Sherritt International stops plan to dissolve Cuban joint venture

A man walks past a gas station that has run out of fuel, located near the U.S embassy, pictured in the background, in Havana, Cuba (AP Photo/Ramon Espinosa)

Canadian miner Sherritt International 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.

The 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 per cent interest in the Moa joint venture which mines nickel in Cuba that is shipped to Canada where it is refined.

Sherritt 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.

This report by The Canadian Press was first published May 19, 2026.