Sherritt International Corp. has decided to halt its plans to dissolve its Cuban joint venture amidst escalating U.S. sanctions on the country. The Trump administration’s aggressive stance on Cuba, including a de facto fuel blockade and increased sanctions, has led to pressure on foreign businesses like Sherritt to exit the market.
The Canadian mining company is currently assessing a potential opportunity that could help preserve value in the venture. Sherritt, along with General Nickel Co. S.A. of Cuba, jointly operates the Moa venture, which mines nickel in Cuba and then ships it to Canada for refining, contributing significantly to Cuba’s foreign exchange reserves.
Following consultations with advisors, stakeholders, and relevant authorities, Sherritt has decided to suspend the dissolution plan. The company continues to refrain from direct engagement in the joint venture operations in Cuba due to heightened U.S. pressure on the region. Sherritt is navigating various challenges, including operational, financial, and legal obstacles, particularly in meeting debt obligations amidst the expanded sanctions.
