Sherritt Wins U.S. License to Ship Fuel to Cuba, First Step Toward Restarting Nickel Mining
SHERF has more than doubled off its 52-week low of $0.06 on light trading volume (0.4× avg).
Summary
OFAC granted Sherritt a special license to buy and deliver fuel, fuel oil, and sulfur to its Moa nickel operation in Cuba, where mining has been halted since May when the Trump administration widened sanctions. It is only the first of several emergency licenses Sherritt says it needs before it can restart mining and processing in Cuba and refining in Canada, so this is a step toward a restart, not a restart itself. The stakes are high: the suspension has left the company with severe liquidity constraints and substantial doubt about its ability to continue as a going concern.
At the time of this announcement, SHERF was trading at $0.18 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $125.1M. The 52-week trading range was $0.06 to $0.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.