Sherritt International Faces Challenges from New U.S. Sanctions on Cuba
Sherritt International Corporation is evaluating the impact of new U.S. sanctions targeting Cuba's mining sector. The company has also halted operations due to a fuel shortage and is managing financial difficulties, including a significant debt owed by the Cuban government.
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Sherritt International Corporation is assessing the implications of new U.S. sanctions on Cuba following an Executive Order signed on May 1 that broadens restrictions on sectors including metals and mining. The company is consulting with advisors as it considers future operations on the island amidst ongoing challenges, including a temporary halt in mining activities due to fuel shortages.
In 2025, Sherritt's production dropped to 25,240 tons of nickel and 2,729 tons of cobalt, continuing a trend of declines exacerbated by energy crises and natural disasters. The Cuban government owes Sherritt over $344 million, complicating the situation further.
With more than 240 sanctions imposed since January 2026, Cuba's energy imports have plummeted, contributing to severe power outages affecting over 55% of the country. Sherritt is expected to announce its first-quarter results for 2026 on May 12, as it navigates these uncertainties.
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