Sherritt International

What Sherritt International does

Sherritt International Corporation is a Canadian-domiciled mining and energy company that, prior to May 2026, operated two integrated business divisions: Metals and Power. The Metals division mines and refines nickel and cobalt using hydrometallurgical processes applied to lateritic ores, with mining conducted through the 50/50 Moa Joint Venture with Cuba's General Nickel Company S.A. and refining performed at the Fort Saskatchewan facility in Alberta, Canada — described as the only significant cobalt refinery and one of three nickel refineries in North America. The Power division operates a one-third interest in Energas S.A., Cuba's largest independent power producer, which generates electricity for the Cuban national grid using combined cycle technology. Revenue is generated primarily through direct commodity sales of finished nickel and cobalt to stainless steel producers, battery materials manufacturers, and agricultural micronutrient customers, supplemented by recurring dividends from Energas (which doubled to $26 million in 2025) and ancillary sales of fertilizer and sulfuric acid byproducts. Pricing is determined by LME benchmarks and global commodity markets.

The company is currently in acute operational and financial distress. Following a May 1, 2026 US Executive Order expanding sanctions against Cuba, Sherritt suspended its direct participation in the Moa and Energas joint ventures, transitioned the Fort Saskatchewan refinery to a controlled shutdown state on June 22, 2026, and has issued a going-concern warning. The 2025 full-year net loss from continuing operations was $65.4 million against approximately $109.9 million in 2024 revenue (down 29% year-over-year). Multiple leadership changes occurred in quick succession — CEO Leon Binedell stepped down in December 2025 with Dr. Peter Hancock appointed interim CEO; CFO Yasmin Gabriel and auditor Deloitte LLP both resigned in May 2026; three board members resigned following the sanctions announcement. The Ontario Securities Commission issued a Failure-to-File Cease Trade Order on May 21, 2026, suspending trading on the TSX (ticker: S). To navigate the sanctions regime, Sherritt entered a non-binding term sheet in May 2026 with Gillon Capital LLC (controlled by former Trump adviser Ray Washburne) for a warrant-based private placement that could result in Gillon acquiring 55% ownership, alongside a closed April 2026 equity placement of approximately $43.5 million.

Name

Sherritt International

Legal name

Sherritt International Corporation

Website

https://sherritt.com

Company type

Public

Founded year

1931

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sherritt International Corporation is a Canadian mining and energy company that mines and refines nickel and cobalt through the Moa Joint Venture in Cuba and the Fort Saskatchewan refinery in Alberta — the only significant cobalt refinery in North America — and operates the Energas power JV in Cuba. Operations are currently suspended due to US sanctions.

Ownership category

akta.pro rank

Product category

Critical Minerals Mining and Refining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223), Fossil Fuel Electric Power Generation (221112)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

akta.pro secondary industries

ESG, Traceability & Certification Services (Responsible Sourcing) (IMAKAFAN), Sustainable & Responsible Supply Chain (ESG, Scope 3) (BPAHAHAM)

Keywords

• Nickel mining
• Cobalt refining
• Critical minerals
• Power generation
• Hydrometallurgical processing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure

Revenue model

1. Nickel and Cobalt Sales: Primary revenue stream from production and sale of refined nickel and cobalt products. The company operates the Moa joint venture in Cuba for mining and the Fort Saskatchewan refinery in Alberta for processing. Finished nickel and cobalt are sold in global commodity markets.
2. Power Generation (Energas): Dividends from Energas S.A. power generation joint venture in Cuba, which produces electricity for the Cuban power grid using combined cycle technology. In 2025, dividends from Energas doubled to $26 million.
3. Fertilizer and Sulfuric Acid: The company continues to produce fertilizers and sulphuric acid for resale during the refinery shutdown period, providing ancillary revenue while primary operations are suspended.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Sherritt International is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt—metals deemed critical for the energy transition. The company operates the Moa Joint Venture in Cuba for mining and the Fort Saskatchewan refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of three nickel refineries in North America. Through its Energas S.A. joint venture, it also produces electricity for the Cuban power grid using combined cycle technology.

Product overview

Sherritt International is a mining and refining company with two core business divisions: Metals and Power. The Metals division encompasses nickel and cobalt mining (primarily through the Moa Joint Venture in Cuba) and refining operations at the Fort Saskatchewan facility in Alberta, Canada—the only significant cobalt refinery in North America. The Power division operates the Energas joint venture, Cuba's largest independent electricity producer using combined cycle technology. The company also produces fertilizer and sulfuric acid as byproducts. The portfolio is unified around critical minerals for the energy transition, with mining in Cuba feeding Canadian refining capacity, and power generation supporting Cuban infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Nickel Mining and Refining Production and sale of refined nickel through the Moa Joint Venture in Cuba (50/50 with General Nickel Company S.A.) and refining at the Fort Saskatchewan, Alberta facility—one of three nickel refineries in North America. Sold to stainless steel producers, battery materials manufacturers, and specialty alloy producers.
• Cobalt Refining Refining and sale of cobalt at the COREFCO facility in Fort Saskatchewan, Alberta—the only significant cobalt refinery in North America. Cobalt is sold to battery materials manufacturers and the agricultural sector for use as a livestock micronutrient.
• Power Generation (Energas)

Quantifiable outcome

• North American cobalt refinery capacity - only significant cobalt refinery in North America
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• General Nickel Company S.A. (GNC)coreStrategic or Co-development Partner · 15 May 202650/50 joint venture for nickel and cobalt mining and processing at Moa in eastern Cuba. Sherritt announced plans to dissolve this joint venture following US sanctions on Cuba, with GNC taking full ownership of Cuban mining operations and Sherritt retaining the Alberta refinery. The dissolution process requires fair market value equalization payment plus approximately $277 million already owed to Sherritt. However, the company subsequently reversed course and halted the dissolution process to evaluate a potential value-preserving opportunity.
• Energas S.A.coreStrategic or Co-development PartnerOne-third interest in Energas S.A., Cuba's largest independent power producer. Produces electricity for the Cuban national grid using combined cycle technology. This joint venture was included in the dissolution plan but remains operational during the sanctions period, with dividends continuing to flow. In 2025, Energas dividends doubled to $26 million.
• Moa Nickel S.A.coreStrategic or Co-development PartnerCuban joint venture entity subject to US sanctions. The Trump administration imposed sanctions on Moa Nickel SA as part of expanded Cuba sanctions. Sherritt immediately suspended participation in this joint venture and repatriated expatriate employees.

Scale indicators10 records

Recent moves11 records

Expansion highlights4 records

Direct peers

• Vale S.A. Vale is the world's largest nickel producer and a major cobalt producer, with integrated mining and processing operations across multiple geographies. As a global nickel and cobalt producer serving the stainless steel and battery materials markets, Vale is directly comparable to Sherritt's core metals business.
• IGO Limited: IGO is an Australian critical minerals producer focused on nickel and cobalt, with operations in Western Australia. Its pure-play exposure to battery materials (nickel/cobalt) makes it directly comparable to Sherritt's metals division in terms of end-market positioning and customer base.
• Glencore plc: Glencore is one of the world's largest producers and marketers of nickel and cobalt, with both mining operations and a dominant commodity trading franchise. Like Sherritt, Glencore produces nickel/cobalt for stainless steel and battery supply chains, and its marketing subsidiary (like Sherritt's New Providence Metals Marketing) handles global commodity sales.
• Eramet S.A. Eramet is a French mining and metallurgical company that produces nickel from lateritic ores using hydrometallurgical processes in New Caledonia. Its processing technology and laterite-focused operations closely parallel Sherritt's hydrometallurgical refining approach at Fort Saskatchewan.
• Nornickel (Norilsk Nickel): Nornickel is the world's largest refined nickel producer and a major cobalt producer, with vertically integrated mining and smelting operations. As the dominant global nickel producer with similar sulfide and by-product cobalt recovery, Nornickel represents a direct benchmark for Sherritt's commodity output.

Broad incumbents

• Anglo American plc: Anglo American is a diversified global miner with platinum group metals exposure that produces nickel and other critical minerals. As a broad incumbent in critical minerals and precious metals, it competes with Sherritt for institutional capital and end-market customers.
• First Quantum Minerals Ltd. First Quantum is a Canadian-listed miner with major copper operations and some nickel exposure, headquartered in Toronto like Sherritt. As a fellow Canadian critical minerals producer with comparable scale, First Quantum offers a relevant peer benchmark for capital markets and operational considerations.
• BHP Group: BHP operates significant nickel mining assets in Western Australia and is a diversified major miner with exposure to battery materials. As a large incumbent in critical minerals, BHP competes with Sherritt for capital allocation toward nickel and addresses the same end-markets in stainless steel and EV batteries.

Emerging players

• Cobalt Blue Holdings Limited: Cobalt Blue Holdings is an Australian emerging player focused on cobalt production and battery materials technology. While at an earlier development stage than Sherritt, its thematic focus on cobalt for the EV battery supply chain parallels Sherritt's strategic narrative around critical minerals for the energy transition.
• Jervois Mining Limited: Jervois Mining is a cobalt-focused mining company developing the Idaho Cobalt Operations in the United States. Its North American cobalt ambitions and battery-focused strategy overlap meaningfully with Sherritt's positioning as a North American critical minerals supplier.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sherritt-international

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sherritt International