Update on social-development initiatives

January 2009

Sherritt’s investment in the Ambatovy Nickel Project has provided the opportunity for the Corporation to not just expand its Metals business, but also its community outreach initiatives. With the project just beginning construction in October 2007 and operations expected to continue for over 27 years once start-up is achieved, Sherritt is determined to have a positive social impact in Madagascar.

Sherritt’s Ambatovy Social Affairs department has been developing grassroots initiatives which contribute to the communities of Toamasina and Moramanga, particularly in the areas of education, health, culture, sport, small business development and community infrastructure.

Small, Medium and Micro Enterprises (“SMMEs”)

In 2008, more than 60 SMMEs received assistance to establish businesses in fields such as construction and waste management to support the Ambatovy Project’s needs. SMMEs were provided with more than 3,800 hours of mentorship and 5,700 hours of training.

Child safety and welfare

Sherritt is working with the Malagasy government and organizations such as UNICEF to fight juvenile prostitution and child exploitation, an adverse result of some large developments in emerging economies. To ensure that the Ambatovy Project is part of the solution, all staff must agree and adhere to a zero-tolerance policy...