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The Canadian company Sherritt International, the main foreign partner of the Cuban regime in the extraction of nickel and cobalt, acknowledged that it is facing “significant operational challenges” on the island due to the economic crisis, a shortage of foreign currency, and the lack of energy affecting the entire country.
In its 2025 results report, the company announced that the production from its mixed plant Moa Nickel S.A. —located in Holguín province— reached 25,240 tons of nickel and 2,729 tons of cobalt, numbers significantly lower than those of 2024 (30,331 and 3,206 tons, respectively), reported the agency AFP.
Sherritt attributed the drop in production to the energy crisis in Cuba, delays in the acquisition of supplies and spare parts, and the effects of Hurricane Melissa, which in October caused interruptions in operations and damage to critical infrastructure.
The company, which has maintained a partnership with the Cuban state in the Moa project since 1991, stated that the "persistent unfavorable operating conditions" compel it to implement a recovery plan to improve the performance and reliability of the plant.
“We are actively monitoring geopolitical and economic events to anticipate and respond to potential risks in the region,” stated the interim Chief Executive Officer, Peter Hancock, as quoted in the statement.
Cuba is undergoing a severe economic crisis characterized by a shortage of foreign currency, a decline in exports, a collapse of tourism, and prolonged power outages that impact key sectors such as mining, agriculture, and manufacturing.
The geopolitical context has also heightened uncertainty, as following the military operation ordered by President Donald Trump that led to the capture of Nicolás Maduro in early January, the United States announced measures to control the Venezuelan oil sector and warned Cuba about the end of the flow of crude oil from that country, one of the energy pillars of the island.
The Canadian mining company acknowledges that this situation could directly affect its operations in Moa, which are highly dependent on fuel supply and state services for energy and transportation.
Nickel and cobalt represent one of the main sources of foreign currency for the Cuban regime, alongside tourism and remittances. Production issues in Moa represent another blow to the already weakened national economy.
"We remain committed to our operations in Cuba, but the current conditions pose an increasing challenge," concluded Sherritt, which has maintained joint investments with the state-owned Cubaníquel for more than three decades.
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