Copy desk · 27 October 2026

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Mining DispatchPermitting & sanctionsCanada, Cuba, United States

Sherritt’s OFAC fuel licence covers shipments to Moa. It does not restart the mine

Sherritt says the U.S. Treasury’s Office of Foreign Assets Control licensed fuel, fuel oil and sulfur into Moa Nickel. The company calls this the first of a series. Restart of mining, processing and the Fort Saskatchewan refinery still needs another licence.

The Mining Dispatch deskOctober 27, 2026, 5:59 a.m.2 min read

Why this matters: our read

Sherritt’s own description is narrower than some wire headlines. The licence is for fuel into Moa. The restart, and refining in Alberta, are still subject to a second emergency licence the company says it does not have.

Sherritt International said on October 20, 2026, that it had received a specific licence from the United States Department of the Treasury’s Office of Foreign Assets Control authorizing the purchase and delivery of fuel, fuel oil and sulfur to Moa Nickel mining and processing operations in Cuba, which form part of the Moa Joint Venture. The company said the Fuel License is the first of a series of OFAC emergency licences that will be necessary to restart mining and processing at Moa Nickel as well as further processing and refining operations in Canada. The authorization, Sherritt said, extends to a licensed fuel supplier and persons acting on their behalf, including banks and vessel operators, and other necessary insurance or ancillary service providers.

Sherritt said it submitted the requests in close coordination with Gillon Capital, LLC, in connection with Gillon’s potential acquisition of a controlling interest, as contemplated by a non-binding term sheet dated May 19, 2026. The Fuel License, the company said, was issued while Gillon and Sherritt apply for consideration of a broader proposed transaction. Sherritt also said it had entered into an interim consent agreement dated September 23, 2026, with Moa Bay Mining Co., the holder of a certified Helms-Burton Act claim relating to Moa Nickel, under which Moa Bay consented to interim fuel shipments in exchange for consent fees payable by or on behalf of Sherritt. The fee is not stated. The company said a separate OFAC authorization was obtained for performance under that agreement.

Sherritt said it suspended direct participation in joint-venture activities in Cuba on May 7, 2026, and ceased metals refining at its Fort Saskatchewan, Alberta, facility on June 22, 2026. While the Fuel License and related shipment are expected to allow Moa Nickel to meet essential fuel requirements and prepare for a restart, the company said the actual restart remains subject to a second OFAC emergency licence. It said it is finalizing the initial fuel shipment, expected to ship in the fourth quarter of 2026. OFAC had not published the licence itself when this was checked. The statements above are Sherritt’s account.

Sources