Sherritt International CorporationS
Sherritt International Corporation (TSX: S) is a 50/50 partner (with Cuba's General Nickel Company S.A.) in the Moa Joint Venture, a vertically-integrated nickel-cobalt laterite mining, processing and refining operation in eastern Cuba, with refining completed at Sherritt's Fort Saskatchewan, Alberta plant. Moa has a multi-decade production history and, per a 2023 updated reserve estimate, more than doubled Proven+Probable reserves to 1,182 kt nickel and 144 kt cobalt (112.0 Mt as of 31 Dec 2024), extending mine life to 2048. However, as of September 2026 Sherritt is in an acute operating and financial crisis: Cuba's 2026 fuel/energy crisis forced a Moa production suspension starting February 2026, and a May 2026 expansion of US Cuba sanctions forced Sherritt to suspend its direct participation in both the Moa JV and its Energas Cuban power operation, triggering a Fort Saskatchewan refinery shutdown from June 2026 pending Moa's resumption. No resumption of Moa mining/processing had been confirmed as of September 2026. A rescue consortium (Kyma Capital/Trifon Natsis/Glencore) proposed a C$0.12/share recapitalization on 26 June 2026; the company may seek CCAA bankruptcy protection after a 12 October 2026 exclusivity deadline if no rescue is finalized. Sherritt is still classed as a producer because Moa's decades-long mine, refinery and reserve base remain intact, despite the suspension and the going-concern risk.
Notable vs. Peers
- Jurisdiction risk score of 1/10 is meaningfully riskier than the peer average of 8.2/10.
- Financials score of 1/10 is weaker than the peer average of 3.5/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Dec 1994 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)1/10
A May 2026 US executive order expanded Cuba-targeted sanctions across metals/mining/energy/financial services, forcing Sherritt to suspend its DIRECT PARTICIPATION in the Moa Joint Venture and the Energas power operation -- on top of an earlier Feb 2026 suspension of Moa mining/processing due to a Cuba-wide fuel/energy crisis. Sherritt's Fort Saskatchewan (Alberta) refinery, which processes Moa's mixed sulphide feed, began shutting down in June 2026 pending Moa's resumption. Three Sherritt directors resigned over the sanctions expansion; shares fell as much as 30% in a single session. A rescue consortium (Kyma Capital, Trifon Natsis, Glencore) submitted a recapitalization proposal (C$0.12/share) on 26 June 2026; per the U.S.-Cuba Trade and Economic Council, exclusivity for one suitor expires 12 October 2026, after which Sherritt may need to seek CCAA (Canada's Chapter 11 equivalent) bankruptcy protection.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Moa Nickel-Cobalt Joint Venture, Moa, Holguin Province, Cuba.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:1/10
Cuba: jurisdiction score 1/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:4/10
Primary commodity: Nickel
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Interim President and CEO of Sherritt International Corporation. Mining industry executive with 35+ years of experience, including at Glencore plc overseeing nickel operations and project development.
Interim CFO of Sherritt International Corporation, appointed 3 June 2026. Seasoned finance executive with nearly 30 years of experience at Sherritt, holding various senior finance and treasury roles.
COO and Head of Cuban Operations of Sherritt International Corporation, in the COO role since January 2024. 30+ years of experience with Sherritt managing large-scale operations and complex mining projects.
CHRO and Corporate Secretary of Sherritt International Corporation. Strategic HR practitioner who joined Sherritt in 2011, focused on high-performance team leadership and organizational development.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Sherritt International holds 50% of the Moa nickel-cobalt joint venture in eastern Cuba with Cuba's General Nickel Company, which mines and processes laterite ore at Moa, with refining at Sherritt's Fort Saskatchewan plant in Alberta. Measured and indicated resources contain 1,507,000 t of nickel (951,400 t measured and 555,600 t indicated) on a 100% joint-venture basis, plus 318,200 t inferred, at 31 December 2025, and the company states an estimated mine life of about 25 years. After a US Executive Order of 1 May 2026 expanded sanctions on business in Cuba, Sherritt suspended its direct participation in the Moa and Energas joint ventures on 7 May 2026; refinery feed ran out on 22 June 2026 and mining and processing at Moa stopped near the end of the second quarter, with any restart subject to US government approval. The sanctions entitled the lender under Sherritt's revolving credit facility to call an event of default, although no repayment demand has been made, and the company has disclosed a going-concern material uncertainty while a company-level recapitalization was in progress as of September 2026.