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Sherritt surges as Obama ends US isolation of Cuba

U.S. President Barack Obama's call for a "new approach" in Washington's relationship with Cuba, including the establishment of diplomatic relations and an easing of economic and travel restrictions, lifted the shares of Sherritt...



U.S. President Barack Obama’s call for a “new approach” in Washington’s relationship with Cuba, including the establishment of diplomatic relations and an easing of economic and travel restrictions, lifted the shares of Sherritt International (TSX: S), which has operated in the shunned island state for more than two decades.

The Toronto-based mining company is the largest independent energy producer in Cuba and its oil and gas business there accounted for 26%, or $219.7 million, of Sherritt’s $858 million in adjusted revenue during the first nine months of 2014.

“We have a unique position in Cuba – we’re the most successful investor – and we see that as a differentiating characteristic,” David Pathe, Sherritt’s president and CEO, said in an interview on Dec. 15, a day before Obama announced he was ending America’s “outdated approach” to the communist country.

Read the complete article at NorthernMiner.com/news/sherritt