Cuba’s top foreign investor has announced it is pulling out of the country over fears of tougher US sanctions in a blow to the communist nation’s collapsed economy that analysts said could push up global cobalt prices.
Canada’s Sherritt International Corporation, which had a 32-year-old nickel and cobalt mining joint venture on the island, said on Thursday it was withdrawing and repatriating staff after US President Donald Trump this month moved to toughen sanctions against Cuba.
“This is a massive blow to an already sinking economy,” said Ricardo Torres, a leading Cuban-born economist at the American University in Washington. Nickel is an important source of hard currency for the regime.
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