Sherritt halts plan to dissolve Cuban nickel mining joint venture
Sherritt International has decided not to dissolve its Cuban nickel mining joint venture, reversing an earlier decision due to U.S. sanctions. The company will maintain its suspension of direct participation in joint venture activities while assessing its options in response to the sanctions. Sherritt faces significant operational and financial challenges unless the situation improves.
- ▪Sherritt International will not proceed with plans to dissolve its Cuban interests, including a joint venture with a state-owned nickel company.
- ▪The U.S. has imposed sanctions on the Moa Nickel SA joint venture, increasing pressure on Cuba's communist leaders.
- ▪Sherritt is evaluating potential opportunities to preserve value amid the ongoing sanctions.
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Open this photo in gallery:A man drives an electric rickshaw in Havana on May 14 as Cuba's electrical grid suffered a partial collapse amid a U.S. fuel blockade.Norlys Perez/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountCanadian miner Sherritt International S-T said on Tuesday it would not proceed with plans to dissolve its Cuban interests, including a joint venture with a state-owned nickel company, reversing a decision announced earlier this month after the U.S. imposed sanctions on the joint venture.The Trump administration has laid siege to Cuba since January, enforcing a de facto fuel blockade, issuing threats of military action and ramping up sanctions that have forced foreign businesses, including Sherritt, to flee.
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