The Cuban Vice Prime Minister Óscar Pérez-Oliva Fraga stated that Sherritt International and Antilles Gold have not withdrawn from Cuba, although both companies have suspended their direct involvement in operations related to their mining businesses on the island while they seek alternatives due to U.S. sanctions.
"Neither Antilles Gold nor Sherritt have withdrawn from Cuba," stated Pérez-Oliva in an interview granted to Reuters from Havana.
"Faced with these sanctions, these companies are exploring alternatives to determine how to continue their operations," added the official, who, in addition to being the deputy prime minister, heads the Ministry of Foreign Trade and Foreign Investment.
The statements come after months of uncertainty regarding two significant foreign investments in the Cuban mining sector, affected by the expansion of sanctions from Washington since May.
Sherritt remains in Cuba, but has suspended its direct involvement
The Canadian company Sherritt International, with over three decades of presence in Cuba, maintains a 50% partnership with the state-owned General Nickel Company in the Moa joint venture, which is dedicated to the extraction and processing of nickel and cobalt.
The situation changed after the executive order signed by Trump on May 1, 2026, which expanded the sanctions related to Cuba.
On May 7, Sherritt suspended its direct participation in the activities of its joint ventures in Cuba.
The company itself then explained that it had not been formally designated under the executive order, but warned that the new measures substantially altered its ability to operate normally.
Days later, Sherritt announced its intention to dissolve its interests in Cuba, including the Moa joint venture. In that process, it revealed that the state-owned General Nickel Company owed it approximately 277 million dollars.
However, on May 19, the mining company reversed its dissolution plan, after new consultations with advisors, stakeholders, and government authorities.
The company made it clear at that time that it was suspending its direct participation in the activities of the Cuban joint ventures while evaluating other options.
That situation continues. In a financial update published this September, Sherritt reiterated that its direct participation in joint operations in Cuba has been suspended since May 7 and warned that it is facing liquidity constraints and "material uncertainty" regarding its ability to continue as a going concern.
Antilles Gold maintains its stake, but has halted its direct involvement
The Australian company Antilles Gold is facing a similar situation.
Its subsidiary Antilles Gold Inc. owns 50% of Minera La Victoria S.A., a joint venture responsible for the Nueva Sabana gold and copper project. The other 50% is held by a subsidiary of the Cuban state-owned company GeoMinera.
On June 4th, the U.S. Office of Foreign Assets Control (OFAC) added Minera La Victoria to its List of Specially Designated Nationals (SDN) for operating in the Cuban metals and mining sector.
As a consequence, Antilles Gold temporarily suspended the trading of its shares and its subsidiary halted its direct involvement in the administration, management, and financing of Minera La Victoria, although it retained its 50% shareholding. The construction work on Nueva Sabana was also suspended.
The stock suspension was lifted on June 18, but the underlying issue remains. Antilles Gold has been in discussions with the U.S. State Department and is working with the American investment group Global Emerging Markets (GEM) in search of a solution that would allow for the lifting of the sanctions or to obtain an OFAC license for certain operations.
Pérez-Oliva blames the sanctions
During the same interview, the Deputy Prime Minister accused Washington of pressuring foreign companies to reduce their commercial ties with Cuba while facilitating certain operations for American companies.
"On one hand, international companies—Cuba's traditional partners around the world—are being threatened and pressured to cease their economic and trade relations with our country," he stated.
Pérez-Oliva cited the U.S. policy that allows certain fuel exports to the Cuban private sector as an example, which he interpreted as an attempt to increase the island's economic dependency on the United States.
Washington holds a different interpretation. Secretary of State Marco Rubio has attributed Cuba's difficulties in attracting investments to the island's economic and political model and the lack of guarantees for investors.
Pérez-Oliva also denied during the interview having knowledge of recent contacts between Cuban authorities and companies directly linked to President Trump.
"I have no knowledge that any company directly linked to President Trump has contacted Cuba," he stated.
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