The Canadian company says the State Department has raised no objection to a possible sale of 55% of its shares to American Ray Washburne, owner of Gillon Capital.
14ymedio, Madrid, May 20, 2026 – The Canadian company Sherritt International announced this Wednesday that it has signed a preliminary agreement with Gillon Capital, owned by Ray Washburne, former adviser to U.S. President Donald Trump, for a placement of up to 55% of its shares with an option to purchase. If exercised — there is a nine-month deadline — the American investment firm could take control of most of the mining company.
The news comes just one day after Sherritt itself announced that it was suspending the decision to dissolve its interests in Cuba, including the joint venture Moa Nickel S.A., through which it produces nickel and cobalt in mines in Holguín, contrary to what it had announced on May 7, pressured by Trump’s executive order targeting anyone doing business with the Havana regime.
That same day, the State Department reported that on the list of new entities sanctioned by the United States, in addition to the military conglomerate Gaesa and its president, General Ania Guillermina Lastres Morera, was Moa Nickel itself, fully justifying the Canadian company’s statement issued hours earlier.
The Office of Foreign Assets Control can issue a special permit in the case of strategic assets such as nickel and cobalt
If Sherritt were to have majority American capital, as would happen if Gillon exercises its purchase option, the firm would be able to negotiate directly with the Government for a special permit to operate on the Island. The Office of Foreign Assets Control (OFAC) of the Treasury Department can issue such a permit in the case of strategic assets such as nickel and cobalt.
A special permit negotiated with OFAC, in fact, was one of the scenarios raised this Wednesday by Discovery Alert for Sherritt to continue its operations in Cuba. The nickel and cobalt deposits in Holguín, the specialized outlet said, “are among the most significant in the Western Hemisphere.” In particular, because of the ease of extracting both minerals, considered critical and used in batteries, from surface deposits.
Discovery Alert also pointed out that although Cuban production is far from that of the Democratic Republic of the Congo — which dominates global cobalt extraction with more than 70% — it still represents “one of the few non-African and non-Chinese-controlled sources of cobalt accessible to Western refineries.” Hence the strong interest from the United States.
The owner of Gillon, meanwhile, is highly trusted by Trump. Washburne was appointed by him in 2017 as director of the Overseas Private Investment Corporation (OPIC) and later as a member of the President’s Intelligence Advisory Board.
In the statement issued today, Sherritt says it has maintained a constructive dialogue with the U.S. State Department, which, according to Reuters, confirmed it has no objections to Gillon Capital’s collaboration with the Canadian company. Neither the State Department nor the Treasury Department, the report continued, considers the negotiations to violate U.S. legislation.
Translated by Regina Anavy
______________________
COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.