Bond.az -- Sherritt International Corp. announced Friday it will seek to dissolve its nickel mining joint venture in Cuba following US sanctions targeting entities doing business on the island.
The Toronto-based metals producer plans to force the breakup of its partnership with Cuba’s General Nickel Company SA, which operates the Moa nickel mine and a Canadian metals refinery. The company said the dissolution process could take months or years under existing agreements, prompting Sherritt to pursue a court order to speed up the separation.
Sherritt proposed relinquishing its 50% stake in the Cuba mine in exchange for full ownership of the Fort Saskatchewan refinery in Alberta. The company is also seeking a C$277 million ($202 million) equalization payment from its Cuban partner, citing the higher value of mining assets.
The move follows an executive order signed earlier this month by US President Donald Trump targeting non-US individuals and entities conducting business in Cuba.
