kilometres long, to transport the mined laterite ore in the form of prepared slurry from the ore preparation plant at the mine to the processing plant which is located just south of the port city of Toamasina, and (iii) a processing plant, including a refinery, that produces LME-grade finished nickel, as well as cobalt metal. In 2017, Sherritt exchanged CAD1.4 billion in debt to its joint venture partners for 28% of its interest in the joint venture. In 2020, Sherritt exchanged its 12% interest in the joint venture for the remaining partner loans. Oil and gas Sherritt’s Oil and Gas division explores for oil and gas primarily from reservoirs located offshore, but in close proximity to the coastline along the north coast of Cuba. Specialized long reach directional drilling methods are being used to economically exploit these reserves from land‑based drilling locations. Sherritt currently has an interest in three PSCs in the exploration phase. In addition, Sherritt holds working‑interests in several oil fields and the related production platform located in the Gulf of Valencia in Spain. Electricity Sherritt’s primary power generating assets are located in Cuba at Varadero, Boca de Jaruco and Puerto Escondido. These assets are held by Sherritt through its one‑third interest in Energas S.A. (Energas), which is a Cuban joint arrangement established to process raw natural gas and generate electricity for sale to the Cuban national electrical grid. Cuban government agencies Unión Eléctrica (UNE) and Unión Cubapetróleo (CUPET) hold the remaining two‑thirds interest in Energas. Raw natural gas is supplied to Energas by CUPET free of charge. The processing of raw natural gas produces clean natural gas, used to generate electricity, as well as by‑products such as condensate and liquefied petroleum gas. All of Energas’ electrical generation is purchased by UNE under long‑term fixed‑price contracts while the by‑products are purchased by CUPET or a Cuban entity providing natural gas to the City of Havana at market based prices. Sherritt provided the financing for the construction of the Energas facilities and is being repaid from the cash flows generated by the facilities. The Energas facilities, which consist of the two combined cycle plants at Varadero and Boca de Jaruco, produce electricity using natural gas and steam generated from the waste heat captured from the gas turbines. Energas’ electrical generating capacity is 506 MW. Fertilizer Sherritt owns assets, which produce fertilizer products, primarily for sale in the Western Canadian