Sherritt International

1994: Sherritt becomes the largest producer of nitrogen and phosphate fertilizers in Canada after acquiring fertilizer assets from Imperial Oil Limited.

1995: Incorporation of Sherritt International Corporation, with interest in mining, oil and gas and technology business in Cuba. Nickel, cobalt, oil and gas production begins in Cuba.

1998: Creation of Sherritt Power Corporation, building gas-fired electricity generation plants in Cuba, with a 30% interest in Energas SA.

1998: Sherritt acquires 37.5 percent share of Cubacel, the cellular telephone operator in Cuba for $US38 million. Sherritt also created a company called "Sherritt Green", a small agricultural branch of the company, cultivating a variety of vegetables for the tourist market as well as a 25 percent share of the Las Americas Hotel and golf course in Varadero and a 12.5 percent share of the Melia Habana Hotel. These investments have been sold.

2001: Creation of Luscar Energy Partnership in cooperation with Ontario Teachers' Pension Plan Board by acquiring Luscar Ltd., Canada's largest coal producer for a deal worth $CDN 1 billion.

2005: Two Canadian energy conglomerates, Sherritt International and Pebercan Inc, discovered a new oil field off Cuba's northern coast containing 100 million barrels of oil.

2007: Sherritt acquires Dynatec mining corporation in a friendly takeover. Among the assets was the Ambatovy mine nickel project in Madagascar.

2008: Sherritt acquires all outstanding shares from Royal Utilities Income Trust. Royal Utilities Income Trust owned Prairie Mines & Royalty Ltd, that operates thermal coal mines in Saskatchewan and Alberta.

2008: Sherritt Technologies, a Division of Sherritt International Corporation, Licenses Technology to Chinese Zinc Producer.

2010: Sherritt to acquire a controlling interest from Rio Tinto in the Sulawesi Nickel Project in Indonesia. The Sulawesi Project currently ranks as one of the largest known undeveloped, greenfield laterite nickel deposits in the world. This project has since been abandoned.

2012: The Ambatovy Joint Venture begins production — reaches commercial production in 2014.

2014: Sherritt sells coal investments for $946 million (CDN) to Westmoreland Coal Company.

2016: Sherritt bondholders support a 3-year extension of maturities.

2018: Sherritt further strengthens its balance sheet by repurchasing $130 million of debentures following a successful equity unit offering.

2019: Sherritt's Cuban partners ratify overdue receivables agreement for the repayment of US$150 million.

2019: Sherritt reaches 3 billion pounds of cumulative nickel production at its refinery in Fort Saskatchewan

2020: Sherritt completed a balance sheet initiative aimed at improving the Corporation's liquidity which resulted in reducing debt levels by more than $300 million, annual cash interest payments by $16 million, extending our first material debt repayment to November 2026, and exchanging its 12% interest the Ambatovy Joint Venture for amounts owed to the Ambatovy Partners.

2026: Sherritt withdrew from Cuba, where it mines nickel and cobalt, in May 2026 out of fear of U.S. sanctions amid a tightening of the U.S. embargo against the island.

2026: Sold a majority stake in its business to former Trump administration advisor Ray Washburne.

In 2017, Sherritt exchanged CAD1.4 billion in debt to its joint venture partners for 28% of its interest in the joint venture. In 2020, Sherritt exchanged its 12% interest in the joint venture for the remaining partner loans.

Oil and gas

Sherritt's Oil and Gas division explores for oil and gas primarily from reservoirs located offshore, but close to the coastline along the north coast of Cuba. Specialized long reach directional drilling methods are being used to economically exploit these reserves from land‑based drilling locations.

Sherritt currently has an interest in three PSCs in the exploration phase.

In addition, Sherritt holds working‑interests in several oil fields and the related production platform located in the Gulf of Valencia in Spain.

Electricity

Sherritt's primary power generating assets are located in Cuba at Varadero, Boca de Jaruco, and Puerto Escondido. These assets are held by Sherritt through its one‑third interest in Energas S.A. (Energas), which is a Cuban joint arrangement established to process raw natural gas and generate electricity for sale to the Cuban national electrical grid. Cuban government agencies Unión Eléctrica (UNE) and Unión Cubapetróleo (CUPET) hold the remaining two‑thirds interest in Energas.

Raw natural gas is supplied to Energas by CUPET free of charge. The processing of raw natural gas produces clean natural gas, used to generate electricity, as well as by‑products such as condensate and liquefied petroleum gas. All of Energas' electrical generation is purchased by UNE under long‑term fixed‑price contracts while the by‑products are purchased by CUPET or a Cuban entity providing natural gas to the city of Havana at market based prices. Sherritt provided the financing for the construction of the Energas facilities and is being repaid from the cash flows generated by the facilities.

The Energas facilities, which consist of the two combined cycle plants at Varadero and Boca de Jaruco, produce electricity using natural gas and steam generated from the waste heat captured from the gas turbines. Energas' electrical generating capacity is 506 MW.

Fertilizer

Sherritt owns assets, which produce fertilizer products, primarily for sale in the Western Canadian market, and which provide some of the critical input requirements for the Fort Saskatchewan metals refinery. Revenue is derived primarily from the sale of nitrogen fertilizers, and of sulphate fertilizers produced directly or indirectly as a by-product of the metals refining process.

Technologies

Sherritt's Technologies group provided technical support, process optimization and technology development services to Sherritt's operating divisions, and identified opportunities for the Corporation as a result of its research and development activities. Its activities included the internally focused development of technologies that provided strategic advantages to the Corporation; evaluating, developing and commercializing process technologies for natural resource based industries, in particular for the hydrometallurgical recovery of non-ferrous metals; and providing technical support for Sherritt’s operations, marketing and business development arms.

The Technologies division was closed in July 2025 as part of the organization's efforts to adapt to the current business environment (low nickel prices), resulting in a significant reduction of Sherritt's workforce.