Canadian Metals Company Sherritt Assesses The Impact Of US Sanctions On Cuba On The Nickel Market

HOUSTON, May 5th (Argus) - Canadian metals mining and smelting company Sherritt International said on Monday that the company is assessing the potential impact of the new US sanctions against Cuba, which were imposed on May 1st.
US President Trump signed an executive order on May 1st, expanding the scope of existing sanctions under the International Emergency Economic Powers Act (IEEPA) and adding new restrictions, thereby expanding the list of potential sanctions targets related to Cuba.
This executive order allows the United States to impose sanctions on any entity operating in the metal and mining sector in Cuba, as well as in the energy, defense, financial services and security sectors, and "any other industry in the Cuban economy".
Sherritt holds a joint venture project with the General Nickel Company of Cuba (Moa) in Moa. The project involves the mining, processing and smelting of nickel and cobalt. The nickel ore is mined in Cuba's Moa and processed into mixed sulfide precipitates (MSP) containing nickel and cobalt, which are then transported to Sherritt's smelting plant in Fort Saskatchewan, Alberta for refining.
Due to fuel supply issues in Cuba, the company temporarily halted the Moa mine operation in February. Sherritt stated in February that its raw material inventory at the smelting plant in Alberta was expected to last until mid-April.