Canadian mining company Sherritt International signs a non-binding, preliminary agreement to sell a majority stake in its Cuba mining operations to Gillon Capital LLC, according to multiple outlets. The proposed transaction would shift control of Sherritt’s joint venture in Cuba, with Gillon Capital associated with former U.S. Trump adviser Ray Washburne. The Globe and Mail reports that Gillon Capital’s family office structure would hold a 55% stake under the terms described, though the agreement remains preliminary.
Earlier in the month, Sherritt suspends its direct participation in its joint venture in Cuba. CBC reports this action follows increased pressure from the United States on Cuba. The outlets characterize the new agreement as non-binding, meaning it is not final and is subject to further steps and approvals. No details provided in the sources include the transaction’s final closing timeline or full financial terms. Overall, the reports describe a tentative ownership change tied to heightened U.S.-Cuba-related constraints and a shift toward an investor linked to a U.S. political figure.
