Sherritt International Corp. has entered into a non-binding agreement with Gillon Capital LLC, the family office of a former Trump administration adviser, to potentially acquire a controlling interest in the company. The Canadian mining firm disclosed that the preliminary arrangement involves Gillon holding a warrant that permits it to purchase sufficient shares to secure a 55% ownership stake in Sherritt.
Should the agreement materialize, Sherritt anticipates that the acquisition price offered by Gillon will be below the company’s closing stock price on May 15. Facing escalating pressure from U.S. sanctions targeting its operations in Cuba, Sherritt has been navigating challenges such as a de facto fuel blockade, military threats, and expanded sanctions, compelling international entities to exit the country.
Recently, Sherritt, headquartered in Toronto, announced the decision to retain its Cuban interests, including a partnership with Nickel Company S.A., a Cuban state-owned nickel firm, reversing an earlier plan to dissolve these ties following U.S. sanctions on the joint venture.
Gillon, associated with the Washburne family, has Ray Washburne, who served as the head of the U.S. development bank and a member of the president’s intelligence advisory board during the Trump administration. In light of the agreement, Sherritt confirmed that the U.S. Departments of State and Treasury have not raised objections to Gillon’s discussions with the company, although the finalization of any transaction would necessitate their approval.
