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Canadian miner Sherritt International stops plan to dissolve Cuban joint venture
The company said it is evaluating a preliminary value-preserving transaction while keeping its suspension of direct participation in the venture.
- On Tuesday, Toronto-based Sherritt International Corp. reversed plans to dissolve its Cuban joint ventures, including the Moa Nickel SA partnership with General Nickel Company SA, after announcing the dissolution last week.
- Sherritt, which has maintained a 32-year presence on the island, halted the breakup after consultations with advisers and government officials. The company warned that unresolved sanctions continue to pose "acute operational, financial and legal difficulties" for its business.
- The Moa Nickel SA venture mines nickel and cobalt, serving as a key source of foreign exchange for the Caribbean nation, with Sherritt and General Nickel Company SA each holding a 50 per cent interest.
- While maintaining the suspension of direct participation in joint venture activities, the company is evaluating a "potential value preserving opportunity" to mitigate the impact of the sanctions regime, though no assurance exists that any transaction will be completed in a timely manner.
- Cuban authorities maintain that the administration of United States President Donald Trump's policies constitute "collective punishment" designed to strangle the island's economy, while the administration aims to increase pressure on Cuba's leaders by targeting foreign investment.
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Canadian mining company Sherritt International halts plans to dissolve Cuba business amid sanctions
The company says it stopped the dissolution plan after consultations with its advisers, stakeholders and relevant governmental authorities, reversing a decision it announced last week as the U.S. expands sanctions on the country.
·Canada
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Associated Press News+7 Reposted by 7 other sources
Canadian miner Sherritt International stops plan to dissolve Cuban joint venture
Canadian miner Sherritt International Corp. says it is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week amid expanded U.S. sanctions on the country.
·United States
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Coverage Details
Total News Sources21
Leaning Left7Leaning Right2Center9Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 39%
C 50%
11%
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