The alliance between the Canadian company and a firm close to Trump has made it possible to sign an agreement with the heirs of Moa Bay, which was confiscated in 1960.

14ymedio, Madrid, October 20, 2026 — Canadian mining company Sherritt International announced Tuesday that the U.S. Department of the Treasury has granted it a specific license to purchase and deliver fuel, fuel oil, and sulfur to the nickel and cobalt plant it shares with the Cuban state in Holguín, Moa Nickel. It is the first in a series of emergency licenses from the Office of Foreign Assets Control (OFAC) that the company has begun processing alongside U.S. firm Gillon Capital to restart mining and processing in Cuba, as well as refining in Canada, according to the company’s announcement.
The statement explains that Sherritt prepared and submitted its applications to OFAC in close coordination with Gillon Capital, which aims to take control of the mining company. The agency issued the license while both companies are asking it to consider a broader transaction in which a U.S.-based investment fund would acquire a majority stake. According to Sherritt, this license is the first of those Gillon would need to complete the acquisition.
Gillon Capital, which is linked to Ray Washburne, a former official in the Trump administration, and Sherritt signed a preliminary, nonbinding offer in May that would allow the Texas-based company to acquire 55% of the shares. The transaction would allow the mining company to continue operating on the island with Washington’s approval. Another proposal had emerged to compete with Gillon: a consortium led by Swiss giant Glencore, with a U.S. “anchor” investor, oil businessman Albert Huddleston, but it appears that the negotiations ultimately favored Gillon.
The authorization OFAC issued to Sherritt covers the sale, transportation, export, delivery, and payment of the fuel, and includes the supplier, banks, vessel operators, and insurers involved. The company expects the first shipment to set sail during this quarter of the year and says it is already “in the process of finalizing the initial fuel shipment.” continue reading
The company expects the first shipment to set sail during this quarter of the year and says it is already “in the process of finalizing the initial fuel shipment”
For the permit to be feasible, Sherritt signed a provisional agreement on September 23 with Moa Bay Mining Co., which holds a certified claim against the joint venture Moa Nickel — equally owned by Sherritt and the Cuban state-owned General Nickel Company — under Title III of the Helms-Burton Act. Moa Bay now approves the shipments in exchange for fees to be paid by Sherritt or someone on its behalf, and agrees not to sue the authorized participants. Both parties also obtained another OFAC authorization to carry out the agreement, according to the statement.
These claims complicated the negotiations, but lawyers had already anticipated an agreement and believed that a legal solution could set a precedent to facilitate new U.S. investments in Cuba that also face lawsuits from former owners protected under the Helms-Burton Act.
In the same official announcement, Sherritt acknowledges that it continues to face limited liquidity and doubts about its ability to continue as a going concern. Its recovery depends on new financing and a recapitalization, neither of which is guaranteed. “The Corporation remains in active discussions with its lenders and potential sources of government and other strategic capital, including Gillon Capital.”
Gillon Capital belongs to a family of Texas businesspeople whose central figure, Ray Washburne, was appointed by Donald Trump in 2017 to head the Overseas Private Investment Corporation and subsequently became a member of the President’s Intelligence Advisory Board.
Moa Bay now approves the shipments in exchange for fees to be paid by Sherritt or someone on its behalf, and agrees not to sue the authorized participants
When Gillon and Sherritt signed the nonbinding agreement in May, the Canadian mining company said at the time that the State and Treasury departments did not oppose Gillon’s negotiations and did not consider those discussions contrary to U.S. law, although any agreement would require their approval.
For his part, Cuban Energy and Mines Minister Vicente de la O Levy said in a recent interview with Reuters that he sees no problem with the possible purchase of Sherritt shares by U.S. businesspeople.
“We have always made it clear that what the U.S. company would be buying is shares in Sherritt, not in the joint venture,” he said, emphasizing: “The Canadian company is publicly traded, and any investor has the right to buy its shares.”
“But any restart would require discussions about how to supply fuel and spare parts, and also how to handle payments for exports and production inputs,” he said, referring to Washington’s sanctions as an obstacle to business. “If the intention is to resume nickel production, all those issues would need to be resolved.”
Following Executive Order 14404, signed by Donald Trump, which tightened sanctions against individuals and companies doing business linked to the Cuban state, Sherritt withdrew its direct stake in the joint venture on the Island on May 7. A few days later, the Canadian company announced that it was suspending its plan to exit Cuba and disclosed the preliminary agreement with Gillon Capital.
Translated by Regina Anavy
______________________
COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.


A link to the interview video subtitled in English.. . ENJOY!














