03:59 PM EST - Sherritt International Corporation : announced it has executed an earn-in and shareholders agreement with a subsidiary of Rio Tinto Limited whereby Sherritt will acquire an interest in the Sulawesi Nickel Project in Indonesia. Subject to satisfaction of certain conditions, Sherritt will acquire a controlling 57.5% equity interest in the holding company that owns the Sulawesi Project, and Rio Tinto will continue to hold the remaining 42.5%. Sherritt has been appointed as the Operator and will license its commercially-proven, proprietary technology to the Project. As consideration for its interest, Sherritt has committed to fund $110 million U.S. towards producing a feasibility study from which a development decision will be made. Sherritt International Corporation
shares T.S are trading up $0.18 at $8.05.
