Sherritt Suspends Cuban Joint Venture Participation as U.S. Expands Sanctions
The company is consulting advisers as the measures target mining and other sectors, while a U.S.-certified claim against its Cuban mine remains outstanding.
- Toronto-Based Sherritt International Corp. suspended direct participation in Cuban joint venture activities on Thursday following United States President Donald Trump's May 1 expansion of sanctions targeting the Caribbean island.
- President Trump signed an executive order May 1 targeting Cuba's energy, mining, and financial sectors to exert economic pressure for regime change after 67 years of one-party rule.
- Board members Brian Imrie, Richard Moat, and Brett Richards resigned following the announcement, while Sherritt's market value sits at $186 million, down from a $4.8 billion peak in 2008.
- Sherritt is repatriating its expatriate employees from Cuba while refinery operations in Fort Saskatchewan, Alta. continue, with feed material expected to last until mid-June.
- The miner, which has operated in Cuba since the 1990s, faces a property dispute claim certified by the U.S. government valued at more than $88 million, among thousands of outstanding claims.
16 Articles
16 Articles
Canadian Miner Sherritt Reviews Cuba Future After New US Sanctions
Toronto-based Sherritt International Corp, one of Cuba’s largest foreign investors with a nickel and cobalt joint venture at Moa in eastern Cuba, said on May 5 it is consulting advisers and stakeholders to evaluate its Cuban business after President Donald Trump signed an executive order on May 1 expanding US sanctions to cover energy, defense, […] The post Canadian Miner Sherritt Reviews Cuba Future After New US Sanctions appeared first on The …
Sherritt International announced that it had suspended its direct participation in its joint venture activities in Cuba following the strengthening of the United States sanctions against Cuba.
The Toronto Star
Sherritt suspends Cuban joint venture participation as U.S. expands sanctions
TORONTO - Sherritt International Corp. says it has suspended its direct participation in joint venture activities in Cuba following an expansion of U.S. sanctions against the country.
#Cuba: "This is a devastating blow to our #economy," acknowledges economist Omar Everleny after the departure of Canadian mining company #SherrittInternational from the island.
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