Sherritt confirms Alberta refinery is shutting down for now
TSX-listed nickel and cobalt producer Sherritt International Corporation has started to shut down operations at its refinery in Fort Saskatchewan, Alberta.
The transition aligns with the corporation's previously disclosed expectations, which contemplated that refinery operations will continue until mid-June based on available feed inventory.
The shutdown is being carried out in a controlled and orderly manner, with safety and environmental considerations remaining the corporation’s primary priorities.
Sherritt has implemented shutdown procedures designed to protect employees, contractors, the surrounding community and the environment, and will retain the personnel and resources required to maintain the refinery in a safe and secure state during the shutdown period.
The shutdown will continue until mining and processing activities at Moa, Cuba resume and the refinery feed pipeline is rebuilt.
At this time, Sherritt is unable to provide timing guidance for when that will occur but maintains its suspension of direct participation in the joint venture activities it has in Cuba.
Sherritt is also continuing to work on a path to resume operations at the refinery as soon as practicable and is taking measures to preserve liquidity, manage costs and maintain operational readiness during the shutdown period. During the downtime, the company will complete necessary maintenance activities that do not require significant capital investment.
Sherritt continues to produce fertilisers and sulphuric acid for resale in the meantime.
The company has been facing major operational and financial challenges since expanded US sanctions against Cuba were announced in May.
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