Published: May 20, 2026 |

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Sherritt International says it is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week as the U.S. expands sanctions on the country.

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.

The Canadian mining company says it has been presented on a preliminary basis with “a potential value preserving opportunity” that it is evaluating.

Sherritt and the General Nickel Co. S.A. of Cuba each hold a 50 percent interest in the Moa joint venture, which mines nickel in Cuba that is shipped to Canada where it is refined. The venture is a key source of Cuba’s ⁠foreign exchange.

The company says it stopped the dissolution plan after consultations with its advisers, stakeholders and relevant governmental authorities.

The company is maintaining its suspension of direct participation in joint venture activities in Cuba after the U.S. ramped up pressure on the Caribbean country.

Sherritt says it still faces a number of acute operational, financial and legal difficulties including the ability to comply with its debt covenants as it works to address the expanded sanctions.

Source: CBC

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt — metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.

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