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Guidance

2019 PRODUCTION FORECASTS

Production volumes 2018
Guidance
Year-to-date actual at
December 31, 2018
2019 Guidance
Moa Joint Venture (tonnes, 100% basis)      
Nickel, finished(1) 30,500 - 31,000 30,708 31,000 - 33,000
Cobalt, finished(1) 3,250 - 3,400 3,234 3,300 - 3,600
Ambatovy Joint Venture (tonnes, 100% basis)      
Nickel, finished(2) 35,000 - 38,000 33,183 40,000 - 45,000
Cobalt, finished(2) 3,100 - 3,400 2,850 3,500 - 4,000
Oil – Cuba (gross working-interest, bopd) 4,300 - 4,800 4,839 3,800 - 4,100
Oil and Gas – All operations (net working-interest, boepd)(3) 2,300 - 2,600 2,209 1,800 - 2,100
Electricity (GWh, 33⅓% basis) 750 - 800 781 650 - 700

2019 UNIT COST FORECASTS

Unit operating costs 2018
Guidance
Year-to-date actual at
December 31, 2018
 2019 Guidance
NDCC (US$ per pound)      
Moa Joint Venture(1)(3) $1.90 - $2.40 $2.24 $3.40 - $3.90
Ambatovy Joint Venture(1)(2) $3.75 - $4.25 $3.91 $3.80 - $4.30
Oil and Gas - Cuba (unit operating costs, $ per barrel) $22.00 - $23.50 $20.21 $25.00 - $26.50
Electricity (unit operating cost, $ per MWh) $20.75 - $21.50 $20.28 $25.25 - $26.75

2019 SPENDING COST FORECASTS

Spending on capital (US$ millions) 2018
Guidance
Year-to-date actual at
December 31, 2018
 2019 Guidance
Moa Joint Venture (50% basis), Fort Site (100% basis)(4)(1) US$31 (CDN$40) US$29 (CDN$37) US$41 (CDN$54)
Ambatovy Joint Venture (12% basis)(3) US$13 (CDN$17) US$12 (CDN$15) US$10 (CDN$14)
Oil and Gas(1)(2) US$29 (CDN$37) US$20 (CDN$26)  US$21 (CDN$28)
Power (33⅓% basis) US$1 (CDN$1) US$1 (CDN$1) US$1 (CDN$1)
Spending on capital (excluding Corporate) US$74 (CDN$95) US$62 (CDN$79) US$72 (CDN$97)

(1) 2018 guidance was updated September 30, 2018.

(2)  2018 guidance was updated June 30, 2018.

(3) 2018 guidance was updated March 31, 2018. 

(4) Spending is 50% of US$ expenditures for Moa JV and 100% expenditures for Fort Site fertilizer and utilities. 

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Contact info:

Joe Racanelli,
Director,
Investor Relations.

Telephone: 1 416 935 2451
Email: investor@sherritt.com