Sherritt International Corporation announced an expected impairment of Ambatovy Joint Venture assets due to lower forecast nickel prices. Using a long term nickel price of USD 8.50/lb, on a 100% basis, an impairment loss of approximately USD 2.4 billion after-tax is expected to be recognized at the Ambatovy Joint Venture level. The company expects to record an impairment expense of approximately CAD 1.6 billion (40% basis, after-tax) within Sherritt's share of loss of an associate in the Consolidated Statement of Comprehensive Income for the year ended December 31, 2015.

The total impairment consists of approximately CAD 1.3 billion being Sherritt's 40% share of Ambatovy's impairment and CAD 0.3 billion from the incremental carrying value of Sherritt's investment in an associate, primarily related to mineral rights acquired from Dynatec in 2007. The impairment loss is a non-cash item with no adverse impact on cash flow.