Sherritt venture prohibited from doing business with U.S.

Several units of the commodity metals business operated by Sherritt (TSE) were recently placed on the United States’ federal registry list as “specially designated nationals of Cuba”.

The units placed on the list include Moa Nickel S.A., the Cobalt Refinery Company, and the International Cobalt Company.

The listing is formal acknowledgement by the United States government that it views these units as Cuban entities. Because of this designation, Commodity Metals business cannot conduct business in the United States.

Formed in 1994, the Commodity Metals business is a vertically integrated joint venture which mines, refines and markets nickel and cobalt.

The venture is owned equally by Sherritt and General Nickel Company of Cuba. The Commodity Metals business operates in compliance with the laws of Canada, which has full economic and trade relations with Cuba.

The business also operates in compliance with applicable U.S. laws.

The joint venture conducts activities in accordance the with the U.S. embargo of Cuba and does not sell its products in the U.S. market.

Sherritt is based in Edmonton, Alta., and operates a refinery in nearby Fort Saskatchewan.