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(Bloomberg) — Sherritt International Corp. reversed course on plans to unwind its Cuban business after further consultations with advisers and government officials, as the nickel producer scrambles to respond to tougher US sanctions on the island.
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The Canadian company will no longer move ahead with plans to dismantle its Cuban ventures, including the breakup of its partnership with Cuba’s General Nickel Company SA, according to a Tuesday statement.
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Sherritt has been in turmoil since US President Donald Trump signed an executive order earlier this month targeting non-US individuals and entities doing business in Cuba, which has faced sweeping US sanctions since the 1960s. Last week, the Toronto-based firm said it was considering steps to distance itself from its Cuban operations.
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While maintaining its suspension in joint venture activities on the island, Sherritt said Tuesday that it remains engaged with stakeholders and authorities as it evaluates alternatives to mitigate the impact of the sanctions regime.
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Sherritt also disclosed that it is reviewing a “potential value preserving opportunity,” though it cautioned that any transaction or restructuring remains preliminary and may not be completed.
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The timing, structure and terms of any potential deal are still being assessed, Sherritt said, underscoring the uncertainty facing one of Canada’s most exposed corporate investors in Cuba.
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Sherritt operates nickel and cobalt mining and refining businesses tied closely to Cuban state partners and has long depended on the country for a significant portion of its production.
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The company warned that unresolved sanctions issues continue to pose “acute operational, financial and legal difficulties,” including risks related to compliance with debt covenants.
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—With assistance from Doug Alexander.
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English (US)