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Sherritt agrees to sell stake in Cuba mining business to company linked to former Trump adviser

By The Associated Press

TORONTO (AP) — Canadian miner Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC, a family office linked to a former adviser of U.S. President Donald Trump, that would allow Gillon to buy a majority stake in the company as it navigates sanctions on its operations in Cuba.

The company’s announcement Wednesday comes a day after the Toronto-based Sherritt said it is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week amid expanded U.S. sanctions on the country.

The preliminary private placement deal would see Gillon hold a warrant that would allow it to buy enough shares to give it a 55% stake in the company. If the deal goes ahead, Sherritt says it expects the price paid by Gillon will be at a discount to its closing share price on May 15.

Sherritt, which has a 32-year presence on the island, suspended direct participation in its Moa joint venture in Cuba earlier this month after the U.S. ramped up pressure on the Caribbean country.

Gillon is the family office for the Washburne family. Ray Washburne was appointed by Trump as head of the U.S. development bank known as Overseas Private Investment Corporation from 2017 to 2019. He later served as a member of the president’s intelligence advisory board. He was vice chairman of the Trump Victory Committee in 2016 and has been a major Republican fundraiser.

Gillon did not immediately respond to a request for comment.

In connection with the agreement, Sherritt says it has confirmed that the U.S. State and Treasury Departments do not object to Gillon’s talks with the company, but that any deal would require their approval.

“Sherritt has engaged constructively with the United States Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital’s engagement in negotiations with the Corporation and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law,” Sherritt said in a statement.

Iran attacks Bahrain and Kuwait following US strikes, threatens to end talks to end the war

By The Associated Press
DUBAI, United Arab Emirates (AP) — Iran's paramilitary Revolutionary Guard launched drone and missile attacks Sunday targeting Bahrain and Kuwait in response to U.S. airstrikes that hit the Islamic Republic, and threatened a “complete halt” could come to negotiations to end the war if Washington continues its attacks. Efforts to reopen the Strait of Hormuz, the narrow mouth of the Persian Gulf that once carried a fifth of the world's oil and natural gas, without Iran's direct oversight sparked the crossfire now gripping the region. A multinational maritime body overseen by the U.S. Navy said Saturday that it would expand a route near Oman in the Strait of Hormuz to allow for both inbound and outbound traffic — setting up a new flashpoint with Tehran. Iran insists it alone must govern the strait after the war, upending decades of the world considering that the strait was international waters free for all, despite its sitting in Iran and Oman's territorial waters. Tehran has twice attacked vessels going through the Oman route, backed by a United Nations agency, in recent days. Early Sunday, the U.S. military’s Central Command said it struck Iranian military “surveillance infrastructure, communication systems, air defense sites, drone storage facilities and minelayer capabilities” following an attack on a ship at sea early Saturday morning. That ship, the Panamanian-flagged tanker Kiku, carried crude oil for the state-run energy company of Qatar, a key negotiator between Iran and the United States.
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