Sherritt secures U.S. special license to ship fuel for Cuban mining operations
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Sherritt International (SHERF) said Tuesday it received a special license from the U.S. government to deliver fuel to its operations in Cuba, a potential first step to restarting its suspended nickel and cobalt mining activities.
The authorization from the U.S. Treasury Department's Office of Foreign Assets Control allows the purchase and delivery of fuel, fuel oil, and sulfur to the company's Moa nickel operation in Cuba, which were halted in May after the Trump administration expanded its sanctions on the country.
Sherritt (SHERF) said the fuel license is the first of a series of emergency licenses it will need to be able to restart mining and processing operations in Cuba, and to resume refining operations in Canada.
The disruption has deepened Sherritt's (SHERF) financial troubles, leaving the company facing severe liquidity constraints and raising substantial doubt about its ability to continue as a going concern.
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