Sherritt lays off 47% of Canadian staff as refinery stops

Sherritt International, a nickel and cobalt miner listed on the Toronto Stock Exchange, will lay off about 280 employees, 47% of its Canadian workforce, for about 90 days, the company said. The layoffs follow a halt at its Fort Saskatchewan, Alberta refinery, where refining stopped on June 22, 2026, when feed inventory ran out.

Money is tight: Sherritt suspended its direct role in its Cuban joint venture on May 7, 2026, after the United States expanded sanctions on Cuba, and has operated with constrained liquidity since. The strain shows in a warning: the company says it faces a material uncertainty that may cast significant doubt on its ability to continue as a going concern, meaning it may not be able to keep operating.

To restart, Sherritt needs a series of US emergency licences, and BNN Bloomberg reported that it has received the first, to buy and deliver fuel to its Moa mine in Cuba. Metal.com reported that more licences are needed before mining and processing in Cuba and refining in Canada can resume, and that Sherritt has set no firm restart date.

Sources: Sherritt International · BNN Bloomberg · Metal.com