The Financial Post reports in its Thursday edition Sherritt International, which mines nickel in Madagascar and Cuba, began reducing its salaried work force because of a decline in the metal's price. A Bloomberg dispatch to the Post says it will cut about 10 per cent of salaried employees, excluding those at the Ambatovy mine in Madagascar, which the company said is its top priority. The move affects 60 people, including 18 in Toronto. Sherritt also started a sales process for non-mining assets including its Toronto office building. The restructuring is expected to save about $10-million a year and result in a one-time expense in the fourth quarter of about $9-million. Nickel futures in London have fallen about 16 per cent in the past three months as inventories rose. Sherritt's cost cuts also follow an attempt in May by activist shareholder Clarke Inc. to appoint three directors to the board. Clarke took aim at the miner's performance and pay policies. Sherritt closed Wednesday at $2.86, up 17 cents on the Toronto Stock Exchange.