Sherritt International Secures US License for Fuel Shipments to Cuba's Moa Nickel Operations

08:30 AM EDT, 10/20/2026 (MT Newswires) -- Sherritt International (S.TO) received a specific license allowing the purchase and delivery of fuel, fuel oil, and sulfur to its Moa Nickel mining and processing operations in Cuba, which form part of the Moa Joint Venture (Moa JV), it said in a statement on Tuesday. The company believes that the fuel license from the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) is the first of a series that will be needed for Sherritt to restart mining and processing operations at Moa Nickel and for further processing and refining operations in Canada. Sherritt is working to obtain the second OFAC emergency license needed to restart operations at Moa Nickel, it said. The nickel and cobalt miner and refiner entered into an interim consent agreement with Moa Bay Mining, the holder of a certified claim relating to Moa Nickel. Moa Bay, under the agreement, consented to interim fuel shipments to Moa Nickel in exchange for consent fees payable by or on behalf of Sherritt. Sherritt had suspended its direct participation in JV activities in Cuba on May 7, 2026, and ceased metals refining operations at its Fort Saskatchewan, Alberta facility on June 22. The company is also in the process of finalizing the initial fuel shipment, which is expected to ship in the fourth quarter of 2026, it added. Shares of the company closed unchanged at CA$0.265 on Monday on the Toronto Stock Exchange.