Sherritt Wins Fuel License for Cuba Oct 20
The US Treasury licensed fuel deliveries to Sherritt's Moa nickel operation in Cuba on 20 October, but restarting the mine needs a second license. The post Sherritt Wins Fuel License for Cuba Oct 20 appeared first on The Rio Times .
Sherritt, a Canadian miner, has secured a fuel license from the US Office of Foreign Assets Control (OFAC) to transport fuel, fuel oil, and sulfur to its Moa Nickel operation in Cuba. This is the first of several emergency licenses needed to restart the mine. The license allows Sherritt to purchase and deliver these goods to Moa Nickel, which is part of a joint venture.
The license also covers related services and includes the supplier, banks, vessel operators, and insurers. The shipment is still being prepared and is expected to sail in Q4 2026. Sherritt's restart at Moa Nickel is contingent on obtaining a second OFAC emergency license. The company has signed an interim consent agreement with Moa Bay Mining Co., a certified claimant under Title III of the Helms-Burton Act, which allows for the interim fuel shipments in exchange for fees and a promise not to bring Helms-Burton claims against covered participants.
Sherritt is working with Gillon Capital, a US-based investment fund, to acquire control of the company, with Sherritt holding 55% of the shares under a term sheet. The company faces liquidity constraints and is seeking financing and recapitalization to continue operations.
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