From our Bureau of Notorious Latrine American Debtor Nations with some assistance from our Bureau of Parasitic Dictatorships and Thirsty Canadian Vampires
Ha! How’s this for a deal? Canadian mining firm Sherritt, which has partnered with Castro, Inc. to extract valuable minerals from mines stolen from their Cuban owners, has not been paid the 260 million U.S. dollars owed to it by its business partner.
So . . . in lieu of money, Castro, Inc. will now allow Sherritt to take cobalt directly. That’s right. Canadians will keep all the cobalt they mine until the 260 million bucks are paid.
Never mind the fact that all that cobalt was stolen from its rightful owners six decades ago. This is what socialists mean by “social justice”. . .
Loosely translated from Diario de Cuba
The Canadian firm Sherritt International agreed with the Cuban government to settle a debt of a total of 362 million Canadian dollars (260 million US dollars) in five years and as of January 1, 2023, published the specialized site Minería online.
The agreements, known as “cobalt exchange”, will allow the joint venture that the company has in Moa, Holguín, to prioritize dividend payments in the form of finished cobalt to each partner, and each partner’s share of these cobalt dividends it will be redirected to Sherritt as payment of the debt.
“We have been able to negotiate agreements that establish an effective schedule for the total repayment of outstanding debts by our Cuban partners within a period of five years, and we believe that this puts an end to the historical uncertainty of repayment,” said Leon Binedell. , president and CEO of Sherritt, in a press release.
“Combined with Sherritt’s portion of the dividends, this is expected to provide significant cash flow to meet our strategic priorities of reducing debt and aggressively expanding our business,” he added.
General Nickel Company (GNC), Sherritt’s partner in the Moa joint venture, has agreed to assume certain liabilities owed by the state-owned Union Cuba Petróleo (CUPET) and Energás SA in order to fully reimburse outstanding amounts during the five-year period. . In turn, GNC will enter into payment agreements for an amount equivalent to the liabilities with the Cuban partners. This includes the Energás conditional sale agreement receivable of $243.7 million and CUPET’s trade accounts receivable of $21.6 million, the paper said.
Starting in 2023, the Moa-based joint venture expects to distribute a maximum of 2,082 tons of finished cobalt annually—or about 60% of current production—to the joint venture partners. Consequently, Sherritt expects to receive a maximum of 1,041 tonnes of finished cobalt dividends per year in respect of its 50% stake in the business.
continue reading HERE in Spanish
And what do the ever-so-righteous Canadians have to say about Sherritt dealing in stolen property? Nothing.
The ever-so-righteous Canadians, also, don’t care that Sherritt is not allowed [for environmental reasons] to strip mine in Canada like they are doing in Cuba.
Ah, but the rules are different for third-world shitholes, especially “revolutionary” ones.