Sherritt receives OFAC fuel license for its Moa Nickel operations in Cuba

what happened

Sherritt International said the US Treasury's Office of Foreign Assets Control (OFAC) has granted it a specific license to buy and deliver fuel, fuel oil and sulfur to Moa Nickel in Cuba, which is part of the Moa Joint Venture. According to TradingView and Reuters, this is the first of a series of emergency OFAC licenses needed to restart mining and processing at the site.

Restarting the operation still depends on a second OFAC license. The company expects the initial fuel shipment to leave in Q4 2026. Sherritt is also in talks with lenders and potential investors, including Gillon Capital, which is seeking a controlling stake. The company warns of material uncertainty about its ability to continue as a going concern.

why it matters

For markets, the news matters mainly to investors in nickel and cobalt. A restart of Moa Nickel could eventually add metal supply, but the timing remains unclear given the need for US licenses and financing. Sanctions on Cuba remain the key risk factor for the project.

market impact

Nickel and cobalt: possible extra supply if Moa Nickel restarts, but timing is uncertain

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