Is Sherritt International Leaving Cuba?
Sherritt has mined nickel and cobalt in Cuba for over 30 years. Here's a clear answer on whether it is leaving in 2026 — the dissolution move, the reversal, and where things actually stand.
Key Takeaways
- Sherritt runs the Moa nickel-and-cobalt joint venture, a 50/50 partnership with Cuba's General Nickel Company.
- After Executive Order 14404, it suspended JV involvement (May 7) and moved to dissolve the venture (May 15).
- On May 19, 2026 it halted the exit, citing a possible path to preserve value.
- Cuba is also reported to owe Sherritt around US$277 million.
Sherritt's three decades in Cuba
Toronto-listed Sherritt International has been one of the most significant foreign investors in Cuba since the 1990s. Its core asset is the Moa joint venture, a 50/50 partnership with Cuba's General Nickel Company S.A. that mines, processes and refines nickel and cobalt for sale worldwide (except in the United States).
That longevity is exactly why its 2026 moves drew so much attention: when a company that weathered 30 years of embargo starts talking about dissolution, it signals how different the new sanctions regime is.
The exit move — and the reversal
U.S. Executive Order 14404, signed May 1, 2026, extended secondary sanctions to foreign firms in Cuba's mining, metals and energy sectors. Because these threaten access to the international banking system, Sherritt suspended its direct involvement in Moa on May 7 and, on May 15, said the only way to protect its business was to invoke its dissolution rights under the Moa shareholders' agreement.
Then it changed course. On May 19, 2026, Sherritt announced it had halted the dissolution after consultations with advisors, stakeholders and government authorities, and after identifying a potential opportunity to preserve value. It acknowledged the serious risks the sanctions still pose.
Where things stand
- Not a completed exit: as of late May 2026, Sherritt had paused rather than finalised its withdrawal.
- Still high-risk: the company itself flagged severe sanctions risk to continued operations.
- Money owed: Cuba is reported to owe Sherritt roughly US$277 million, complicating any clean break.
- Sherritt features in our Executive Order 14404 briefing on the mining and metals sanctions.
Frequently Asked Questions
Is Sherritt International leaving Cuba?
Not as of late May 2026. After U.S. Executive Order 14404, Sherritt suspended its involvement in the Moa nickel joint venture on May 7 and announced plans to dissolve it on May 15, but on May 19 it halted that wind-down, citing consultations and a potential opportunity to preserve value. It has paused, not completed, an exit.
Why did Sherritt consider leaving Cuba?
U.S. Executive Order 14404 added secondary sanctions covering Cuba's mining, metals and energy sectors. Those threaten a company's access to the international banking system, which led Sherritt to move toward dissolving its Moa joint venture before pausing the decision.
What is the Moa joint venture?
Moa is a 50/50 joint venture between Sherritt International and Cuba's General Nickel Company S.A. It is a vertically integrated operation that mines, processes and refines nickel and cobalt for sale worldwide, except in the United States.
Sources
- Sherritt provides further update on activities in Cuba — Sherritt International
- Sherritt halts plan to dissolve Cuba nickel mining venture amid US sanctions — Reuters / U.S. News
- Toronto-based Sherritt pulls back from mining JV in Cuba amid US sanctions — CBC News
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