Sherritt Ends Cuba Ventures After Shares Tumble 50% Under New US Sanctions

4 articles · Updated · Bloomberg · May 15

Sherritt said it will quickly dissolve its Cuba joint ventures and take full ownership of its Alberta refinery, abandoning a business it had maintained on the island since the 1990s.
May 1 sanctions from President Donald Trump targeted entities supporting Cuba’s security apparatus, and a broader US squeeze after Nicolas Maduro’s January ouster cut off a key Venezuelan oil lifeline to Cuba.
Within days of the order, Sherritt suspended Cuban activities, began repatriating staff, lost three directors, its CFO and external auditor, and saw its shares fall more than 50% this month.
The exit ends one of the largest foreign investments in Cuba and leaves the Toronto-based miner to rebuild around its Alberta refining asset after years of operating under US political pressure.

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