Sherritt International to Suspend Nickel and Cobalt Production in Cuba Due to Fuel Supply Crisis
Sherritt International Corp. plans to halt nickel and cobalt production in Cuba amid fuel supply restrictions. The Toronto-based company announced it would reduce operations at its Moa joint venture and expects to cease mining and processing next week. The suspension reflects the ongoing economic crisis in Cuba, worsened by the loss of vital support from Venezuela. Sherritt is assessing options for supply and has sufficient inventory at its Alberta refinery until mid-April.
Theia Market Signal Identification - AI Assisted
Sherritt International Corp. will suspend nickel and cobalt production in Cuba due to fuel supply restrictions impacting the communist-governed island. The company, headquartered in Toronto, has reduced operations at its Moa joint venture and anticipates a halt in mining and processing next week.
This decision follows a prolonged economic crisis in Cuba, exacerbated by the loss of support from Venezuela. While this suspension has caused a 7.3% drop in Sherritt's stock, its impact on global metal markets is minimal.
Sherritt is actively seeking solutions for input supply and reports sufficient inventory at its Alberta refinery until mid-April. Operations at Energas SA, another joint venture, remain unaffected.
Comments