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Sherritt International Corporation announced the dissolution of all its operations in Cuba, despite the multi-million dollar debt that the country owes to the Canadian company.
In an official statement published on its website, the mining company referenced the impact of the Executive Order signed by President Donald Trump on May 1, 2026, which expanded U.S. sanctions against the island and introduced secondary sanctions against foreign companies operating with blocked Cuban entities.
The Canadian company —listed on the Toronto Stock Exchange under the symbol "S"— explained that, "after much deliberation," it has determined that "the only way to preserve its ability to do business is to invoke its dissolution rights under the Moa Shareholders' Agreement and implement the related steps without delay."
The company had already suspended its direct involvement in joint operations in Cuba on May 7, just days after the executive order.
Now take the definitive step: to completely separate from the island, despite the fact that it owes her 277 million dollars.
The main asset of Sherritt in Cuba is the Moa Joint Venture, a 50/50 partnership with the Cuban state-owned General Nickel Company S.A. (GNC) dedicated to the mining, processing, and refining of nickel and cobalt for global sale.
The desired outcome of the dissolution is that Sherritt becomes the sole owner of the refinery in Saskatchewan, Canada, while GNC retains the Cuban corporations of the joint venture.
Given that the value of the mine in Cuba is estimated to be higher than that of the Canadian refinery, Sherritt expects to receive a market value compensation payment from GNC, in addition to the approximately 277 million dollars that the Cuban state company already owes it.
The total debt of the Cuban state to Sherritt amounts to at least 344 million dollars.
The company also announced that it will divest its one-third stake in Energas S.A., the Cuban joint venture that generates between 10% and 15% of the island's electricity, as well as its interests in two production-sharing contracts for oil and gas and a drilling services contract.
Regarding these latest assets, the company was categorical: "Sherritt anticipates that it will not receive any compensation for such interests."
To expedite a process that the agreements foresee could last "a minimum of several months and possibly several years," Sherritt requested precautionary measures before the Court of the King of Alberta, with a hearing scheduled for next Tuesday, May 19.
The crisis intensified with Deloitte LLP's resignation as the company's external auditor, effective May 12, amid a context where new sanctions diminish the willingness of auditing firms to work with Sherritt.
The company warned that it was unable to present its financial statements for the first quarter by the May 15 deadline, which could lead to a trading halt order from the Ontario Securities Commission.
The exit of Sherritt marks the end of three decades of presence in Cuba. The company came to be known as "Castro's favorite capitalist" due to its willingness to invest in the island despite pressure from Washington, which even went as far as banning company executives from entering its territory.
Nickel production in Moa had dropped from 34,876 tons in 2021 to 25,240 tons in 2025, and operations had already been temporarily suspended in February 2026 due to a fuel shortage reported by the Cuban authorities.
Sherritt informed the Cuban authorities of its intention to take these steps, but warned that "there is no certainty that these results will materialize."
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