Canada’s Sherritt International Corporation pulled its 32‑year‑old nickel and cobalt mining joint venture out of Cuba amid fears that President Donald Trump’s recent sanctions could hit the operation. The move follows an executive order that threatens to restrict financing and supplies, forcing the company to repatriate staff and close its Moa mine for copper exports.

The 2022 cobalt swap saw Cuba surrender its share of production to reimburse $368mn to Sherritt over five years. Sherritt warned that the May 1 executive order could strip it of financing, effectively crippling operations. The loss of a 32‑year‑old mine cuts a vital hard‑currency source for Havana’s economy in the current phase of sanctions.

The pullback comes as global cobalt prices have surged 160% since February 2025, compounded by export curbs in the Democratic Republic of Congo. Analysts predict tighter supply will keep cobalt premiums high for months. Sherritt’s exit removes a 25‑year‑old mine that once produced 2,278 tonnes of cobalt last year in Cuba's mining sector today for.

Shares in Sherritt plunged 34% to C$0.165 after the announcement, and three directors resigned immediately. The company also noted that its Moa inventory would be processed in Alberta until mid‑June. With the Cuban operation shut, investors face a sharper risk profile for the firm’s remaining North American nickel and cobalt assets in 2026 market conditions.