Sherritt International Corp. is shutting down operations at its refinery in Fort Saskatchewan, Alta., after running out of the feed inventory it receives from its Moa mine in Cuba.
The corporate says the shutdown will proceed until mining and processing activities at Moa resume and the refinery feed pipeline is rebuilt.
Operations at Sherritt’s Moa three way partnership in Cuba were paused earlier this yr because the country faced fuel shortages because the U.S. cut off access to grease from Venezuela in January.
Get breaking National news
Get breaking Canada news delivered to your inbox because it happens so you will not miss a trending story.
The refinery shutdown comes as the corporate says it’s in talks with its lenders, but that it could be unable to repay all or a cloth portion of its debt if it becomes due sooner than its stated maturity consequently of an acceleration by a number of of its creditors. It says its ability to refinance or extend its debt under the present circumstances stays uncertain.
Sherritt has signed a non-binding agreement with Gillon Capital LLC, a family office of a former Trump administration adviser, that might allow Gillon to purchase a majority stake in the corporate.
The Canadian miner has said that a preliminary private placement deal would see Gillon hold a warrant that might allow it to purchase enough shares to provide it a 55 per cent stake in the corporate.
© 2026 The Canadian Press