Sherritt falls into the red on coal business sale charge
Feb 20, 2014 | 05:42 PM
| Claire Hack
LONDON Sherritt International Corp. reported a net loss of Canadian $673.8 million ($613.9 million) in the fourth quarter due mainly to the sale of its coal business.
The Toronto-based nickel mining company announced the sale of its coal business for C$946 million ($890.4 million) in December (amm.com, Dec. 31). The transaction is expected to close by the end of the first quarter, the company said.
As a result, the coal business was reclassified as a discontinued operation, meaning the net assets were recognized at fair value, leading to an impairment charge of C$466.8 million ($425.3 million) at year-end.....
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