Sherritt International Corp. has announced that it will not proceed with its initial plan to dissolve its joint venture in Cuba due to recent developments in U.S. sanctions on the country. The Trump administration’s actions, including a de facto fuel blockade and increased sanctions, have put pressure on foreign companies operating in Cuba, prompting Sherritt to reconsider its decision.
The Canadian mining company revealed that it has been presented with a potential opportunity that could preserve its value, and it is currently assessing this option. Sherritt, in partnership with General Nickel Co. S.A. of Cuba, jointly owns the Moa venture, which focuses on nickel mining in Cuba for refining in Canada. This partnership serves as a vital source of foreign exchange for Cuba.
Following discussions with advisors, stakeholders, and relevant authorities, Sherritt has decided to halt the dissolution plan. Despite this decision, the company remains inactive in joint venture operations in Cuba due to the heightened pressure from the U.S. The company is facing various challenges, including operational, financial, and legal obstacles, as it navigates the impact of the expanded sanctions and strives to meet its debt obligations.