Sherritt says it needs new capital to restart Alberta refinery and Moa joint venture

Sherritt International Corp in Fort Saskatchewan, Alta. (Source: Sherritt International Corp/flickr)

TORONTO — Sherritt International Corp. says it needs a significant amount of new capital to fund the restart of its Alberta refinery and Cuban joint venture that were shut down in the face of ramped up U.S. pressure on the Caribbean country as it searches for a way forward.

The company says it’s in talks with its senior lenders and noteholders regarding a recapitalization intended to stabilize its balance sheet and restore normal operations when circumstances permit.

However, it repeated Monday earlier comments that it continues to operate with constrained liquidity and a material uncertainty that may cast doubt on its ability to continue as a going concern.

The company announced last month it was 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.

Operations at Sherritt’s Moa joint venture in Cuba were paused earlier this year as the country faced fuel shortages since the U.S. cut off access to oil from Venezuela in January.

Sherritt has signed a non-binding agreement with Gillon Capital LLC, a family office of a former Trump administration adviser, that would allow Gillon to buy a majority stake in the company. The company says talks with Gillon Capital regarding the proposed transaction remain ongoing.

This report by The Canadian Press was first published July 13, 2026.