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 warns of going-concern risk after Trump Cuba sanctionsThe Toronto-based company halted production at its nickel and cobalt mine in eastern Cuba in FebruaryAuthor of the article:Last updated 51 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.While Sherritt International entered into exclusive talks to sell its stake in Gillon earlier this month, its operations in Cuba remain shuttered. Photo by Sherritt International/PostmediaA Canadian miner that is one of Cuba’s biggest foreign investors warned investors that its ability to carry on as a going concern is in doubt after Donald Trump expanded United States sanctions on the Caribbean nation.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 AccountorSherritt International Corp. said its ability to meet or refinance its debt “remains uncertain.” The terms of its $79.5 million credit facility allow lenders to declare a default and demand early repayment because of the U.S. president’s executive order, which targeted foreign companies operating in the communist-run country.Sherritt said in interim results published Thursday that it wouldn’t have enough cash to repay if lenders exercised that right, and it would need to seek alternative financing. And in that case, bondholders may also have the right to ask to be repaid early.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.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 FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe Toronto-based company halted production at its nickel and cobalt mine in eastern Cuba in February because of a dire energy crisis on the island. In May, it delayed the release of its first quarter results after Trump issued his order, and the company’s chief financial officer and auditor resigned.After initially moving to dissolve its joint venture with a Cuban state-owned company and exit the island, Sherritt announced it had struck a preliminary financing deal to sell a controlling stake to Gillon Capital LLC, the Texas-based family office of a former Trump adviser.While the Canadian miner entered into exclusive talks with Gillon earlier this month, its operations in Cuba remain shuttered. This week, Sherritt announced it was idling its Alberta refinery — one of only three facilities that processes nickel in North America, and the only one that refines cobalt — because its supply of raw material from Cuba had dried up.The company “has and will undertake numerous initiatives available to it to continue to strengthen its financial position and enhance liquidity,” Sherritt said. It cited cost and workforce reductions and capital spending cuts, as well as payment deferrals and a recent equity injection.But the production halt and Trump’s expanded sanctions “result in material uncertainty which may cast significant doubt about the Corporation’s ability to continue as a going concern,” Sherritt said. 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.