------------------------------------------------------
(47,164) 14,085
-----------------------------------------------------------------
Cash provided from operating activities 46,281 81,744
-----------------------------------------------------------------
Investing activities
Capital expenditures (67,354) (107,733)
Acquisition of business - (55,050)
Investments (44,380) (94,545)
Other assets (21,685) 65,976
-----------------------------------------------------------------
Cash used for investing activities (133,419) (191,352)
-----------------------------------------------------------------
Financing activities
Short-term indebtedness (1,543) -
Convertible debenture interest payments (20,250) (20,250)
Dividends paid to minority shareholder (1,015) -
Issue of restricted voting shares 389 190
-----------------------------------------------------------------
Cash used for financing activities (22,419) (20,060)
-----------------------------------------------------------------
Decrease in net cash (109,557) (129,668)
Net cash at beginning of period 510,391 600,506
Net cash at end of period $ 400,834 $ 470,838
-----------------------------------------------------------------
Net cash consists of cash and short-term investments.
(1) Restated to conform to the current year's presentation and
adoption of the new CICA accounting standard on income taxes,
effective January 1, 1998.
SEGMENTED INFORMATION
Three months ended September 30
(unaudited)
OIL AND FERTI- CORP- CONSOL-
1999 METALS GAS LIZERS OTHER ORATE IDATED
-----------------------------------------------------------------
Revenue from
external
customers $51,867 $36,779 $4,936 $5,811 $ - $99,393
-----------------------------------------------------------------
Intersegment
revenues 479 - - 1,074 - 1,553
-----------------------------------------------------------------
Depletion and
amortization 4,306 6,230 230 1,178 1,042 12,986
-----------------------------------------------------------------
Provision for
site
restoration
and
abandonment 415 2,163 50 - - 2,628
-----------------------------------------------------------------
Operating
earnings
(loss) 16,819 19,769 (1,915) 2,487 (5,505) 31,655
Share of loss
of equity
investments - - - (315) - (315)
Financing
income, net (438) (469) - (429) 5,981 4,645
Minority
Interest - - - (262) - (262)
-----------------------------------------------------------------
Earnings (loss)
before taxes 16,381 19,300 (1,915) 1,481 476 35,723
-----------------------------------------------------------------
Capital
expenditures 1,845 11,350 2,046 4,392 114 19,747
-----------------------------------------------------------------
OIL AND FERTI- CORP- CONSOL-
1998 METALS GAS LIZERS OTHER ORATE IDATED
-----------------------------------------------------------------
Revenue from
external
customers $41,701 $15,666 $7,514 $2,976 $ - $67,857
-----------------------------------------------------------------
Intersegment
revenues 668 - - 211 - 879
-----------------------------------------------------------------
Depletion and
amortization 3,160 6,929 125 1,171 1,342 12,727
-----------------------------------------------------------------
Provision for
site
restoration
and
abandonment 443 96 51 - - 590
-----------------------------------------------------------------
Operating
earnings
(loss) 3,654 110 27 182 (5,243) (1,270)
Share of loss
of equity
investments - - - (502) - (502)
Financing
income, net 106 1,669 - 334 11,420 13,529
Minority
Interest - - - (224) - (224)
-----------------------------------------------------------------
Earnings (loss)
before taxes 3,760 1,779 27 (210) 6,177 11,533
-----------------------------------------------------------------
Capital
expenditures 4,191 33,349 2,919 600 2,192 43,251
-----------------------------------------------------------------
SEGMENTED INFORMATION
Nine months ended September 30
(unaudited)
OIL AND FERTI- CORP- CONSOL-
1999 METALS GAS LIZERS OTHER ORATE IDATED
-----------------------------------------------------------------
Revenue from
external
customers $134,383 $74,451 $41,176 $ 12,985 $ - $262,995
-----------------------------------------------------------------
Intersegment
revenues 4,593 - - 1,478 - 6,071
-----------------------------------------------------------------
Depletion and
amortization 9,638 18,421 705 3,552 3,680 35,996
-----------------------------------------------------------------
Provision for
site
restoration
and
abandonment 1,292 2,322 150 - - 3,764
-----------------------------------------------------------------
Operating
earnings
(loss) 27,598 29,492 359 3,066 (15,827) 44,688
Share of
earnings of
equity
investments - - - (282) - (282)
Financing
income, net 105 (303) - (551) 20,435 19,686
Minority
Interest - - - (780) - (780)
-----------------------------------------------------------------
Earnings
before taxes 27,703 29,189 359 1,453 4,608 63,312
-----------------------------------------------------------------
Capital
expenditures 4,966 44,533 4,438 13,022 395 67,354
-----------------------------------------------------------------
Assets 249,817 320,083 50,574 138,543 557,786 1,316,803
-----------------------------------------------------------------
OIL AND FERTI- CORP- CONSL-
1998 METALS GAS LIZERS OTHER ORATE IDATED
-----------------------------------------------------------------
Revenue from
external
customers $137,906 $44,195 $47,338 $9,107 $ - $238,546
-----------------------------------------------------------------
Intersegment
revenues 5,170 - - 421 - 5,591
-----------------------------------------------------------------
Depletion and
amortization 8,277 20,420 380 2,681 2,793 34,551
-----------------------------------------------------------------
Provision for
site
restoration
and
abandonment 1,292 334 153 - - 1,779
-----------------------------------------------------------------
Operating
earnings
(loss) 21,155 645 6,748 3,271 (14,274) 17,545
Share of
loss of
equity
investments - - - (2,114) - (2,114)
Financing
income, net (286) 2,889 - 269 33,570 36,442
Minority
Interest - - - (592) - (592)
-----------------------------------------------------------------
Earnings
before taxes 20,869 3,534 6,748 834 19,296 51,281
-----------------------------------------------------------------
Capital
expenditures 9,752 64,499 7,011 22,700 3,771 107,733
-----------------------------------------------------------------
Assets 236,504 318,333 31,492 145,791 620,340 1,352,460
-----------------------------------------------------------------
OPERATING INFORMATION
Three months ended September 30
(unaudited)
METALS(1) OIL & GAS FERTILIZERS
1999 1998 1999 1998 1999 1998
-----------------------------------------------------------------
Sales
Nickel (thousands
of pounds) 7,673 7,042
Cobalt (thousands
of pounds) 761 663
Oil (thousands
of barrels) 1,654 1,104
Natural gas (mmcf) 98 81
Fertilizers
(tonnes) 27,118 32,769
-----------------------------------------------------------------
Production
Mixed sulphides(2)
(tonnes) 3,217 3,381
Nickel (tonnes) 3,799 3,584
Cobalt (tonnes) 355 352
Oil (thousands
of barrels) 1,654 1,104
Natural gas (mmcf) 98 81
Fertilizers
(gross tonnes)(3) 100,685 78,685
-----------------------------------------------------------------
(1) Metals represents the Corporation's 50% share of the Metals
Enterprise and the Corporation's marketing and trading activities
in commodity metals.
(2) Nickel and cobalt contained.
(3) Gross tonnes is before consumption in the production of metals,
urea and 19-2-0.
mmcf - millions of cubic feet
OPERATING INFORMATION
Nine months ended September 30
(unaudited)
METALS(1) OIL & GAS FERTILIZERS
1999 1998 1999 1998 1999 1998
-----------------------------------------------------------------
Sales
Nickel (thousands
of pounds) 23,516 21,652
Cobalt (thousands
of pounds) 2,568 2,026
Oil (thousands
of barrels) 4,200 2,850
Natural gas (mmcf) 296 262
Fertilizers (tonnes) 219,288 230,199
-----------------------------------------------------------------
Production
Mixed sulphides(2)
(tonnes) 9,988 10,175
Nickel (tonnes) 10,610 10,214
Cobalt (tonnes) 1,018 981
Oil (thousands
of barrels) 4,200 2,850
Natural gas (mmcf) 296 262
Fertilizers
(gross tonnes)(3) 298,375 293,405
-----------------------------------------------------------------
Realized Prices (Cdn.$)
Nickel (per pound) $3.53 $3.19
Cobalt (per pound) 19.19 31.12
Oil (per barrel) $17.32 $13.74
Natural gas (per mcf) 3.80 4.37
Fertilizers
(per tonne) $188 $197
-----------------------------------------------------------------
(1) Metals represents the Corporation's 50% share of the Metals
Enterprise and the Corporation's marketing and trading activities
in commodity metals.
(2) Nickel and cobalt contained.
(3) Gross tonnes is before consumption in the production of metals,
urea and 19-2-0.
mcf - thousands of cubic feet
mmcf - millions of cubic feet
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