Sherritt reverses decision to shed Cuban assets
Sherritt International Corp. has reversed its decision to dissolve its interests in Cuba, maintaining its joint venture with the Cuban state-owned General Nickel Company. The company cited consultations with advisers and stakeholders as factors in its decision. Despite this reversal, Sherritt continues to face operational and financial challenges due to U.S. sanctions and other difficulties.
- ▪Sherritt International Corp. will not dissolve its interests in Cuba, reversing a previous announcement.
- ▪The company is maintaining its suspension of direct participation in joint venture activities in Cuba.
- ▪Sherritt's stock rose slightly following the announcement, closing at 13 cents.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountCanadian mining company Sherritt International Corp. S-T said on Tuesday that it will not be dissolving its interests in Cuba, reversing an announcement made last week.On May 15 the company said it was dissolving the Moa Joint Venture it operates with the Cuban state-owned General Nickel Company SA. It wasn’t immediately clear what caused the reversal.The company said in a press release, however, that it was “maintaining its suspension of direct participation in joint venture activities in Cuba,” originally announced on May 7. Following that announcement, Sherritt chief financial officer Yasmin Gabriel resigned.
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