Sherritt Worldwide Corp. is shutting down operations at its refinery in Fort Saskatchewan, Alta., after operating out of the feed stock it receives from its Moa mine in Cuba.
The corporate says the shutdown will proceed till mining and processing actions at Moa resume and the refinery feed pipeline is rebuilt.
Operations at Sherritt’s Moa three way partnership in Cuba had been paused earlier this yr because the nation confronted gas shortages because the U.S. lower off entry to grease from Venezuela in January.
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The refinery shutdown comes as the corporate says it’s in talks with its lenders, however that it will be unable to repay all or a fabric portion of its debt if it turns into due sooner than its acknowledged maturity on account of an acceleration by a number of of its collectors. It says its means to refinance or lengthen its debt below the present circumstances stays unsure.
Sherritt has signed a non-binding settlement with Gillon Capital LLC, a household workplace of a former Trump administration adviser, that might permit Gillon to purchase a majority stake within the firm.
The Canadian miner has stated {that a} preliminary non-public placement deal would see Gillon maintain a warrant that might permit it to purchase sufficient shares to provide it a 55 per cent stake within the firm.
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