Sherritt International will dissolve its 50% stake joint venture with Cuba’s General Nickel Company at Moa mine due to new US sanctions.
The company proposes swapping its Cuban mine share for full ownership of the Fort Saskatchewan refinery and seeks C$277 million equalization.
Shares rose 4.6% to C$0.115 after the announcement, despite earlier a >50% drop following board resignations.
Sherritt said it cannot release Q1 results as scheduled due to the sanctions.