Sherritt International Corp. has announced a reversal in its decision to dissolve its Cuban joint venture, citing new developments amid escalating U.S. sanctions on the country. The Trump administration’s aggressive stance towards Cuba, including a de facto fuel blockade and increased sanctions, has prompted foreign companies like Sherritt to reevaluate their operations.
The Canadian mining firm disclosed that it is currently assessing a potential opportunity that could preserve value for the company. Sherritt, along with General Nickel Co. S.A. of Cuba, jointly owns the Moa venture, responsible for nickel mining in Cuba and subsequent refining in Canada, serving as a vital source of foreign exchange for the country.
Following consultations with advisors, stakeholders, and government entities, Sherritt has decided to halt the dissolution plan. Despite the suspension of direct involvement in joint venture activities in Cuba, the company continues to face significant operational, financial, and legal challenges, exacerbated by the heightened pressure resulting from the expanded sanctions.