Hello Pat. I bought New Gold on your recommendation and made some gains. Would you please comment on Sherritt International? I bought the stock after President Obama eased relations with Cuba. Should I sell for a small gain or hold on? Thanks and best regards.
Sherritt International, $5.24, symbol S on Toronto (Shares outstanding: 293.1 million; Market cap: $1.5 billion), is up over 65% since April 14. That’s when President Obama announced an easing of restrictions on American relations with Cuba.
The U.S. is maintaining its 47-year-old trade embargo, but Obama plans to allow Cubans living in the U.S. to make unlimited trips and money transfers to family members on the island. Until now, Cubans living in the United States had been allowed to travel to the island once a year and could send only $1,200 per person in cash to family members in Cuba. Obama also plans to allow U.S. telecommunications firms to bid for Cuban contracts.
Sherritt gets around 65% of its revenue and 82% of its earnings from Cuba, making it the country’s largest foreign investor. The company’s interests include the Moa nickel-cobalt mine, which is a 50/50 joint venture with the Cuban government. Sherritt also produces approximately two-thirds of Cuba’s oil and holds…
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