Sherritt leaves Cuba's joint ventures as US sanctions risk rises
Event date: 2026-05-07
Sherritt International has suspended its direct participation in joint venture activity in Cuba and begun steps to bring expatriate staff home, saying expanded US sanctions could make it too risky to continue ordinary operations on the island.
In the AFP report carried by News Abhiyan, the Toronto-based miner said it was effectively leaving Cuba because of the possibility that Washington could formally designate the company under its widening sanctions regime. The statement said the company believed such a move could happen at any time.
Sherritt’s decision matters because the company has been one of Cuba’s key industrial partners. The report said its Moa mine had been one of the country’s largest industrial projects and a major source of revenue for the Cuban government, producing tens of thousands of tonnes of cobalt and nickel each year. Those metals are central to battery and alloy production, which is why the mine mattered far beyond Cuba’s domestic economy.
The company’s move follows a fresh tightening of US pressure. The report said President Donald Trump imposed additional sweeping sanctions on the Cuban economy on May 1, and Sherritt argued that the executive order itself materially altered its ability to operate normally.
This is not the first time the company has retrenched. The packet says Sherritt had already announced in February that it was halting operations in Cuba because of a fuel blockade imposed by Washington in January. In that sense, the latest step looks less like a sudden decision than the next stage in a gradual withdrawal prompted by geopolitical risk.
The consequences for Cuba could be serious. The report says the island is already suffering from economic stagnation, shortages and power cuts, with tourism down sharply and only one Russian oil tanker making it through since the blockade. In that environment, losing a large mining partner adds pressure to a system already strained by fuel scarcity and weak growth.
The evidence packet does not provide a response from the Cuban government or from US officials, so this article does not speculate on whether the company’s retreat will trigger negotiations, compensation claims or a replacement operator. It simply records the corporate response to the sanctions environment as described in the supplied reporting.
For Sherritt, the decision appears to be a risk-management move. For Cuba, it is another sign that sanctions are affecting not just trade flows but the country’s ability to keep major industrial projects running. The article supported by the packet is clear on that point even if the longer-term fallout remains unresolved.
Claim-to-source map - Sherritt suspended direct participation in joint venture activities in Cuba and is repatriating expatriate employees: source 12317 - The company fears a possible US sanctions designation could come at any time: source 12317 - The Moa mine was a major source of cobalt and nickel revenue for Cuba: source 12317 - Sherritt had already halted operations in February because of a US fuel blockade: source 12317
