Wednesday, March 25, 2015

Sherritt to Benefit From Tax Rate Reductions in Cuba

Sherritt to Benefit From Tax Rate Reductions in Cuba
Sherritt International Corporation

TORONTO, ON--(Marketwired - March 25, 2015) -

Sherritt International Corporation ("Sherritt" or the
"Corporation") (TSX:S.TO) today confirmed that due to a new foreign
investment law in Cuba, the statutory tax rates for its Cuban operations
will be reduced. The reduction will result in the following rate changes:

Prior Statutory Revised Statutory
Operation Tax Rate Tax Rate
Oil & Gas 30% 22.5%
Power 30% 15%(1)
Metals - Moa 45% 22.5%
(1) Subject to confirmation.

In Cuba, Sherritt operates the Moa Joint Venture, a vertically
integrated lateritic nickel enterprise that produced 32,910 tonnes (100%
basis) of finished nickel in 2014. Sherritt is also the largest
independent energy producer in Cuba, with extensive oil and power
operations across the island.

Forward-Looking Statements

This press release contains "forward-looking information" within the
meaning of applicable securities legislation. Often, but not always,
forward-looking information can be identified by the use of
forward-looking words like "plans", "targets", "expects", or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "does not anticipate", or "believes" or
variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". There can be no assurance that such
forward-looking information will prove to be accurate. Forward-looking
information is based on the opinions and estimates of management of
Sherritt as of the date such information is provided and is subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results to be materially different from those expressed or
implied by such forward-looking information. Key factors that may result
in material differences between actual results and developments and
those contemplated by this press release include business, economic and
political conditions in Cuba. Other such factors include, but are not
limited to political, economic and other risks of foreign operations,
including without limitation, changes in law or the application and/or
interpretation thereof; risks associated with mining, processing and
refining activities; and other factors listed from time to time in the
Corporation's continuous disclosure documents. Accordingly, readers
should not place undue reliance on forward-looking information. The
forward-looking information contained in this press release is made as
of the date hereof and the Corporation undertakes no obligation to
update publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. The forward-looking information
contained herein is expressly qualified in its entirety by this
cautionary statement.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel from
lateritic ores with projects and operations in Canada, Cuba, and
Madagascar. The Corporation is the largest independent energy producer
in Cuba, with extensive oil and power operations across the island.
Sherritt licenses its proprietary technologies and provides
metallurgical services to mining and refining operations worldwide. The
Corporation's common shares are listed on the Toronto Stock Exchange
under the symbol "S".
For further information, please contact:

Investor Relations
Telephone: 416-935-2451
Toll-Free: 1-800-704-6698

Source: Sherritt to Benefit From Tax Rate Reductions in Cuba - Yahoo
Finance -;_ylt=AwrBEiFeChNVBTcAowrQtDMD

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