Sherritt International Corp will not be materially impacted by the Trump administration's decision to allow lawsuits in U.S. courts against foreign firms in Cuba, the Canadian mining firm said on Wednesday.
The Trump administration will allow lawsuits in U.S. courts for the first time against foreign companies that use properties confiscated by Communist-ruled Cuba since Fidel Castro's revolution six decades ago, Secretary of State Mike Pompeo said.
Toronto-based Sherritt, which is among foreign companies heavily invested in Cuba, said it would continue to operate as usual and would focus on meeting its nickel/cobalt production targets.
U.S. President Donald Trump threatened in January to allow a law that has been suspended since its creation in 1996, permitting Cuban-Americans and other U.S. citizens to sue foreign companies doing business in Cuba over property seized decades ago by the Cuban government.
The complete lifting of the ban could allow billions of dollars in legal claims to move forward in U.S. courts and likely antagonize Canada and Europe, whose companies have significant business holdings in Cuba.
(By Aakash Jagadeesh Babu; Editing by James Emmanuel)