Sherritt's Leadership Pivot: Navigating the Critical Minerals Crossroads

TORONTO, ON – December 08, 2025 – In a move sending ripples through the critical minerals sector, Sherritt International Corporation has announced a significant leadership transition. Leon Binedell has stepped down as President and CEO, with veteran mining executive and current board member Dr. Peter Hancock taking the helm as interim CEO. The change comes at a crucial juncture for a company uniquely positioned at the intersection of the green energy transition and complex international geopolitics.

Sherritt is not just another mining firm. It stands as a world leader in refining nickel and cobalt—the indispensable ingredients for electric vehicle batteries—and operates North America's only significant cobalt refinery. This strategic position, coupled with substantial energy assets in Cuba, makes any C-suite shuffle a noteworthy event for investors and industry observers. The departure of Binedell, who guided the company through what the board called “one of its most challenging periods,” raises critical questions about the future direction of its ambitious strategic initiatives.

A Strategic Pivot at a Pivotal Time

Leon Binedell’s tenure, which began in June 2021, was a masterclass in navigating turbulence. He inherited a company grappling with market volatility and the unique operational complexities of its Cuban joint ventures. Under his leadership, Sherritt made tangible progress on several fronts. He oversaw the crucial expansion of the Moa Joint Venture, designed to boost nickel and cobalt intermediate production by 20%, and successfully implemented a “Cobalt Swap” agreement that unlocked significant cash flow by monetizing cobalt from its Cuban partners.

Furthermore, Binedell's team executed on significant debt and equity transactions, deleveraging the balance sheet by repurchasing over $150 million in notes in 2022. Earlier this year, the company initiated a restructuring program aimed at generating approximately $20 million in annualized savings to buffer against market headwinds. These moves were essential, as the markets for Sherritt’s core products have been anything but stable. A flood of new nickel supply from Indonesia and cobalt from the Democratic Republic of Congo has exerted intense downward pressure on prices, squeezing margins for producers worldwide.

Despite these strategic wins, the operational environment remained fraught with difficulty. The company's most recent quarterly report in late 2025 painted a mixed picture: an adjusted net loss that nevertheless beat analyst expectations, but also persistent challenges in Cuba that hampered production. The departure of the CEO who steered the company through this period suggests the board may be seeking a new approach to unlock the full value of its assets amidst these persistent external pressures.

The Steady Hand of a Mining Veteran

To ensure a smooth transition, the board has turned inward, appointing one of its own, Dr. Peter Hancock, as interim leader. Dr. Hancock is no stranger to the complexities of the nickel market, bringing over 35 years of experience from his time at mining giant Glencore plc, where he oversaw nickel operations. His presence on Sherritt’s board since November 2021 means he is already deeply familiar with the company's strategy, assets, and the very challenges Binedell confronted.

His appointment signals a focus on operational stability and continuity. Rather than an external disruptor, the board has chosen a seasoned hand with intimate knowledge of both the company and the broader industry. This move is likely intended to reassure investors and stakeholders that the company’s key projects will proceed without interruption while a formal search for a permanent CEO is conducted.

“On behalf of the Board, I want to thank Leon for his dedicated service advancing important strategic initiatives during his tenure, positioning Sherritt for its next phase,” said Brian Imrie, Chair of the Board, in the official announcement. “I also want to thank Dr. Hancock for taking on the interim position. His deep familiarity with Sherritt’s operations and decades of experience as a mining executive will ensure a smooth transition as the Board conducts a thorough search for our next leader.”

Dr. Hancock’s immediate priorities will be to navigate the ongoing ramp-up of the Moa expansion, manage the delicate operational realities in Cuba, and steer the company’s commercial strategy in a volatile commodity market. His experience in developing and commercializing process technologies at Glencore could prove invaluable as Sherritt continues to optimize its hydrometallurgical refining processes, a key competitive advantage.

Beyond the C-Suite: The Future of Core Assets

The true test for Sherritt’s new leadership lies in the performance of its two core, and starkly different, business pillars: the Moa Joint Venture in Cuba and the Energas power division.

The Moa JV represents the future of Sherritt’s metals business. The recently completed expansion is set to increase the supply of mixed sulphides fed into its Fort Saskatchewan refinery in Alberta, a critical link in a Western-based EV battery supply chain. With an estimated mine life of 25 years, the success of this expansion is paramount to capitalizing on the long-term, secular demand for nickel and cobalt driven by the global energy transition. However, the project's success is intrinsically tied to the operating environment in Cuba, which has recently suffered from weather events and other logistical hurdles impacting production.

Simultaneously, the Energas power division remains a unique and vital asset. As the largest independent energy producer in Cuba, it generates roughly 10% of the island's electricity and provides a crucial, albeit complex, source of dividends. The division has proven its resilience, playing a key role in restoring the national grid after outages and adapting its operations to support grid stability. While dividend forecasts for 2025 were adjusted to the lower end of guidance, the division continues to be a significant contributor, its viability ensured by carefully structured agreements with its Cuban partners.

As the board’s special committee begins its comprehensive search for a permanent CEO, the central challenge will be finding a leader who can balance these disparate priorities. The next chief executive must not only be a skilled operator in the mining sector but also a deft diplomat capable of managing complex international partnerships. They will need to steer the company’s strategic assets toward their full potential, capitalizing on the geopolitical push for diversified critical mineral supply chains while navigating the inherent risks of its unique operational footprint. The path forward for Sherritt is one of immense opportunity, but it demands a leader capable of turning strategic potential into sustained performance.