Sherritt International Corp. has decided to halt its initial plan to dissolve the joint venture in Cuba due to the recent escalation of U.S. sanctions on the country. The Trump administration’s actions, including a de facto fuel blockade and increased sanctions, have pressured foreign entities like Sherritt to exit Cuba.
The Canadian mining company is currently assessing a potential opportunity that could preserve its value, following consultations with advisors, stakeholders, and relevant authorities. Sherritt, along with General Nickel Co. S.A. of Cuba, jointly owns the Moa venture, a significant source of Cuba’s foreign exchange through nickel mining and refining in Canada.
Despite facing challenges related to operational, financial, and legal aspects, including compliance with debt obligations under heightened sanctions, Sherritt remains committed to suspending its direct involvement in the Cuban joint venture activities. This decision comes amidst the company’s efforts to navigate the complexities brought about by the increased pressures imposed by the U.S. on Cuba.