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Sherritt Reverses Plan to Dissolve Cuban Nickel Joint Venture

Consultations after new U.S. sanctions prompted a rethink toward a value‑preserving path.

A gas station that has run out of fuel is seen near the U.S embassy, in the background, in Havana, Cuba, on Saturday, Feb. 7. Mining company Sherritt International said it would not proceed with plans to dissolve its Cuban interests, reversing a decision made earlier in April.

Overview

  • Sherritt International, which said Tuesday it would not dissolve its 50-50 Moa venture, reversed a plan it announced last week.
  • The company is still not taking part directly in joint-venture work in Cuba after pausing on-the-ground activity in early May.
  • Executives said a preliminary option that could protect value is under review, with no promise it will proceed.
  • The miner warned of serious operational, financial and legal pressures, including the risk it could miss debt covenant tests.
  • The Moa partnership with Cuba’s General Nickel Co. mines ore in Cuba for refining in Canada, a setup that brings hard currency to Cuba and could face fresh strain under tighter U.S. sanctions.