Published: May 24, 2021 |

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Sherritt International Corporation has appointed Leon Binedell, a 25-year mining industry veteran with a history of building shareholder value, as president and CEO.

“In searching for our new chief executive, the board was mindful of the need to recruit a candidate with the strategic capability to drive Sherritt’s future agenda whilst at the same time possessing a thorough understanding of mining,” said Sir Richard Lapthorne, chair of Sherritt’s board of directors.

“I am delighted with Leon’s appointment. He is a dedicated leader whose deep sector expertise and proven ability to deliver results in complex stakeholder and multi-jurisdictional landscapes will be great advantages for Sherritt for many years to come. His proactivity, high ethics, strategic mindset and dependability make him a true asset, and we are confident in Sherritt’s ability to create significant value under his leadership,” added Sir Richard.

Originally from South Africa, Leon Binedell is a mining executive with 25 years of industry experience in leading global mining companies and adjacent joint ventures. Most recently, he worked as chief financial officer of Guyana Goldfields, a Canadian-based gold producer focused on gold deposits in Guyana. During his tenure with Guyana Goldfields, Binedell was instrumental in maximizing shareholder value and ensured stability through the effective recruitment of team members, the renegotiation of all major operating and supply contracts and the development of finance and governance practices that guided Guyana Goldfields through its successful sale.

Binedell has served in a variety of senior leadership roles at leading mining companies, including nickel and other base metals businesses. Prior to joining Guyana Goldfields, he served as finance operating executive with Resource Capital Funds, a leading private equity fund focused on the mining sector and the commercialization of mining innovation. In his role, he advised a portfolio of 25 companies representing $2 billion in assets under management that spanned seven commodities and mining related innovations across eight countries on improving their overall strategies, financial performance and finance practices. Additional sector experience includes his time as national leader of finance consulting in Mining & Energy at PricewaterhouseCoopers, general manager of Business Services at Xstrata Nickel (now Glencore), and chief financial officer at Koniambo Nickel SAS.

“I am excited to be joining Sherritt at this important juncture in its ongoing transformation as the company continues to capitalize on growing demand for high-purity nickel and cobalt, while also expanding its Technologies business,” said Leon Binedell, incoming president and CEO of Sherritt.

“Sherritt’s exposure to the electric vehicle revolution and unique ability to deliver crucial hydrometallurgy technology illustrates that the business has a compelling future. I look forward to building on the nearly 100 years of Sherritt’s history in innovation and to delivering long-term value for our shareholders while continuing our focus on safe, environmentally conscious operations for the benefit of our employees and various stakeholders,” added Binedell.

Binedell will succeed current president and CEO David Pathe on June 1. Pathe will remain with Sherritt for a period of time to ensure an orderly transition. He will leave Sherritt after almost 10 successful years as chief executive improving every aspect of its business. He guided the company through its contractual obligations from the legacy Ambatovy Project to completion, rebuilt the balance sheet by eliminating $3.5 billion in debt, and improved performance from operations, all amid challenging market conditions and an increasingly hostile U.S. policy towards Cuba. Pathe additionally showed clear commitment to environmental stewardship and fostered the diverse and inclusive culture that Sherritt has today.

“David’s performance as chief executive was critical to Sherritt during a difficult and extremely volatile period for the nickel market, which provided no space for financial comfort,” said Sir Richard.

“His tireless work over many years addressing financial recovery from the consequences of the Ambatovy investment produced the remarkable balance sheet restructuring completed last year. This, in turn, enabled Sherritt to stop needing to spend all its time looking backwards. Instead, Sherritt is now able to look to the future with confidence and optimism, and has started to create options for setting the company onto a positive trajectory. That is David’s legacy. The board and I thank him and wish him great success in his future endeavors,” added Sir Richard.

About Sherritt
Sherritt is a world leader in the mining and refining of nickel and cobalt — metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba.

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