"The company is maintaining its suspension of direct participation in joint venture activities in Cuba after the U.S. ramped up pressure on the Caribbean country. Sherritt says it still faces a number of acute operational, financial and legal difficulties including the ability to comply with its debt covenants as it works to address the expanded sanctions."
Sherritt International says it will no longer pursue dissolving its Cuban joint venture, reversing a prior decision made after the U.S. expanded sanctions on Cuba. The U.S. has enforced a de facto fuel blockade, issued threats of military action, and increased sanctions that have driven foreign businesses away. Sherritt holds a 50% interest in the Moa joint venture with General Nickel Co. S.A. of Cuba, which mines nickel in Cuba and ships it to Canada for refining. The venture provides a key source of Cuba’s foreign exchange. Sherritt says it stopped the dissolution plan after consultations with advisers, stakeholders, and relevant authorities, while continuing to suspend direct participation in Cuba. The company still faces operational, financial, and legal difficulties, including meeting debt covenants under expanded sanctions.
Read at www.cbc.ca
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