[SMM Nickel Market Flash] Sherritt Trading Halt Deepens Risk for Cuba Nickel as US Sanctions Expand

Published: May 26, 2026 17:47

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Canada's Sherritt International was suspended from trading on May 21 after the Ontario Securities Commission issued a cease trade order over delayed Q1 financial filings. The company had already suspended direct participation in its Cuban joint ventures following a May 1 US executive order broadening sanctions on entities doing business in Cuba, with particular focus on mining. Sherritt operates nickel and cobalt assets in eastern Cuba and a refinery in Alberta, and had briefly halted Cuban operations in February due to fuel shortages. Analysts warn the sanctions could further deter foreign investment in Cuba's nickel and cobalt sector, as the country faces acute fuel and power disruptions following reduced Venezuelan oil supplies and tighter US enforcement through 2026.

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