The Cuban Vice Prime Minister, Óscar Pérez-Oliva Fraga, has stated that despite ongoing sanctions from the United States, Sherritt International and Antilles Gold have not withdrawn from Cuba. Both companies have, however, temporarily halted their direct involvement in mining operations on the island as they explore alternative strategies.
Pérez-Oliva emphasized in an interview with Reuters from Havana, "Neither Antilles Gold nor Sherritt have left Cuba."
He further elaborated, "In light of these sanctions, the companies are assessing options to determine how they can continue their operations," a statement made in his capacity as both Vice Prime Minister and head of the Ministry of Foreign Trade and Foreign Investment.
The Uncertain Future of Foreign Mining Investments in Cuba
These remarks come amid months of uncertainty concerning two significant foreign investments in Cuba's mining sector, which have been impacted by Washington's expanded sanctions since May.
Sherritt's Continued Presence with Suspended Direct Involvement
Canadian company Sherritt International, which has operated in Cuba for over 30 years, maintains a 50% partnership with the state-owned General Nickel Company in the Moa joint venture, focused on nickel and cobalt extraction and processing.
The situation shifted following an executive order signed by Trump on May 1, 2026, which broadened Cuba-related sanctions.
On May 7, Sherritt suspended its direct involvement in its Cuban joint ventures. Although the company was not specifically targeted by the executive order, it indicated that the new measures significantly disrupted its ability to operate normally.
Shortly afterward, Sherritt announced plans to dissolve its Cuban interests, including its Moa joint venture, revealing that General Nickel Company owed it approximately $277 million. However, on May 19, after further discussions with advisors and stakeholders, the mining firm retracted its dissolution plans.
Currently, Sherritt continues to refrain from direct participation in Cuban joint venture activities as it assesses other options. A financial update released in September reiterated that the company's direct involvement in its Cuban operations has been on hold since May 7 due to liquidity constraints and "material uncertainty" about its viability as an ongoing concern.
Antilles Gold's Stake Retained Amid Direct Involvement Standstill
Australian company Antilles Gold is facing a similar situation.
Its subsidiary, Antilles Gold Inc., holds a 50% stake in Minera La Victoria S.A., a joint venture responsible for the Nueva Sabana gold and copper project, with the remaining 50% owned by a subsidiary of the Cuban state company GeoMinera.
On June 4, the U.S. Office of Foreign Assets Control (OFAC) added Minera La Victoria to its list of Specially Designated Nationals (SDN) for operating in Cuba's metals and mining sector.
As a result, Antilles Gold temporarily halted its stock trading, and its subsidiary ceased direct involvement in managing, operating, and financing Minera La Victoria, although it retained its 50% ownership. Construction work on Nueva Sabana was also suspended.
The stock suspension was lifted on June 18, but the underlying issue persists. Antilles Gold is in discussions with the U.S. State Department and working with the American investment group Global Emerging Markets (GEM) to find a way to lift the sanction or obtain an OFAC license for specific operations.
Sanctions Blamed for Economic Pressure
During the interview, Pérez-Oliva accused Washington of coercing foreign companies to reduce their trade ties with Cuba while facilitating certain operations for American businesses.
"International companies—long-standing partners of Cuba worldwide—are being threatened and pressured to cease their economic and commercial relations with our country," he stated.
He cited the U.S. policy allowing certain fuel exports to Cuba's private sector as an attempt to increase the island's economic dependency on the United States.
Washington sees it differently. Secretary of State Marco Rubio has blamed Cuba's struggles to attract investments on its economic and political model and the lack of investor guarantees.
Pérez-Oliva also denied any recent contact between Cuban authorities and companies directly linked to President Trump, stating, "I am not aware of any company directly linked to President Trump contacting Cuba."
Understanding the Impact of US Sanctions on Cuban Mining Operations
What is the current status of Sherritt International's operations in Cuba?
Sherritt International has suspended its direct involvement in Cuban joint ventures since May 7 due to US sanctions, though it continues to explore alternative operational strategies.
How has Antilles Gold been affected by the sanctions?
Antilles Gold has temporarily halted its direct participation in Minera La Victoria's operations due to its inclusion in the OFAC SDN list, although it retains its 50% ownership in the joint venture.
What are the US government's reasons for imposing sanctions on Cuba?
The US government, represented by Secretary of State Marco Rubio, attributes the sanctions to Cuba's economic and political model and the perceived lack of investor protections.