Sherritt International reduces operations at joint venture in Cuba

A gas station that has run out of fuel is located near the U.S embassy, pictured in background, Havana, Cuba, Saturday, Feb. 7, 2026. (AP Photo/Ramon Espinosa)

TORONTO — Sherritt International Corp. says says it has reduced operations at its joint venture in Moa, Cuba due to fuel supply constraints.

The company said Tuesday it expects to pause operations at the nickel and cobalt mine and place the processing plant on standby within the next week, during which time it will perform planned maintenance.

Cuba has been facing fuel shortages since the U.S. cut off access to oil from Venezuela in January. U.S. President Donald Trump has threatened to impose tariffs on any country that sells or provides oil to Cuba.

The fuel issue comes as Sherritt has already been struggling with its Moa operation.

Last week, the company reported a net loss of $15.8 million in the fourth quarter, and a loss of $65.7 million for 2025.

Interim chief executive Peter Hancock said on the company’s earnings call after releasing results that Moa’s performance fell well short of Sherritt’s standards and that the company has launched a comprehensive turnaround plan.

“While we expect it will take time to see the full benefits, we’re confident this plan will stabilize production and position us for stronger performance,” said Hancock.

The fuel shortage seems to be disrupting those plans. Sherritt said Tuesday it has received notification that planned fuel deliveries for Moa will not be fulfilled, and that it doesn’t know when they might restart.

Hancock said that historically, resources for the mining sector are prioritized in Cuba and the company has a track record of operating through complex environments.

“Navigating uncertainty is nothing new for Sherritt,” he said on the conference call.

There were no questions on the call from analysts.

Fuel shortages have also led Air Canada, Air Transat and WestJet to halt flights to the country because of the unreliability of aviation fuel at airports.

Sherritt says there is no immediate impact on operations in Fort Saskatchewan, Alta., where its refinery is continuing to produce finished nickel and cobalt. It says stockpiles at the refinery should last until about mid-April.

Sherritt’s stock price was trading down more than 15 per cent at 17 cents per share as of mid-morning on the Toronto Stock Exchange.

This report by The Canadian Press was first published Feb. 17, 2026.

Ian Bicks, The Canadian Press