ES / EN
- August 11, 2022 -
No Result
View All Result
OnCubaNews Needs You
OnCubaNews
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
OnCubaNews
ES / EN
ADVERTISEMENT
Home Cuba

Sherritt ratifies Cuba’s commitment to pay its debt to the company

The amount of the debt amounts to about 150 million dollars, which will be paid by Cuba in monthly installments of an average 2.5 million dollars as of May 2019.

by OnCuba Staff, OnCuba editorial staff
June 15, 2019
in Cuba
0
Moa Plant JV. Photo: Sherritt International.

Moa Plant JV. Photo: Sherritt International.

A press release by Sherritt International ratified that its Cuban partners “have formally ratified an overdue receivables agreement for repayment of amounts owed” worth 150 million dollars, of which they have made the first monthly payment of 2.6 million.

According to Sherritt, the amounts owed by Cuba include a loan provided by Sherritt to fund the expansion of power production facilities at Boca de Jaruco.

“Ratification of the overdue receivables agreement by our Cuban partners is an important step in addressing our Cuban receivables issues,” said David Pathe, President and CEO of Sherritt International.

“We would like to thank our Cuban partners and government officials for their efforts in ratifying the agreement in light of recent geopolitical developments that have impacted the country. We continue to work with our Cuban partners to try to ensure that current receivables are paid on a timely basis,” continued Pathe.

Díaz-Canel and Sherritt CEO confirm stability of investments

At the beginning of last May, Cuban President Miguel Díaz-Canel met with Pathe and at the end of the meeting they confirmed the stability and “good progress” of the joint investments.

Related Posts

Antonio Guiteras Thermoelectric Power Plant, in Matanzas. Photo: YouTube/Archive.

Guiteras thermoelectric plant stops operations as result of fire in Matanzas

August 10, 2022
Fire in Matanzas. Photo: Yamil Lage/AFP. Taken from DW.

Fire in Matanzas, challenges for health

August 10, 2022
Photo: Otmaro Rodríguez

Rate of 120 and “fundamentals” of economy

August 9, 2022
Pope Francis. Photo: El Mundo.

Pope Francis laments serious fire in Cuba and conveys message to people

August 9, 2022

The corporate message now gives more details about an agreement between Sherritt and the Cuban government under which the Canadian company will receive Cuban payments for an average of 2.5 million dollars per month as of May 2019.

It also reports that the agreement with Cuba establishes that Sherritt will receive 100% of available distributions from the Moa Joint Venture (JV) once each partner has received a minimum amount of distributions, adding that “the minimum dividend threshold for 2020 is currently under discussion.”

Business relations between Sherritt International and Cuba date back to almost 25 years.

The Canadian company hopes to maintain cooperation and mentioned the production of nickel and cobalt in relation to the growing demand for these metals on the international market for the production of electric vehicle batteries.

Authors

OnCuba Staff, OnCuba editorial staff
Tags: cuban economy in 2019Sherritt
Previous Post

Cuba and France to strengthen bilateral dialogue

Next Post

San Cristóbal, from Obama to Trump

OnCuba Staff

OnCuba Staff

OnCuba Staff

OnCuba Staff

Next Post
Photo of the historic visit of former U.S. President Barack Obama (left) in March 2016 at Havana’s San Cristóbal Restaurant, where he is greeting its owner, chef Carlos Cristóbal Márquez (center). The image is kept in the restaurant. Photo: Otmaro Rodríguez.

San Cristóbal, from Obama to Trump

Construction workers at a new hotel being built in Havana. Photo: Kaloian

Díaz-Canel ratifies decentralization of Cuban economy by 2020

Photo: Spencer Platt / Getty Images.

First the works, then the legacies

Leave a Reply Cancel reply

The conversation here is moderated according to OnCuba News discussion guidelines. Please read the Comment Policy before joining the discussion.

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Most Read

  • Windows of a Metropolitan Bank. Photo: BBC.

    Cuba: purchase of foreign currency from population announced

    26 shares
    Share 10 Tweet 7
  • Fire in industrial zone of Matanzas

    26 shares
    Share 10 Tweet 7
  • The Enchanted Shrimp of the Cuban Dance

    853 shares
    Share 341 Tweet 213
  • Fire in Matanzas (in photos)

    10 shares
    Share 4 Tweet 3
  • Mexico is willing to send more help to face the fire in Matanzas

    7 shares
    Share 3 Tweet 2

Most Commented

    • About us
    • Work with OnCuba
    • Terms of use
    • Privacy Policy
    • Moderation policy for comments
    • Contact us
    • Advertisement offers

    OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
    OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

    No Result
    View All Result
    • World
    • Cuba
    • Cuba-USA
    • Opinion
      • Columns
      • Infographic
    • Culture
      • Billboard
    • Sports
    • Styles / Trends
    • Media
    • Special
    • Cuban Flavors

    OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
    OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

    Go to mobile version