Cuba: And Now There Are Two… Antilles Gold Has Until 25 January 2027 And Sherritt International Has Until 12 October 2026

And Now There Are Two… 

Antilles Gold Limited Has Until 25 January 2027

Sherritt International Corporation Has Until 12 October 2026

Bowral, Australia-based Antilles Gold Limited (AGL) is the second company to announce agreement with United States-based investors towards seeking authorization from The White House to continue operations in the Republic of Cuba.

• Will Donald Trump, President of the United States (2017-2021 and 2025-2029), “do a favor” for Anthony Albanese, Prime Minister of the Commonwealth of Australia (2022- )?  What will President Trump want in return?

From 3 January 2026, the Trump-Vance Administration (2025-2029) has crafted and implemented strategies designed to alter the status quo in the Republic of Cuba for non-Republic of Cuba-based companies. 

Two companies are the commercial and political posters for the strategies.  Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba.  AGL entered the Republic of Cuba in 2020 to develop copper, gold, and silver mining projects.  

The Trump-Vance Administration strategies are designed to coerce management to abandon, exit, or restructure operations.  A primary goal is to require management to include a United States-based entity as a shareholder- preferably controlling and majority. 

Where a non-Republic of Cuba-based company has an operation subject to a claim certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice, the Trump-Vance Administration is requiring a settlement.  Requiring a settlement with a non-certified claimant is not a priority. 

• There are 8,821 claims of which 5,913 awards valued at US$1,902,202,284.95 were certified by the USFCSC and have not been resolved for nearly sixty years (some assets were officially confiscated in the 1960’s, some in the 1970’s and some in the 1990’s).  The USFCSC permitted simple interest (not compound interest) of 6% per annum (approximately US$114,132,137.10); with the approximate current value of the 5,913 certified claims is approximately US$9.4 billion.  

The futures of Toronto, Sherritt International Corporation and AGL are simultaneously in doubt and in play.  

AGL has four locations of focus within the Republic of Cuba through an agreement with Republic of Cuba government-operated GeoMinera S.A. and a joint venture mining company, Minera La Victoria S.A., both of which are listed on the Specially Designated National (SDN) And Blocked Persons List by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.   

Due to the sanctions implemented by the OFAC, AGL engaged with the United States Department of State to determine if there exists restructuring of the operations in the Republic of Cuba which would permit the company to continue those operations.  

• 24 June 2026: “Antilles Gold Limited has submitted a Proposal to U.S. Department of State offering to commit to specific operational and ownership changes to the joint venture that may encourage U.S. Department of State to lift the sanction, or the U.S. Department of Treasury's Office of Foreign Assets Control to licence Minera La Victoria S.A. to transact with U.S. entities or persons.”  

• 7 July 2026: “Antilles Gold Limited advises that it is encouraged by the response to the Proposal submitted to the U.S. Department of State following its sanctioning of the Cuban joint venture mining company, Minera La Victoria S.A., on 4 June 2026… The Company's Chairman is in preliminary discussions on the above matters and the potential pricing of a share issue by Antilles Gold Limited, with a United States investment group which has Cuban connections, and understands the potential of both Antilles Gold Limited, and the Country's mining sector.”  

• 30 July 2026: “… Following discussions with DoS [United States Department of State], AGI submitted a Proposal to DoS suggesting changes to the operation and structure of the joint venture that could lead to the lifting of the sanction, or OFAC licencing MLV to transact with U.S. entities or persons.  To advance the Proposal, a potential cornerstone U.S. investor in AGI is required to approach DoS directly on the matter and gain approval for the various stakeholders to undertake negotiations on the proposed commercial arrangements and commitments to DoS.  AGI is in preliminary discussions on this matter with potential U.S. investors.” 

LINK: Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026 

AGL has announced an agreement with Luxembourg City-based Global Emerging Markets Global Yield, a subsidiary of New York, New York-based GEM (https://www.gemny.com), which is reportedly 100% controlled by individuals subject to United States jurisdiction.  GEM has offices in New York City, New York; Paris, France; and Lyford Cay, Bahamas.  A GEM subsidiary, Ascent Resources PLC, “invests in mineral, oil, and natural gas exploration companies.” 

GEM will acquire 25% stake in AGL Cayman Islands unit, which owns 50% interest in the joint venture mining company Minera La Victoria S.A.  

From GEM: “GEM is a US$3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.  GEM’s investment vehicles provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum.  Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. Our vehicles and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments.” 

Mining.com.au 

“Antilles Gold (ASX:AAU) has signed a binding memorandum of understanding (MoU) with GEM Global Yield to help lift US sanctions on its Cuban joint venture (JV).  The agreement, signed on 25 August, sees Luxembourg‑registered GEM become a 25% shareholder in Antilles Gold’s Cayman Islands subsidiary, Antilles Gold Inc (AGI), which holds 50% of Cuban JV mining company Minera La Victoria (MLV).  GEM will assist in making representations and commitments to the US Department of State (DoS) to lift the sanction recently imposed on MLV, allowing construction of its Nueva Sabana gold‑copper mine to resume.  GEM is 100% owned by US citizens, including New York‑based directors.  Under the MoU, GEM will approach the DoS to seek permission to negotiate commercial arrangements that could result in the sanction being lifted.   

The company will also commit to incorporating a new US subsidiary to subscribe for the 25% shareholding in AGI as the first step towards a minimum of 51% of AGI’s shares being held by US entities by 30 June 2028.  GEM has 60 days to complete due diligence. Meanwhile, AGI will reconstitute its board if the sanction is lifted.  AGI will appoint a US citizen as independent chairperson, two US citizens nominated by GEM as non‑executive directors, and one non‑executive and one executive director nominated by Antilles Gold. 

The surplus cash generated from the first two years of Nueva Sabana operations will be retained as equity for the La Demajagua mine rather than being distributed as dividends.  The parties will negotiate a shareholders agreement within 90 days. AGI intends to apply US$18 million ($25 million) of capital received from GEM’s subsidiary to a short‑term loan to MLV for financing Nueva Sabana construction (US$12.0 million), the La Demajagua DFS (US$4.0 million), and the balance for working capital. 

Chairman Brian Johnson says shareholders will appreciate that the proposed transaction would reduce the company’s shareholding in AGI but will not reduce the value of its shares because of the 33% increase in capital expected to be subscribed by GEM’s subsidiary.  The MoU has a six‑month term from 25 August unless extended by mutual agreement. GEM is a US$3.4 billion alternative investment group with offices in Paris, New York, and Nassau.  Antilles Gold is an Australian mining company focused on developing previously explored mineral deposits in Cuba through a 50:50 joint venture with state-owned GeoMinera SA.” 

The Trump-Vance Administration prefers that Sherritt International Corporation and AGL be controlled by a United States-based entity and minerals sourced in the Republic of Cuba by the company be destined for United States markets, particularly the cobalt for markets with military connectivity.  Assisting United States-based companies to control supply-chains for critical minerals is foundational for the Trump-Vance Administration.   

For Sherritt International Corporation, the key date is 12 October 2026 when the exclusivity expires for one suitor.  By that date, or before, Sherritt International Corporation may need to seek protections afforded by the Companies’ Creditors Arrangement Act (CCAA), which is the government of Canada equivalent to the reorganization provisions in Chapter Eleven of the United States Bankruptcy Code. 

Two suitors are circling the company.  The approach by each is dramatically different.   

The first is Dallas, Texas-based Gillon Capital, LLC which has exclusivity until 12 October 2026.  The company identified itself and its principal engages publicly in the acquisition process. 

The second is a consortium of London, United Kingdom-based Kyma Capital Ltd. (reportedly approximately US$440 million assets under management), London, United Kingdom-based Trifon Natsis (a partner in Jersey (Channel Islands), Crown Dependency-based Brevan Howard Asset Management LLP (2026 assets under management approximately US$31 billion)), Baar, Switzerland-based Glencore International AG (2025 revenue approximately US$247.5 billion), and an unidentified United States-based party.  Kyma Capital Ltd. owns approximately 13.43% of common shares of Sherritt International Corporation. 

• NOTE: Bloomberg has identified the United States-based party as Dallas, Texas-based Albert Huddleston, although Mr. Huddleston has not publicly confirmed his connectivity with the consortium prior to or subsequent to the information published by Bloomberg.  There is speculation that neither Glencore International AG nor Mr. Huddleston are no longer members of the consortium.   

Absent United States-based connectivity, the Trump-Vance Administration is unlikely to approve an acquisition of AGL or Sherritt International Corporation and remove sanctions impacting the companies implemented by the OFAC, Bureau of Industry and Security (BIS) of the United States Department of Commerce, and United States Department of State. 

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

From Legis1: General Cigar Lobbies on Cuba Trade Policy

By Legis1
26 August 2026

General Cigar Lobbies on Cuba Trade Policy

Why It Matters

General Cigar Co. Inc. has returned to active lobbying after a gap, registering with Continental Strategy LLC in August to push back on U.S. trade and foreign relations policy toward Cuba.

General Cigar produces non-Cuban versions of iconic Cuban brands including Cohiba, Hoyo de Monterrey, Punch, La Gloria Cubana, and Partagas, and has focused on Cuba trade issues since at least 2011. The company is now lobbying on tobacco, trade, and foreign relations matters, though no specific legislation was listed in the filing.

By the Numbers

General Cigar has filed three lobbying disclosures total and reported zero lobbying expenses in the past four quarters. Alberto Martinez, a Managing Partner at Continental Strategy LLC, is now listed as the company's registered lobbyist. Martinez previously served as an advisor for more than a decade to then-senator Marco Rubio, and has filed 38 total lobbying disclosures across multiple clients.

Broader Context

The White House reissued a hardline Cuba policy directive on June 30, 2025, reaffirming restrictions from the first Trump administration and directing the Treasury and Commerce Departments to adjust Cuba-related regulations. In May 2025, a U.S. District Court judge ruled against General Cigar, confirming the cancellation of General Cigar's Cohiba trademark registrations in favor of Cubatabaco, a dispute that began when Cuban company Cubatabaco first filed suit in January 1997 challenging General Cigar's U.S. trademark on the Cohiba name. In September 2020, President Trump announced new sanctions against Cuba that explicitly prohibited Americans from importing Cuban cigars and rum.

The Bottom Line

General Cigar's new lobbying registration marks a strategic shift in representation, but continues the company's long-standing effort to influence U.S. trade policy on Cuba.

President Trump Continues Trading With The Enemy Act Provisions Relating To Cuba

Did Ontario Premier Make The Case For Why Canada's Sherritt Should Be Owned By U.S.-Based Suitor? “What would they do without the high-grade nickel that we ship down to the U.S.?”

“What would they do without the high-grade nickel that we ship down to the U.S.?” 

Douglas Ford Jr., is Premier of the Province of Ontario, Canada (2018- ), and Leader of the Progressive Conservative Party of Ontario (2018- ).  He represents the Toronto riding of Etobicoke North in the Legislative Assembly of Ontario. 

Associated Press
New York, New York
24 August 2026

Excerpts 

Ford threatens critical minerals and electricity 

Ford said “everything is on the table” if the dispute worsens, including cutting off electricity and critical minerals from Ontario. He also called for Canada to consider using oil and potash as leverage. 

“I’ll cut them off,” Ford said of critical minerals. “You won’t get a grain of sand out of Ontario.”

Critical minerals are increasingly important to U.S. national security and manufacturing. The Pentagon has sought more secure supplies of minerals used in military aircraft, missiles, munitions and electronics as Washington tries to reduce reliance on China, which dominates the mining or processing of several strategically important minerals. 

Ford specifically cited high-grade nickel shipped to the United States and uranium refined in Ontario.  “What would they do without the high-grade nickel that we ship down to the U.S.?” Ford said. 

Ford said Canada should consider increasingly severe retaliation if Trump continues targeting Canadian industries, including oil and potash, while Ontario could raise electricity prices or stop sending power south.  “We power 1.5 million homes and businesses,” Ford said. “Everything’s on the table. I’ll do whatever it takes.”  If Trump continues trying to dismantle Canadian manufacturing, Ford said, “he better have a pack of batteries.” 

Ford has used electricity as leverage before. During an earlier phase of the dispute, Ontario imposed a 25% surcharge on electricity exported to Michigan, Minnesota and New York. Trump responded by threatening to double tariffs on Canadian steel and aluminum before both sides backed away. 

Link To Related Analyses 

Suitor For Canada's Sherritt Is Co-Chair (With Wife) Of September 2026 Republican Party Midterm Convention Host Committee. President Trump And Party Leadership (Elected And Appointed) Will Attend. August 24, 2026

Trump Administration Newly-Defined Cuba Doctrine Of "Temporary Escalatory Coercive Subjugation" Reflecting Share Price Of Canada's Sherritt. But, Some Made 336%. Preparing For Another Expropriation? August 22, 2026

Related By Marriage, Two U.S. Investors (One Self-Identifying) Reside Near Each Other In Texas And Are In Competing Efforts To Control Canada's Sherritt International Corporation August 21, 2026

U.S. Secretary Of State Rubio Meets With Minister Of Foreign Affairs Of Canada August 20, 2026

Trump-Vance Administration Increases Pressure On Cuba's Mining Sector. Impacting U.S. Control For Canada's Sherritt? August 20, 2026

Added To SDN List: Cuba Ministry Of Construction (MINCONS). August 20, 2026

U.S. Department Of State Sanctions ICAP And Nine Entities In Cuba August 20, 2026

USIDFC Expected To Have A Presence In Acquisition Canada's Sherritt International Corporation By U.S.-Based Investors. All About Protecting Supply Chains From China And Russia. August 20, 2026

The Drama In Canada Continues: "Kyma is not entitled to call a meeting of the Corporation’s shareholders... inappropriate and invalid..." August 19, 2026

Mistake For Consortium Bidding For Canada's Sherritt To Keep Secret Most Important Party- The U.S. One. Will Trump Prefer Threesome Or Fivesome? Saving Nickel/Cobalt From China, Europe, Russia? August 17, 2026

For U.S. Secretary Of State Marco Rubio, Change In Cuba Seems More Like Pouring Ketchup Than Pouring Rum August 12, 2026

Cuba Has Renewable Energy “For Sale” Sign.  Thus Far, Nothing For Tesla Energy, First Solar, GE Vernova. Almost Everything For Companies In China. August 11, 2026

Should It Matter To The White House If President Of Cuba Is In Denial About Reasons For Decisions? More Essential To Believe Or To Implement?

Should It Matter To The White House If President Of Cuba Remains In Denial As To The Reasons For Decisions?   

Is Essential For Him To Believe In Changes Or More Important To Implement Changes? 

CiberCuba 

Miguel Díaz-Canel categorically rejected that Cuba is implementing capitalist reforms to survive its worst crisis in decades, in an interview lasting almost an hour granted to Folha de S.Paulo, conducted by Brazilian journalist Mônica Bergamo, and published this Saturday. 

When Bergamo directly pointed out the existence of private property, employers and employees, stores in dollars, and a growing social inequality, the Cuban leader responded bluntly: "There are no capitalist reforms. Let me explain." 

Díaz-Canel argued that the ongoing transformations are “necessary concessions” within a process of socialist construction, not a restoration of capitalism, and that the Communist Party ensures that the process does not lead to a system change. 

"These are necessary reforms to enhance socialist construction. For us, expanding the private sector is not an ideal of socialism. It is a concession," he stated. 

To justify those concessions, the leader invoked Fidel Castro: "Principles are not negotiable, principles do not change, but there are moments when concessions must be made to protect those principles." 

He also compared the current situation to the Special Period of the 1990s, when Cuba opened stores in foreign currencies and allowed foreign investment following the Soviet collapse, and presented the package of 176 economic measures —approved by the National Assembly on June 19 and driven by Prime Minister Manuel Marrero Cruz— as the result of an internal debate of over ten years within the party, rather than a concession to Washington. 

Díaz-Canel attributed the Cuban crisis almost entirely to the U.S. embargo, which he described as "genocide" and "a crime," and revealed that in the last seven months, only one oil tanker has entered the country—a Russian humanitarian aid shipment of 100,000 tons of crude—when the island needs seven fuel tankers per month. 

According to the leader, this shortage has rendered 100 MW of distributed generation capacity unusable, causing power outages to exceed 20, 30, and even 40 hours daily. 

The electricity generation deficit exceeded 2,411 MW at the beginning of August, marking a historic record. 

The ruler also presented figures on health impact: more than 64,000 children with outdated vaccination schedules, over 34,000 pregnant women without access to ultrasounds, childhood mortality doubled compared to the historical rate, a waiting list of more than 98,000 patients for surgeries —including 12,000 children— and only 30% of the basic medication supply available. 

In response to Bergamo's question about the so-called "internal blockade"—a term commonly used among Cubans to refer to bureaucracy and poor governmental management—Díaz-Canel dismissed it. 

"We listen, but that’s not the case." He acknowledged that there are "dissatisfactions with certain elements of bureaucracy and slowness," but insisted that the main cause of the crisis is the external embargo. 

Regarding the dialogue with Washington, Díaz-Canel acknowledged that he is afraid of a U.S. military action and admitted that the communication channel with the Trump administration is "very stalled," although he stated that Cuban officials have held meetings with their counterparts in Washington without achieving concrete progress. 

The leader also  justified the repression of protests by stating that the United States "pays people to promote social demands in Cuba" that lead to "vandalistic acts." 

Its version contrasts with the data from the Cuban Observatory of Conflicts, which recorded 1,415 protests, complaints, and critical expressions just in July 2026, the month with the highest number of recorded demonstrations in the recent history of the island. 

Díaz-Canel indicated that he has approximately two years left in his presidential term and three at the helm of the Communist Party, and he concluded the interview with an optimistic statement: "We will overcome this moment, because justice is on our side."

Cibercuba

Suitor For Canada's Sherritt Is Co-Chair (With Wife) Of September 2026 Republican Party Midterm Convention Host Committee. President Trump And Party Leadership (Elected And Appointed) Will Attend.

The Dallas 2026 Host Committee is a non-profit, non-partisan group organizing the first-ever Republican Party midterm convention, scheduled for 9 September 2026 to 10 September 2026 at the American Airlines Center in Dallas, Texas.  

The committee is led by Board President Mrs. Heather Washburne and co-chaired by Mr. Ray Washburne and Mrs. Heather Washburne, Mr. Kenny Troutt and Mrs. Lisa Troutt, and Mr. Trent Morse, with Mr. Reince Priebus serving as a Senior Adviser. 

Leadership and Organization

Board President: Heather Washburne

Co-Chairs: Ray & Heather Washburne, Kenny & Lisa Troutt, and Trent Morse

Senior Adviser: Reince Priebus

Event Logistics & Context

Dates: September 9–10, 2026

Location: American Airlines Center, Dallas, Texas

Purpose: A rally-style convention intended to boost GOP voter enthusiasm and support congressional candidates ahead of the November midterm elections, rather than conduct formal party business.

Fundraising: The local host committee has raised more than US$45 million to fully fund the logistics of the high-profile event. 

Links To Related Analyses 

LINK: Related By Marriage, Two U.S. Investors (One Self-Identifying) Reside Near Each Other In Texas And Are In Competing Efforts To Control Canada's Sherritt International Corporation August 21, 2026  

LINK: Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 8, 2026 

LINK: Two UK-Based Companies, One Switzerland-Based Company, And Unidentified U.S.-Based Party Make Offer For Canada's Sherritt International Corporation. Now Two Offers On The Table. August 10, 2026 

LINK: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025 

LINK: Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021 

LINK: U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026  

LINK: Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026  

LINK: Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026 

Trump Administration Newly-Defined Cuba Doctrine Of "Temporary Escalatory Coercive Subjugation" Reflecting Share Price Of Canada's Sherritt. But, Some Made 336%. Preparing For Another Expropriation?

Trump-Vance Administration Newly-Defined Cuba Doctrine Reflecting Share Price Of Toronto, Canada-Based Sherritt International Corporation   

But, 336.36% Profit For Shareholders Buying On 14 May 2026 And Selling 19 August 2026

Implementing Trump Doctrine Of Temporary Escalatory Coercive Subjugation

Preparing For The Expropriation Of A Previous Expropriation?

On 2 January 2026, the share price on the Toronto Stock Exchange (TSX) of Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba, closed at $0.23 on 465,397 shares traded.  In 2007, the share price was $13.29.

On 3 January 2026, the armed forces of the United States abducted and then extracted Nicolas Maduro, President of Bolivarian Republic of Venezuela (2013-2026), from the city of Caracas.  That moment resulted in a suspension of the export from Venezuela of fuels and financial support to the Republic of Cuba.

• From 5 January 2026 through 9 January 2026, the first full week after the abduction and extraction of President Maduro, there were 9,701,067 shares of Sherritt International Corporation traded on the TSX.  The shares began the week at $0.20 and ended the week at $0.26.

From 17 August 2026 through 21 August 2026, there were 65,836,374 shares of Sherritt International Corporation traded on the TSX.  The shares began the week at $0.36 and ended the week at $0.40.  On 19 August 2026, the share price was $0.48, the highest thus far in 2026.

Since January 2026, the Trump-Vance Administration (2025-2029) has implemented policies, procedures, and regulations reflecting a newly-defined doctrine of “temporary escalatory coercive subjugation” to encourage commercial, economic, financial, military, political, and societal changes by the Diaz-Canel-Valdes Mesa Administration (2019- ) in Havana, Republic of Cuba.

The private sector poster child symbolizing the publicly-stated objectives of the Trump-Vance Administration is Sherritt International Corporation.

Since 1996, executives of Sherritt International Corporation and their immediate family members have been subject to Title IV provisions of The Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”): 

• Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset. 

• Title IV restricts entry into the United States by individuals who have connectivity to unresolved certified claims or non-certified claims.  One Canada-based company and one Spain-based company are known to be subject to this provision based upon a certified claim and non-certified claim.

The Trump-Vance Administration commenced targeting Sherritt International Corporation on 1 May 2026 and then with specificity on 7 May 2026 using Executive Orders.  On 14 May 2026, the share price of Sherritt International Corporation was $0.11, the lowest thus far in 2026. 

The future of Sherritt International Corporation is simultaneously in doubt and in play.  Two suitors want control of the company.

Will Donald Trump, President of the United States (2017-2021 and 2025-2029), have a higher degree of comfort with an ownership structure for Sherritt International Corporation whose political leadership includes three or five?

Will The White House embrace a Canada-Cuba-United States transaction or a Canada-Cuba-Switzerland-United Kingdom-United States transaction?

• Mark Carney, Prime Minister of Canada (2025-), Miguel Diaz-Canel, President of the Republic of Cuba (2019- ), and President Trump.

• Prime Minister Carney, Guy Parmelin, President of the Swiss Confederation (2026- ), Andy Burnham, Prime Minister (2026- ) of the United Kingdom (England, Scotland, Wales, Northern Ireland), and President Trump.

The key date is 12 October 2026 when the exclusivity expires for one suitor.  By that date, or before that date, Sherritt International Corporation may need to seek protections afforded by the Companies’ Creditors Arrangement Act (CCAA), which is the government of Canada equivalent to the reorganization provisions in Chapter Eleven of the United States Bankruptcy Code.

The first suitor: Dallas, Texas-based Gillon Capital, LLC which has exclusivity until 12 October 2026.  The company identified itself and its principal engages publicly in the acquisition process.

The second suitor: Consortium of London, United Kingdom-based Kyma Capital Ltd. (reportedly approximately US$440 million assets under management), London, United Kingdom-based Trifon Natsis (a partner in Jersey (Channel Islands), Crown Dependency-based Brevan Howard Asset Management LLP (2026 assets under management approximately US$31 billion)), Baar, Switzerland-based Glencore International AG (2025 revenue approximately US$247.5 billion), and an unidentified United States-based party.  NOTE: On 20 August 2022, media reported the party is Dallas, Texas-based Albert Huddleston whose family office is Dallas, Texas-based Chota Capital LLC.  Kyma Capital Ltd. owns 13.43% of common shares of Sherritt International Corporation.

• From Wikipedia: “Marc Rich (born Marcell David Reich; December 18, 1934- June 26, 2013) was a Belgian-American commodities trader, financier, and businessman.  He founded the commodities company Glencore and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and selling Iranian oil to Israel during the Iran hostage crisis.  He fled to Switzerland at the time of the indictment and never returned to the United States.  He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office [20 January 2021].  Rich had donated large sums to Israeli officials and organizations, which had pleaded extensively on his behalf.  Rich's ex-wife Denise had also made donations to the Democratic Party.”

President Trump will need to be prepared to intervene and persuade representatives of the largest and the third-largest of the 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) and potentially the representative of one non-certified claim to accept from either suitor their terms for acquiring Sherritt International Corporation.  Absent settlements of any claims, a transaction is unlikely to be completed.

If a transaction is not completed by either suitor or a suitor yet identified, and the government of the Republic of Cuba decides to expropriate and then manage the Republic of Cuba assets of Sherritt International Corporation; enter into an agreement with People’s Republic of China-based company; or enter into an agreement with Russian Federation-based company, the United States Department of Defense (War) would likely to use assets to prevent the export of nickel and cobalt from the Republic of Cuba to any market other than the United States as a means to satisfy the value of United States-based claimants.

Links To Related Analyses 

LINK: Related By Marriage, Two U.S. Investors (One Self-Identifying) Reside Near Each Other In Texas And Are In Competing Efforts To Control Canada's Sherritt International Corporation August 21, 2026  

LINK: Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 8, 2026 

LINK: Two UK-Based Companies, One Switzerland-Based Company, And Unidentified U.S.-Based Party Make Offer For Canada's Sherritt International Corporation. Now Two Offers On The Table. August 10, 2026 

LINK: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025 

LINK: Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021 

LINK: U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026  

LINK: Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026  

LINK: Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026 

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

September 2025 Through august 2026

Related By Marriage, Two U.S. Investors (One Self-Identifying) Reside Near Each Other In Texas And Are In Competing Efforts To Control Canada's Sherritt International Corporation

Bloomberg
New York, New York
20 August 2026

By Sybilla Gross and Paula Sambo

Albert Huddleston is an anchor investor in a proposal by Glencore Plc and others to take control of Sherritt International Corp.
The consortium's proposal would offer Sherritt fresh capital in exchange for at least 55% of the company on a fully diluted basis.
Sherritt is in exclusive talks with Gillon Capital LLC, but the Glencore-led consortium, which includes one of Sherritt's biggest creditors, is challenging Sherritt in court and demanding a shareholder vote.

Another Texas billionaire is making a play for a troubled Canadian nickel and cobalt producer that is one of the top foreign investors in Cuba.

Albert Huddleston, who recently sold family-owned shale assets for $5.2 billion, is an anchor investor in a proposal put forward by Glencore Plc and others to take control of Sherritt International Corp., according to people familiar with the matter.

The consortium went public with its bid this month without naming its US partner and is offering an alternative to an earlier proposal for Sherritt from a billionaire former adviser to President Donald Trump. Huddleston’s family office, Chota Capital LLC, is the unnamed investor, the people said, asking for anonymity to discuss private matters.  An external spokesperson for Chota didn’t immediately comment.

Sherritt is in exclusive talks with Gillon Capital LLC, the Dallas family office of real estate executive Ray Washburne, who emerged as a potential rescuer in May after the US president expanded sanctions to target almost any foreign company that does business in Cuba. The miner’s biggest creditor, Kyma Capital Ltd., is part of the Glencore consortium and is challenging Sherritt in court, demanding a shareholder vote before the exclusivity period with Gillon ends.

Both proposals would take Toronto-based Sherritt, which has been mining ore in Cuba since the 1990s and owns one of North America’s only cobalt refineries in Alberta, out of Canadian hands as the US aggressively ramps up pressure on the communist-run island in hopes of bringing about economic and political change.

The consortium, which also includes Brevan Howard co-founder Trifon Natsis and submitted its bid in June, would offer Sherritt fresh capital in exchange for at least 55% of the company on a fully diluted basis. A group of bondholders called for the board to consider the Glencore-led offer in tandem with the proposal from Washburne, whom Trump named as head of the Overseas Private Investment Corporation during his first term.
Sherritt Stock Jumps on Competing Bids

Two Texas billionaires are vying for control of the troubled Canadian miner

Sherritt’s stock got a boost from the competing offer, trading as high as 48 Canadian cents this week from as low as 13 cents at the start of the month. Shares slumped again Thursday to close at 28 cents. Once seen as a barometer for Cuba’s economic prospects, the company is a shadow of its former self. Its market value of C$193.6 million ($140.4 million) is down more than 95% from its 2008 peak of C$4.8 billion.

London-based Kyma, which owns the largest share of Sherritt’s outstanding notes and roughly 15% of its stock, attempted to force a special shareholder meeting before the five-month window with Gillon expires in October and wants to replace Peter Hancock as chairman. Sherritt, which has scheduled its annual meeting for Dec. 15, rejected Kyma’s call for a special meeting at the end of July.

This week, Kyma announced it’s seeking relief from the Ontario Superior Court of Justice. Sherritt, in turn, said the court advised that it couldn’t compel a shareholder meeting and cautioned against waging a court battle via press release. Kyma said Thursday another court hearing is set for next week.
Heavy equipment at Sherritt’s open-pit nickel mine in Moa, Cuba.Source: Getty Images South America

Sherritt has been mired in turmoil since the US president issued an executive order targeting foreign companies in Cuba at the start of May, deepening the impact of an energy crisis that’s left the country struggling to import enough fuel to meet its needs. Sherritt paused production at its nickel-and-cobalt mine in eastern Cuba in February and said in June it would idle its Alberta refinery after supplies of raw material from the island dried up.

The miner, which also has a stake in a power-generation business in Cuba, has warned that its ability to continue as a going concern is in doubt. It said in late June it wouldn’t have enough cash to meet its obligations if lenders declared a default and demanded early repayment.

Sherritt initially halted its joint ventures in Cuba and then announced it would dissolve them entirely after Trump expanded sanctions. It reversed course just days later when Washburne made his approach, with the company saying neither the State Department nor the US Treasury objected to its talks with Gillon.

The Glencore-led consortium is pitching its plan as a way to stabilize the company’s operations. It said the non-binding proposal is fully funded through equity commitments and would support Sherritt’s nickel and cobalt business, including its Fort Saskatchewan refinery.

Links To Related Analyses

LINK: Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 8, 2026

LINK: Two UK-Based Companies, One Switzerland-Based Company, And Unidentified U.S.-Based Party Make Offer For Canada's Sherritt International Corporation. Now Two Offers On The Table. August 10, 2026

LINK: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

LINK: Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

LINK: U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026 

LINK: Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026 

LINK: Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026 

U.S. Secretary Of State Rubio Meets With Minister Of Foreign Affairs Of Canada

United States Department of State
Washington DC
20 August 2026

The below is attributable to Spokesperson Tommy Pigott: 

Secretary of State Marco Rubio met today with Canadian Minister of Foreign Affairs Anita Anand to strengthen coordination on shared security, economic, and regional riorities.  Secretary Rubio reaffirmed shared priorities in our hemisphere, including the continued partnership with Canada on the Standing Group of Partners in Haiti, emergency earthquake assistance to Venezuela, Arctic security, joint efforts to end online scam centers, and the need for immediate, significant, and irreversible reforms in Cuba. 

Trump-Vance Administration Increases Pressure On Cuba's Mining Sector. Impacting U.S. Control For Canada's Sherritt?

“Today, the Department of State is designating nine entities and three individuals to further the Trump Administration’s comprehensive push to end the Cuban regime’s malign activities, both in Cuba and across our hemisphere.  This action targets the leadership of the U.S.-designated Cuban Institute of Friendship with the Peoples (ICAP) and designates nine Cuban entities supporting the regime.

These designations build on the Department’s July 20 report Cuba: The Capital of 21st Century Communism, which summarizes the Cuban regime’s decades-long use of brigades, such as the one coordinated by the designated ICAP earlier this month, to advance Cuban interests at the expense of the United States.

All Department of State targets sanctioned today have been designated pursuant to Executive Order (E.O.) 14404, which authorizes sanctions on foreign persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.
Leadership of ICAP

The following individuals are being designated pursuant to Section 2(a)(i)(E) of E.O. 14404 for being or having been a leader, official, senior executive officer, or member of the board of directors of ICAP, a person whose property or interests in property are blocked pursuant to this order:

FERNANDO GONZALEZ LLORT, the President of ICAP and is one of the “Cuban Five” group of Cuban intelligence officers arrested in 1998. LLORT was released from U.S. custody to Cuba in 2014.
NOEMI RAMONA RABAZA FERNANDEZ, who serves as the First Vice-President of ICAP.
LEIMA MARTINEZ FREIRE, who serves as the ICAP North America Director.

Cuban Entities Exploiting the Metals and Mining Sector

The following entities associated with the exploitation of Cuba’s metals and mining sector for the regime’s benefit are designated:

EMPRESA DE NIQUEL COMANDANTE ERNESTO CHE GUEVARA is a state-owned enterprise dedicated to the extraction and processing of nickel and cobalt. EMPRESA DE NIQUEL COMANDANTE ERNESTO CHE GUEVARA is being designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the metals and mining sector of the Cuban economy.
EMPRESA IMPORTADORA EXPORTADORA Y COMERCIALIZADORA DE METALES (METALCUBA) is a Cuban state-owned enterprise that facilitates the import of heavy industrial products, including specialized fuel and metal components, on behalf of state and non-state actors. METALCUBA is being designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the metals and mining sector of the Cuban economy.
GRUPO EMPRESARIAL GEOMINERO SALINERO (GEOMINSAL) develops and markets mineral resources and salt, and provides technical services associated with these industries. GEOMINSAL is being designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba.
ACINOX COMERCIAL is a Cuban state-owned enterprise that facilitates the import and export of metallurgical goods and industrial equipment. ACINOX COMERCIAL is being designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the metals and mining sector of the Cuban economy.

Cuban Regime-Controlled Entities

The following Cuban government instrumentalities are being designated: 

MINISTRY OF CONSTRUCTION OF CUBA, which implements the Cuban regime’s construction policy. MINISTRY OF CONSTRUCTION OF CUBA is being designated pursuant to Section 2(a)(i)(F) of E.O. 14404 for being a political subdivision, agency, or instrumentality of the Government of Cuba.
AGENCIA DE CONTRATACION A REPRESENTACIONES COMERCIALES S.A. (ACOREC S.A.) supplies Cuban labor to foreign entities operating in Cuba. ACOREC S.A. is reported to have garnished over 90 percent of the wages paid by foreign entities for Cuban labor.  ACOREC S.A. is being designated pursuant to 2(a)(i)(B) of E.O. 14404 for being owned, controlled, or directed by, or acts or purports to act for or on behalf of, directly or indirectly, the Government of Cuba.

The following entities are being designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned, controlled, or directed by, or having acted or purported to act for or on behalf of, directly or indirectly, Grupo Empresarial del Comercio Exterior (GECOMEX), a person whose property or interests in property are blocked pursuant to this order:

CORATUR S.A. manages international trade, import-export operations, and foreign market partnerships.
EMPRESA CENTRAL DE ABASTECIMIENTO Y VENTAS DE EQUIPOS DE TRANSPORTE PESADO Y SUS PIEZAS (TRANSIMPORT) has imported over $5 million worth of vehicles, automotive parts, and industrial equipment in recent years.
EMPRESA COMERCIALIZADORA DE ARTICULOS EN GENERAL (CONSUMIMPORT) imports and exports a wide variety of goods, including appliances and construction materials.

Sanctions Implications

As a result of today’s sanctions actions, and in accordance with E.O. 14404 of May 1, 2026, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to U.S. National Security and Foreign Policy,” all property and interests in property of the designated persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of the Treasury’s Office of Foreign Assets Control (OFAC).  Additionally, all entities that are owned individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.

All transactions and dealings by U.S. persons or persons within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt.  These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.  Foreign persons that engage in transactions with persons designated pursuant to E.O. 14404—or that operate or have operated in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy, as identified in E.O. 14404— are themselves at risk of sanctions.  Non-U.S. persons, including foreign financial institutions, should proceed with caution in any dealings with a party sanctioned under this authority.  Actions to return assets to a sanctioned party or transfer them to another jurisdiction for potential use by the target expose non-U.S. persons to significant sanctions risk.  All property and interests in property of persons that are blocked pursuant to the Cuban Assets Control Regulations (CACR) continue to be blocked.  The CACR prohibits persons subject to U.S. jurisdiction from dealing in property in which Cuba or a Cuban national has an interest, unless authorized or exempt.

The power and integrity of U.S. government sanctions derive not only from the U.S. government’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law.  The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.

Petitions for removal from the SDN List may be routed through OFAC’s Reconsiderations Portal.  Petitioners may also refer to the Department of State’s Delisting Guidance page.” 

Added To SDN List: Cuba Ministry Of Construction (MINCONS).

Office of Foreign Assets Control
United States Department of the Treasury
Washington DC
20 August 2026

Cuba Sanctions

1265. On August 20, 2026, the Department of State designated the Ministry of Construction of Cuba (MICONS) pursuant to E.O. 14404.  Are foreign persons, including foreign financial institutions (FFIs), subject to sanctions risk for transacting with MICONS?
Answer

The U.S. government does not intend to target foreign persons, including FFIs, pursuant to E.O. 14404 for engaging in transactions ordinarily incident and necessary to the wind down of transactions involving MICONS, or any entity in which MICONS owns, directly or indirectly, a 50 percent or greater interest, through September 19, 2026. However, non-U.S. persons, including FFIs, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to a sanctioned party or transfer them to another jurisdiction for potential use by the target could expose non-U.S. persons to significant sanctions risk.

Foreign persons unable to wind down transactions involving MICONS, or any entity in which MICONS owns, directly or indirectly, a 50 percent or greater interest, before September 19, 2026, are encouraged to contact the OFAC Compliance Hotline.

Persons subject to U.S. jurisdiction, including U.S. persons and entities owned or controlled by U.S. persons, should additionally note that this limited non-targeting posture does not authorize any transaction prohibited by the Cuban Assets Control Regulations (CACR), 31 CFR part 515, or any other OFAC sanctions authority. Persons subject to U.S. jurisdiction have long been prohibited from transacting with MICONS, including in connection with a non-U.S. person’s wind down of activities with MICONS, absent OFAC authorization. Relevant authorizations may include humanitarian-related transactions authorized under the CACR in subpart E of part 515 and under E.O. 14404 via General License (GL) 1.  For additional information on GL 1, see FAQ 1253. 

Executive Order 14404 of May 1, 2026: Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy.  GENERAL LICENSE NO. 1: Transactions Authorized Pursuant to the Cuban Assets Control Regulations (a) Except as provided in paragraph (b) of this general license, all transactions prohibited by Executive Order 14404 are authorized to the extent such transactions are authorized or exempt under the Cuban Assets Control Regulations, 31 CFR part 515 (CACR), including transactions authorized by a general or specific license pursuant to the CACR.  (b) This general license does not authorize any transaction that is otherwise prohibited by 31 CFR Chapter V.

1253. What does Cuba-related General License (GL) 1, "Transactions Authorized Pursuant to the Cuban Assets Control Regulations," authorize?  On May 7, 2026, OFAC issued Cuba-related GL 1, authorizing all transactions prohibited by E.O. 14404 where such transactions are authorized or exempt under the Cuban Assets Control Regulations, 31 CFR part 515 (CACR).  GL 1 includes transactions authorized by either general or specific license issued pursuant to the CACR. GL 1 is intended to ensure activity authorized or exempt under the CACR is not interrupted if a foreign person already blocked or otherwise identified under the CACR is also blocked pursuant to E.O. 14404, such as Grupo de Administración Empresarial S.A. (GAESA). In such cases, no additional OFAC authorization beyond GL 1 would be required to engage in CACR-authorized activities.  GL 1 does not expand the scope of any authorization or exemption under the CACR. Any transaction must continue to comply with all relevant conditions and limitations as provided in the CACR to be authorized under GL 1. As with all OFAC GLs, GL 1 is "self-executing," meaning that persons who assess that their transactions fall within the scope of the authorization may proceed without further assurance from OFAC. Transactions prohibited by E.O. 14404 require additional OFAC authorization if not authorized or exempt under the CACR.  Date Released May 7, 2026

U.S. Department Of State Sanctions ICAP And Nine Entities In Cuba

United States Department of State
Washington DC
20 August 2026

Marco Rubio, Secretary of State

Imposing Sanctions on Cuban Regime Actors Associated with Marxist Subversive Networks and Corrupt Economic Dealings

The Cuban regime has long sponsored a vast subversive network in the United States aimed at identifying, cultivating, and radicalizing subversives, largely operating under the pretext of educational or cultural exchange.  Just days ago, the regime attempted to use Communist kingpin and despot Fidel Castro’s 100th birthday to reinvigorate this subversive network, ferrying a new brigade of international sympathizers to Havana to network with regime officials.  The Trump Administration will not stand by while a hostile foreign power seeks to exploit our freedoms—none of which are afforded to its people—by misleading and corrupting American citizens with lies, spy tradecraft, and other malfeasance as part of the regime’s raison d’être of exporting Marxism, racial resentment, and Communist violence across the world.

Pursuant to President Trump’s Executive Order (E.O.) 14404 of May 1, 2026, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy,” today, I am designating three leaders of the sanctioned Cuban Institute of Friendship with the Peoples (ICAP), including ICAP President Fernando González Llort.  Llort, a convicted Cuban spy who served 15 years in U.S. prison for his role in the infamous Wasp Network — a massive illegal Cuban spy ring uncovered in Florida in the late 1990s – has continued his efforts to destabilize the United States following his return to Cuba through his involvement with ICAP.  ICAP was previously designated under E.O. 14404 for being a political subdivision, agency, or instrumentality, of the Government of Cuba.  It hosts international brigades at facilities across Cuba, including Campamento Internacional Julio Antonio Mella (CIJAM), Casa Memorial Salvador Allende, and Casa de la Amistad, which I have identified as alternative addresses of ICAP and are to be treated as sanctioned property.

I am also designating nine entities, including the Ministry of Construction of Cuba, that sustain the regime’s repressive apparatus through control of key economic sectors.

Today’s designations make clear that the Trump Administration will not tolerate the Cuban regime’s efforts to fund its repression or continue its decades-long campaign of subversive anti-American activities.

The Department’s actions are being taken pursuant to E.O. 14404, which authorizes sweeping sanctions on Cuba, including against persons who support the Cuban regime’s security apparatus and those responsible for repression in Cuba and other threats to U.S. national security.  These actions also further both E.O. 14380, “Addressing Threats to the United States by the Government of Cuba” and National Security Presidential Memorandum 5, which directs the Executive Branch to improve human rights, encourage the rule of law, foster free markets and free enterprise, and promote democracy in Cuba.  For more information on today’s action, see the Department of State’s Fact Sheet.

USIDFC Expected To Have A Presence In Acquisition Canada's Sherritt International Corporation By U.S.-Based Investors. All About Protecting Supply Chains From China And Russia.

U.S. International Development Finance Corporation (DFC)
Washington DC

Who We Are

“DFC is the international investment arm of the U.S. Government. We mobilize private capital to advance U.S. foreign policy and economic development. Our investments deliver strong returns for American taxpayers, drive meaningful economic development for our allies and partners, and secure supply chains to counter and outcompete our adversaries.”

Our History

“DFC was established in 2019 during President Trump’s first term, built upon years of strong bipartisan support, and granted significant expanded authorities in 2025.”

Challenge

“As global demand soars for critical minerals, building a reliable and diversified supply chain will be essential for the industries of the future. Lithium, cobalt, and nickel are all used across the energy, technology, and national security sectors.  The United States is heavily reliant on imports of these minerals, and global supply chains are vulnerable to supply chain bottlenecks and geopolitical risk. Currently, China controls a substantial portion of the critical mineral mining and processing markets, including well over half the global capacity to process and refine cobalt, and to refine and produce rare earth elements. China has controlled as much as 90 percent of the global production capacity for rare earths. And Beijing has suggested it will impose export restrictions on rare earths to the United States.” 

The future of Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba is simultaneously in doubt and in play. 

Two suitors want control of the company.  At least one, and probably two certified claims must be addressed regardless of which suitor prevails or if no suitor prevails.  Perhaps, at least one non-certified claim may need to be addressed regardless of which suitor prevails or if no suitor prevails.

Absent United States-based connectivity, the Trump-Vance Administration (2025-2029) is unlikely to approve (license) an acquisition of Sherritt International Corporation and remove sanctions impacting the company implemented by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, United States Department of Commerce, and by the United States Department of State. 

The Trump-Vance Administration prefers that Sherritt International Corporation be controlled by a United States-based entity and that the nickel and cobalt sourced in the Republic of Cuba by the company be destined for United States markets, particularly the cobalt for markets with military connectivity.  Assisting United States-based companies to control supply-chains for critical minerals is foundational for the Trump-Vance Administration.  

Will The White House embrace a Canada-Cuba-United States transaction or a Canada-Cuba-Switzerland-United Kingdom-United States transaction? 

LINK: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

LINK: Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

LINK: U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026 

LINK: Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026 

LINK: Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026 

Semafor
20 August 2026

The US International Development Finance Corporation is stepping in to fund rare earths production in Africa as private investors remain reluctant to finance the sector, a key battleground in Washington’s competition with China.  The US has been scrambling to diversify its import of rare earths- vital for tech and defense- the majority of which are produced in China.  Beijing threatened to impose an export ban last year, sending a shudder across US industry.  While Africa holds some of the largest deposits, many are in countries that lack adequate infrastructure, compounding investors’ worries on top of fears that Chinese intervention could subvert project economics, Reuters reported. “We’re trying to help projects reach a more de-risked stage,” a DFC official said.

Reuters
19 August 2026

US steps in to fund African rare earths shunned by private money, sources say
DFC has committed $62.8 million to projects in four African countries
Private investors largely unwilling to fund African rare-earth projects, DFC executives say

DAKAR, Aug 19 (Reuters) - The U.S. International Development Finance Corporation (DFC) is backing a pipeline of ‌African rare-earth projects as private investors remain reluctant to finance the sector, two senior DFC executives told Reuters.  The DFC has committed $62.8 million to rare-earth projects in Malawi, Angola, Madagascar and South Africa, though none has so far reached production, the agency said on Wednesday. Most of that funding- about $50 million- was for ⁠the Phalaborwa project in South Africa backed by Dublin-based mining investor TechMet.

"We do not see private capital coming in," one of the executives said, requesting anonymity because they were not authorised to discuss the matter publicly. "We're trying to help projects reach a more de-risked stage and become attractive for private-sector investment."

In a rare public acknowledgement, the two DFC executives said that private investors remain largely unwilling to fund African rare-earth projects despite their strategic importance in reducing U.S. dependence on top producer China, which ‌dominates ⁠the global supply chain and has over the past couple of years tightened export controls.  Rare earths are essential for magnets used in electric vehicles, wind turbines and defence systems.  The United States is increasingly using the DFC to help develop Western-aligned supply chains for critical ⁠minerals.  One of the DFC executives said private investors remain wary of African rare-earth projects because of their higher risk profile and concerns that Chinese market intervention can undermine pricing and project economics.

Analysts ⁠also say many proposed rare earth projects face uncertain economics and limited investor appetite.  "There are far more announced rare-earth projects than there is demand for neodymium-praseodymium (NdPr) magnets," ⁠said Olimpia Pilch, head of strategy at advocacy group Critical Minerals Africa.  Africa accounts for roughly 20% to 25% of DFC's global investment portfolio, the second DFC executive said.

U.S. International Development Finance Corporation

Politico
20 August 2026

MINERAL DEAL PROBES ON DEMS’ RADAR- The Trump administration has doled out billions for mining and critical mineral processing companies, and Dems are eager to probe any ties to Trump family members as they aim to wield congressional gavels next year.  Mineral deals struck by the Trump administration are rife with conflicts of interest, Democrats say.  They point to ties between some companies and the business empires of Trump’s family and that of Commerce Secretary Howard Lutnick, who has helped shepherd many of the awards for the administration, Hannah Northey and James Bikales report.

That means business leaders from Australia to Canada to the U.S. considering big financing packages- which in some cases total more than $1 billion- will need to decide whether they want to sign up for possible congressional scrutiny that could put their companies under a microscope.  Some mineral companies moving through the queue to secure federal financing insist there’s been no wrongdoing and federal oversight is sufficient.  Democrats angling to take back Congress this fall are laying the groundwork for deep investigations into President Donald Trump’s ever-expanding critical mineral spending spree- and the industry is taking note.  Mineral deals struck by the Trump administration are rife with conflicts of interest, Democrats say.  They point to ties between some companies and the business empires of Trump’s family and that of Commerce Secretary Howard Lutnick, who has helped shepherd many of the awards for the administration.  Business leaders from Australia to Canada to the U.S. considering big financing packages- which in some cases total more than $1 billion- will need to decide whether they want to sign up for possible congressional scrutiny that could put their companies under a microscope.

The Drama In Canada Continues: "Kyma is not entitled to call a meeting of the Corporation’s shareholders... inappropriate and invalid..."

TORONTO–Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today responded to the latest tactics of Kyma Capital Limited (“Kyma”) and its purported calling of a special meeting of the shareholders of the Corporation for September 29, 2026.

Kyma is not entitled to call a meeting of the Corporation’s shareholders and its assertion of setting a September meeting date is inappropriate and invalid given that the Corporation has already set a meeting date of December 15, 2026 for a combined annual and requisitioned special meeting. Sherritt is evaluating all appropriate action to be taken in response to today’s announcement by Kyma.

Furthermore, Kyma is seeking to initiate court proceedings against the Corporation to try and force a meeting date in September, with an initial case conference set for August 19, yet has proceeded with announcing a September meeting date in total disregard for the court’s process.

As previously announced, and as communicated to Kyma, the determination of the December 15, 2026 meeting date was informed by, among other considerations, the Corporation’s ongoing discussions regarding the potential transaction contemplated by the non-binding term sheet with Gillon Capital, LLC and the Corporation’s ongoing efforts to engage and present an auditor for appointment at the meeting.

The ongoing and increasingly aggressive public attacks by Kyma against the Corporation have the potential to jeopardize the very important initiatives underway to navigate the significant challenges that Sherritt is currently facing.

About Sherritt

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.

Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

Forward-Looking Statements

Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).

All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the actions the Corporation may take in respect of the requisitioned special meeting, the Corporation’s ongoing discussions regarding the potential transaction contemplated by the non-binding term sheet with Gillon Capital, LLC, the Corporation’s efforts to present an auditor for appointment at the combined annual and requisitioned special meeting, the timing of the Corporation’s combined annual and requisitioned special meeting, and the Corporation’s initiatives to address the challenges currently facing the Corporation.

The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba; level of liquidity of Sherritt, including access to capital and financing; the Corporation’s ability to negotiate and finalize a definitive agreement in respect of a recapitalization transaction, including the completion and timing thereof, the terms on which it may be completed and the receipt of all required approvals; the Corporation’s ability to restart its business and restore normal operations, including the ability to obtain restart financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months ended March 31, 2026, the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, each of which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

Mistake For Consortium Bidding For Canada's Sherritt To Keep Secret Most Important Party- The U.S. One. Will Trump Prefer Threesome Or Fivesome? Saving Nickel/Cobalt From China, Europe, Russia?

Mistake For Four-Party Consortium Bidding For Sherritt International Corporation To Keep Secret Most Important Party- The United States-Based One 

If The United States-Based Party Is Committed, Why Secret? 

Does President Trump Prefer Threesome Or Fivesome? 

The White House Will Demand Transparency 

The United States Congress Will Demand Transparency 

The Government Of Cuba Will Need Transparency 

Will Theory Of Fewer Moving Parts Prevail? 

President Trump Can Save Cuba’s Nickel And Cobalt From China, European, Russia Companies 

If a consortium wants to project legitimacy, why embrace 75% rather than 100%?  Why would a consortium believe it is advantageous for its credibility with governments, investors, media, public, and shareholders to keep secret the most important asset of its proposal? 

The future of Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba is simultaneously in doubt and in play. 

Two suitors want control of the company.  A certified claim must be addressed regardless of which suitor prevails or if no suitor prevails.  A certified claim lawsuit filed in a United States District Court may be impactful.  A potential non-certified claim may be filed in a United States District Court.  

Absent United States-based connectivity, the Trump-Vance Administration (2025-2029) is unlikely to approve (license) an acquisition of Sherritt International Corporation and remove sanctions impacting the company implemented by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, United States Department of Commerce, and by the United States Department of State. 

The Trump-Vance Administration prefers that Sherritt International Corporation be controlled by a United States-based entity and that the nickel and cobalt sourced in the Republic of Cuba by the company be destined for United States markets, particularly the cobalt for markets with military connectivity.  Assisting United States-based companies to control supply-chains for critical minerals is foundational for the Trump-Vance Administration.  

Will The White House embrace a Canada-Cuba-United States transaction or a Canada-Cuba-Switzerland-United Kingdom-United States transaction? 

Will Donald Trump, President of the United States (2017-2021 and 2025-2029), have a higher degree of comfort with an ownership structure for Sherritt International Corporation whose political leadership includes three or five? 

Mark Carney, Prime Minister of Canada (2025-), Miguel Diaz-Canel, President of the Republic of Cuba (2019- ), and President Trump.

or

Mark Carney, Prime Minister of Canada (2025-), Miguel Diaz-Canel, President of the Republic of Cuba (2019- ), Guy Parmelin, President of the Swiss Confederation (2026- ), Andy Burnham, Prime Minister of the United Kingdom (England, Scotland, Wales, Northern Ireland; 2026-), and President Trump.

The key date is 12 October 2026 when the exclusivity expires for one suitor.  By that date, or before, Sherritt International Corporation may need to seek protections afforded by the Companies’ Creditors Arrangement Act (CCAA), which is the government of Canada equivalent to the reorganization provisions in Chapter Eleven of the United States Bankruptcy Code.

Two suitors are circling the company.  The approach by each is dramatically different. 

The first is Dallas, Texas-based Gillon Capital, LLC which has exclusivity until 12 October 2026.  The company identified itself and its principal engages publicly in the acquisition process.

The second is a consortium of London, United Kingdom-based Kyma Capital Ltd. (reportedly approximately US$440 million assets under management), London, United Kingdom-based Trifon Natsis (a partner in Jersey (Channel Islands), Crown Dependency-based Brevan Howard Asset Management LLP (2026 assets under management approximately US$31 billion)), Baar, Switzerland-based Glencore International AG (2025 revenue approximately US$247.5 billion), and an unidentified United States-based party.  Kyma Capital Ltd. owns 13.43% of common shares of Sherritt International Corporation.

NOTE: Disclosure- The U.S.-Cuba Trade and Economic Council has communicated with the “prominent United States anchor investor” and by request is currently refraining from identification.

• From Wikipedia: “Marc Rich (born Marcell David Reich; December 18, 1934- June 26, 2013) was a Belgian-American commodities trader, financier, and businessman.  He founded the commodities company Glencore and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and selling Iranian oil to Israel during the Iran hostage crisis.  He fled to Switzerland at the time of the indictment and never returned to the United States.  He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office [20 January 2021].  Rich had donated large sums to Israeli officials and organizations, which had pleaded extensively on his behalf.  Rich's ex-wife Denise had also made donations to the Democratic Party.”

The four-party group, which self-identifies as a consortium, has identified three of the four parties.  The consortium has not identified the most consequential party- the “US Anchor is a United States-based investor with deep global financial markets experience.”

“TORONTO, Aug. 10, 2026 /PRNewswire/ -- The United States Consortium (the "Consortium")- now comprising a prominent United States anchor investor ("US anchor"), Kyma Capital Limited ("Kyma Capital"), veteran global financial markets investor Trifon Natsis, and Glencore Ltd. ("Glencore") (LON: GLEN) today confirms that it formally submitted a comprehensive, non-binding recapitalization proposal (the "Proposal") to the Board of Directors of Sherritt International Corporation (TSX: S) ("Sherritt" or the "Company") on June 26, 2026. The Proposal has been before the Board since that date. The Consortium is making this announcement so that Sherritt's shareholders, noteholders, employees and other stakeholders can assess the Company's alternatives for themselves.”

“About US Anchor
US Anchor is a United States-based investor with deep global financial markets experience”

The transaction would permit settlement of the third largest of the 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ) along with make available for import to the United States additional supplies of cobalt and nickel. CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. Link To Claim Filing In PDF Format

The proposed transaction may have been complicated or may have been enhanced by a Libertad Act Title III Lawsuit filed on 29 July 2026.

By incorporating a settlement of the third-largest certified claim with a settlement of a component of the largest certified claim, meaningful impediments would be addressed for United States-based companies as sources of Direct Foreign Investment (DFI) for the Republic of Cuba.

Greenwich, Connecticut-based Atlas Holdings (2025 assets approximately US$16 billion) which owns Boca Raton-based Office Depot, Inc. (2025 revenue approximately US$7 billion) which is the owner of the Cuban Electric Company which has the largest certified claim valued at US$267,568,413.62, filed a Libertad Act Title III lawsuit again Republic of Cuba government-operated Union Electrica and Energas S.A. (within which Sherritt International Corporation has a 33% shareholding).

From the company: “Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 27 companies, which employ more than 57,000 associates across more than 350 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $18 billion in revenues annually.”

CUBAN ELECTRIC COMPANY A/K/A COMPAÑIA CUBANA DE ELECTRICIDAD, Plaintiff, v. UNIÓN ELÉCTRICA AND ENERGAS S.A., Defendants. (1:26-cv-02675-JDB). NOTE: Steptoe LLP also represents the eighth-largest curtained claimant Spring, Texas-based ExxonMobil Corporation (2025 revenue approximately US$332 billion) in its Libertad Act Title III lawsuit filed in 2019 against Republic of Cuba government-operated Corporación Cimex, S.A. and Republic of Cuba government-operated Unión Cuba-Petróleo (CUPET).  Link To Complaint

• From the complaint: “Defendant Energas S.A. is an enterprise organized under the laws of Cuba as a joint venture with three equal owners: 1/3 owner UNE, 1/3 owner Unión Cubapetróleo (“CUPET”), Cuba’s state-owned oil company, and 1/3 owner Sherritt International Corporation (“Sherritt”), a minerals company which is a corporation organized under the laws of Canada with its principal place of business in Canada. Thus, Energas is majority-owned by Cuban state-owned entities. Energas processes raw natural gas, which is supplied to Energas free of charge by CUPET. Energas also generates electricity for sale to the national grid, providing approximately 10% of Cuba’s total electrical generating capacity. Energas’ principal place of business is in Cuba, and it has operations throughout the country.”

The Trump-Pence Administration (2017-2021) on 2 May 2019 made operational Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”).

• Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset. Link To Libertad Act Lawsuit Filing Statistics

On 13 August 2026, The Miami Herald published comments by Mr. William Pitt who maintains he has a valid non-certified claim that any suitor for Sherritt International Corporation will need to address.  He has not filed a Title III lawsuit, but confirms engagement with legal counsel.

• “William Pitt, a retired engineer living in Miami, said Sherritt had expanded its mining operations in Moa, outside the property originally owned by the Moa Bay Mining Company, to include mines his father owned.  His father was a dual British and Cuban citizen and could not file a claim with the U.S. Foreign Claims Settlement Commission in the 1960s.  But the prospect of American investors taking over Sherritt opens other legal avenues for obtaining compensation, Pitt told the Miami Herald.  Title III of the Helms-Burton Act allows Cuban Americans to sue companies “trafficking” in confiscated property.   Every president had suspended the provision since the law passed in 1996 until Trump reinstated it in 2019.  Pitt said he had sent copies of the maps of his father’s mines to Sherritt.  Still, he said the company’s lawyers had defeated his efforts to obtain compensation, claiming Canadian law protected them from a Helms-Burton lawsuit and that the company does not have assets in the United States that could be seized to pay damages.  “They just didn’t want to handle it,” Pitt said.  “Their answer to me was that you can’t do anything with this because we are Canadians and therefore you can’t touch us because we have laws that protect us.  And in addition to that, those mines were given to us by the Cuban government, and we have every right to use them.”  But if Gillion or the consortium close the deal with Sherritt, Pitt said he could sue under the Helms-Burton Act.  “I have already written to Gillon, and I have explained that we own those mines that border Sherritt’s, and that Sherritt has been mining, and that when they buy 55% of Sherritt, then Gillon will be subject to our suing them,” he said.  “I haven’t done it for the consortium because that’s very recent. But I probably will be doing that too.””

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Links To Related Analyses

Two UK-Based Companies, One Switzerland-Based Company, And Unidentified U.S.-Based Party Make Offer For Canada's Sherritt International Corporation. Now Two Offers On The Table. August 10, 2026

Winner For Canada’s Sherritt International Corporation Will Need Five Golden Tickets August 10, 2026

Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 08, 2026

Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

President Trump’s Roundtable On American Mining A Positive Signal For Gillon Capital Acquisition Of Canada’s Sherritt International Corporation. And Possible Settlement For Largest Certified Claim? August 7, 2026  

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026 

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest July 31, 2026 

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify. June 29, 2026 

Canada's Sherritt Questions "ability to continue" While OFAC Considers U.S. Company License Application To Save Company, Invest In Cuba, Settle A Certified Claim, Export Nickel And Cobalt To U.S. June 26, 2026 

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026 

U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026 

Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026 

Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026 

Trump Administration Cuba Sanctions Hits Another Canada-Connected Target: Accounting Firm Deloitte LLP Resigns From Sherritt Account May 15, 2026 

Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

Turkish Airlines Re-Engagement With Route-Of-Comfort From Moscow To Havana May Impact Russia-Based Companies

On 27 October 2026, Istanbul, Turkiye-based Türk Hava Yolları Anonim Ortaklığı (Turkish Airlines) (2025 revenue approximately US$24 billion) will expand re-engagement with the Republic of Cuba with two-segment service from Vnukovo International Airport (VKO) in Moscow, Russian Federation, with connection through İstanbul Havalimanı (IST) to Jose Marti International Airport (HAV).  

For a departure on 27 October 2026, one-way airfare ranges from approximately US$1,309.28 (economy class) to approximately US$5,286.06 (business class). 

NOTE: Total travel time may be reduced by using VKO to IST flights with nearer connectivity to IST-HAV flights.

Turkish Airlines will use Airbus A320 aircraft and Airbus A330 aircraft for the VKO to IST segment and Boeing 787-9 aircraft for IST to HAV segment. 

If the government of the Russian Federation seeks to re-engage with the government of the Republic of Cuba, with Russian Federation-based companies publicly leading that re-engagement, the routes-of-comfort provided by Turkish Airlines will be a primary, and welcomed, component of that re-engagement. 

CubaHeadlines (13 August 2026) 

excerpt 

Starting October 27, Turkish Airlines is once again offering tickets for flights to Cuba, as reported by Diario de Cuba referencing the airline's official website. 

The decision to resume ticket sales comes months after the airline halted its Cuban operations at the end of March. This suspension was attributed to the aviation fuel crisis impacting the island and a significant drop in tourism demand. 

Round-trip economy class tickets start at 137,565 rubles, which is approximately $1,660 per passenger. The fare includes four pieces of luggage: a small bag up to four kilograms to fit under the seat, a carry-on bag of eight kilograms, and two checked bags of 23 kilograms each. 

Currently, the airline's booking system shows no available flights for August or September; October remains the sole month with active flights on the Moscow–Havana route. 

Presently, Turkish Airlines operates flights to Havana with a layover in Panama, requiring passengers to transfer to Copa Airlines or another carrier still flying to the island. 

Diario de Cuba notes uncertainty regarding where the airline plans to refuel for return flights from Havana, a challenge that has forced other carriers to make technical stops in the Dominican Republic or to carry extra fuel from their point of origin. 

The Moscow–Istanbul–Havana route was crucial for Russian tourism to Cuba. When Turkish Airlines suspended this service, Russian tour operators and agencies had to refund customers or offer alternative destinations during the peak season. 

At that time, the airline stated that "the resumption of Turkish flights to Cuba will depend on regional developments and the evolution of the fuel supply situation." 

Turkish Airlines' suspension was part of a broader aviation crisis. Following the shortage of Jet A-1 fuel at Cuban airports, eleven international airlines suspended or reduced operations to the island in 2026, including Air France, Iberia, LATAM Perú, Air Canada, WestJet, and Air Transat. 

Turkish Airlines' return comes during one of the worst moments for Cuban tourism outside the pandemic. Between January and June 2026, Cuba received only 387,591 foreign tourists, a 60.7% decrease compared to the same period in 2025, according to data from the National Office of Statistics and Information (ONEI) cited by Diario de Cuba. 

This decline represents a loss of 598,015 visitors in just one year. Major source markets experienced severe drops: Canada fell by 70.3%, Russia by 66.8%, and the United States by 53.8%.

For U.S. Secretary Of State Marco Rubio, Change In Cuba Seems More Like Pouring Ketchup Than Pouring Rum

United States Secretary of State Marco Rubio with Katie Miller of The Katie Miller Podcast
Thomas Jefferson Room
Washington, D.C.
11 August 2026

QUESTION:  Hi, everyone, and welcome to this week’s episode of The Katie Miller Podcast.  We’re at the State Department today, joined by Secretary of State Marco Rubio and his beautiful wife Jeanette.

excerpt

QUESTION:  You’ve been one of the toughest voices on Cuba forever.  We captured Maduro out of Venezuela.  Is Cuba next?

SECRETARY RUBIO:  I think Cuba – I am confident that Cuba, by the time this administration’s over, before this administration ends, will be on an irreversible path towards a much different future.  Obviously, like anything else, especially something like this, I always tell people, like, you can’t have something in place for 70 years, it grows roots, and then think overnight you’re just going to rip out the whole thing and put something brand-new into the ground.  There’s a transition that has to happen and a process to get there.  Eastern Europe is instructive of that.  You saw it took countries in Eastern Europe three to five years to truly become what we know them to be today.  Poland is probably the best example.

So I think Cuba will be on that path, well along that path.  It has to be.  But certainly under this administration, given the priority it’s given Cuba, I – I – like, you never guarantee anything, but it’s certainly a priority for us because it’s in our national interest.  I remind people, at the end of the day, like, I work for the United States of America.  I care about Cuba, obviously I have a personal connection to it, but I don’t work for Cuba; I work for the United States.  And I believe it’s in the national interest of our country to have a Cuba that’s safe and stable and aligned with the U.S. – the same feeling I have about Venezuela as well.

Cuba Again Not Included In Annual U.S. Department Of State Fiscal Transparency Report

Today, the Department of State released the 2026 Fiscal Transparency Report (FTR).  Fiscal transparency is a critical element of effective public financial management: it helps build market confidence, underpins global economic stability, and levels the playing field for U.S. firms.  It fosters greater government accountability by providing a window into government budgets and spending.  Congress mandated annual reviews of fiscal transparency to help ensure the appropriate use of U.S. taxpayer funds related to foreign assistance.

In this year’s report, Department officials found that 73 of 139 governments and one entity assessed met the minimum fiscal transparency requirements.  Sixty-seven did not meet the minimum fiscal transparency requirements, but of those 14 made significant progress toward meeting the minimum fiscal transparency requirements.  

The report describes the minimum fiscal transparency requirements and reviews the governments and entity assessed, most of which were identified as recipients of U.S. assistance in the 2014 Fiscal Transparency Report. The Department evaluated the public availability, completeness, and reliability of budget documents, as well as the transparency of processes for awarding government contracts and licenses and public procurement contracts.  The Fiscal Transparency Report helps create competitive business conditions for U.S. companies abroad by improving public financial management to reduce the risk of corruption and unfair practices in international markets, promoting stronger industry standards to improve market access, reducing the risk of financial crimes, and requiring debt data disclosure to counter predatory lending. 

You can find the Fiscal Transparency Report, as well as information about the Fiscal Transparency Innovation Fund, on our website.  For further information, please contact the Bureau of Economic, Energy and Business Affairs’ Fiscal Transparency team at fiscaltransparency@state.gov.

Fiscal transparency informs citizens how government and tax revenues are spent and is a critical element of effective public financial management.  Transparency provides citizens a window into government budgets and those citizens, in turn, hold governments accountable.  It underpins market confidence and growth.  The Congressionally mandated Fiscal Transparency Report (FTR) is a tool to identify deficiencies and support needed changes.

As directed by Congress, EEB/OMA evaluates data on fiscal transparency collected at 140 of our posts around the world against minimum requirements and publishes the results on the Department’s website annually.  To meet minimum requirements, governments must make key budget documents publicly available within a reasonable period.  They must be substantially complete and generally reliable.  Governments must also follow a transparent process for awarding government contracts for natural resource extraction.  For questions, please contact EEB Fiscal Transparency at EEB-OMA-GFSU@groups.state.gov. 

Cuba Has Renewable Energy “For Sale” Sign. Thus Far, Nothing For Tesla Energy, First Solar, GE Vernova. Almost Everything For Companies In China.

Cuba Has A Renewable Energy “For Sale” Sign.  Thus Far, China Companies Own Marketplace.  Tesla Energy, First Solar, GE Vernova Looking Through Windows  

Outdated Infrastructure, Poor Insulation, 50+ Years-Old Combustion Technologies 

Since 2020, there has been a continuing reduction and then in 2026 accelerating reduction in energy production and energy usage combined with expanding and increasing energy use inefficiency in the Republic of Cuba, the 800-mile-long archipelago with approximately 9.5 million residents located ninety-three miles south of Key West, Florida,    

Since 2024, the government of the Republic of Cuba sourced annually approximately 40% of its usage through domestic fuels, gas, oil, and renewables and imported approximately 60% primarily sourced from Mexico, Russian Federation, and Venezuela.  However, that 40%/60% mix did not represent an economic model at maximized output nor and economic model at maximized efficiency.  It represented an economic model of stagnation. 

During the first eight months of 2026, the reduction in economic activity (commercial, industrial, manufacturing, assembly, tourism, etc.,) and increased energy use inefficiency results in a dramatic reduction in energy availability and usage in the Republic of Cuba.   

With almost no imports of fuel, gas, or oil, domestic energy production increases its percentage of total energy usage to approximately 100%.  Thus, the 40% that was energy sourced domestically has increased as a percentage to provide approximately 100% of current energy usage. 

For the economy of the Republic of Cuba to shift from contraction and stagnation, there must be new and renewed sources of oil, fuels, gas, and renewables along with increased usage efficiencies.     

There are United States-based sources for renewable energy inputs (solar, storage, and wind turbines).  Thus far, the government of the Republic of Cuba and re-emerging private sector in the Republic of Cuba imports almost all from the People’s Republic of China. 

Wall street journal

While the Republic of Cuba has an abundance of sun which provides the source for solar energy parks, the Republic of Cuba lacks solar energy storage capacity to preserve what is accumulated during the day to be of use during the night.

Tempe, Arizona-based First Solar, Inc. (2025 revenue approximately US$5.2 billion) with majority of shares held by BlackRock, State Street, and Vanguard.

Austin, Texas-based Telsa Energy, Inc. (2025 revenue approximately US$12.7 billion).

Cambridge, Massachusetts-based GE Vernova (2025 revenue approximately US$38 billion). 

• Beginning in December 2017, then Boston, Massachusetts-based General Electric (2017 revenue approximately US$118 billion), which has since divided into three publicly-held companies, including Cambridge, Massachusetts-based energy-focused GE Vernova (2025 revenue approximately US$38 billion) delivered from the United States to the Republic of Cuba “parts for steam turbines” valued at more than US$21 million.  Some of the parts traveled from Atlanta, Georgia, to Port Everglades, Florida, then to Port Mariel in the Republic of Cuba. GE is the largest (by revenue) United States-based industrial company to have engaged with the Republic of Cuba.  Although GE has not issued a media release relating to the project in the Republic of Cuba, in 2017 the government of the Republic of Cuba confirmed in a PowerPoint presentation used by the Embassy of the Republic of Cuba in Washington DC that the company was providing parts and equipment for a power plant. The total value of the project has not been reported.  The Obama-Biden Administration (2009-2017) first authorized the transactions by GE as primarily advancing benefit to the citizens of the Republic of Cuba rather than to the government of the Republic of Cuba.  This type of transaction was and remains licensable (general or specific) through the OFAC and BIS.  In November 2015, GE purchased for approximately US$10.6 billion the power and grid division of Paris, France-based Alstom (2018 revenues approximately US$8 billion).  In 2016, GE commenced a power generation project in the Republic of Cuba resulting, in part, from a relationship between Alstom and the Republic of Cuba prior to the 2015 acquisition by GE of the power and grid division of Alstom, which had exported products to the Republic of Cuba.  On 31 March 1971, GE certified a claim against the Republic of Cuba in the amount of US$5,870,436.86 through the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice.  Interest accrued at 6% per annum from the respective date(s) of loss to the date of settlement. 

LINK TO COMPLETE ANALYSIS WITH YEAR DATA REFERENCED BELOW

Energy-Related Product Exports From United States To Republic Of Cuba 

January 2026 through June 2026

2025

2024

2023