Sherritt to wind down its 30-year nickel joint venture in Cuba under weight of US sanctions
Canadian miner Sherritt International said it plans to wind down the Moa nickel-cobalt joint venture it has run for three decades with a Cuban state partner by the end of 2026. The company cited the cumulative weight of US sanctions and the difficulty of accessing the international banking system. The exit removes a steady hard-currency stream from a Cuban economy already gripped by acute fuel shortages.
Canadian miner Sherritt International said it will wind down the Moa nickel-cobalt joint venture it has run with Cuba's state-owned General Nickel since 1994, with a target of full exit by the end of 2026. The company cited the cumulative effect of US sanctions on Cuba and persistent friction in accessing the international payments system as the reason the structure is no longer commercially viable.
Moa has long been one of Cuba's most reliable sources of hard-currency revenue. The associated refining operations are based in Canada, supplying nickel and cobalt into stainless-steel and electric-vehicle battery supply chains. Sherritt said the wind-down will be phased and that a transition plan for employees in both countries is being prepared.
The timing comes as the Cuban economy is going through one of its toughest periods on record. Officials have said the island is nearly out of diesel and fuel oil, with rolling blackouts disrupting daily life. After the CIA director's visit to Havana last week, talks on energy and aid continue, but the loss of a steady foreign investor adds another layer of pressure on the government's currency reserves.
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