Sherritt International Corp. has entered a non-binding deal with Gillon Capital LLC, the family office of a former Trump administration adviser, for Gillon to acquire a controlling interest in the company. The Canadian mining firm disclosed that the preliminary agreement involves Gillon holding a warrant enabling it to purchase enough shares to secure a 55 percent ownership in Sherritt. If finalized, Sherritt anticipates that Gillon’s acquisition price will be below the stock’s closing price on May 15.
Facing challenges from U.S. sanctions against its Cuban operations, Sherritt has experienced significant pressure. The Trump administration has imposed measures that Sherritt considers a de facto fuel blockade, along with threats of military intervention and expanded sanctions, compelling international entities to exit the Cuban market. Recently, Sherritt, headquartered in Toronto, announced the decision to retain its Cuban interests, including a partnership with Nickel Company S.A., a government-owned Cuban nickel enterprise, reversing the initial plan to dissolve these ties following U.S. sanctions on the joint venture.
Gillon represents the Washburne family, with Ray Washburne having previously been appointed by President Donald Trump to lead the U.S. development bank from 2017 to 2019 and subsequently serving on the president’s intelligence advisory board. Sherritt has stated that the U.S. Departments of State and Treasury have no objections to Gillon’s discussions with the company, but any formal agreement would necessitate their approval.