Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeMiningNewsSherritt to dissolve Cuba mining venture following U.S. sanctionsDonald Trump recently signed an executive order targeting almost any non-U.S. entity that conducts business in CubaAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Sherritt, which has been mining cobalt and nickel in Cuba since the 1990s, said earlier this week it would be unable to release its first-quarter results as scheduled on May 15. Photo by Contributed/Sherritt International.Sherritt International Corp., a Canadian company that has invested in Cuba for decades, said it will seek to dissolve its nickel mining joint venture on the island due to United States sanctions.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe metals producer seeks to force the breakup of its joint venture with Cuba’s General Nickel Company SA, its partner in the Moa nickel mine and a Canadian metals refinery, Sherritt said in a Friday statement. The process could take months or even years under existing agreements, so the Toronto-based firm said it’s also seeking a court order to accelerate the breakup.Sherritt is offering to relinquish its 50 per cent stake in the Cuba mine in exchange for full ownership of the refinery in Fort Saskatchewan, Alberta, while also seeking a $277 million equalization payment from its Cuban partner because mining assets are worth more. The company also said it will surrender its interest in Energas, an energy business in Cuba.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company’s shares rose 4.6 per cent to 11.5 Canadian cents as of 1:36 p.m. in Toronto.Sherritt has been in turmoil since U.S. President Donald Trump signed an executive order earlier this month targeting non-U.S. individuals and entities doing business in Cuba, which has faced sweeping U.S. sanctions since the 1960s. The upheaval triggered a wave of departures, including three board members, the chief financial officer, and triggered a more than 50 per cent drop in its share price.Sherritt, which has been mining cobalt and nickel in Cuba since the 1990s, said earlier this week it would be unable to release its first-quarter results as scheduled on May 15.—With assistance from Simon Casey. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.