Manika wrote: Tomorrow is a big day, once everyone knows that interest rate is not going anywhere, commodities are going to fly up atleast for 1 or 2 days

Discussions between the U.S. and Cuba to settle the certified claims began after former President Barack Obama restored full diplomatic relations with the island in 2015. It’s unclear what Trump’s tightening of the embargo, by enforcing a provision of the Helms-Burton Act for the first time ever, will do to that process, but Pathe isn’t worried.

“We don’t believe there’s any basis on which a U.S. court could assert jurisdiction over Sherritt if anybody were to commence a lawsuit in U.S. court,” the chief executive said by phone from Toronto. The Canadian government, which toughened a law protecting companies against extraterritorial American judgments after Helms-Burton was passed in 1996, condemned Trump’s move in tandem with the European Union.

Miner's shares are no longer keeping up with nickel prices

Canada’s biggest investor on the island -- now a penny stock, with its shares down more than 50 percent so far this year -- is feeling the pinch of Cuba’s dire economic straits. The crisis in Venezuela has choked off oil imports, which Havana bartered for by sending doctors, nurses and teachers to Caracas. Trump’s decision to cap remittances and restrict U.S. travel will take even more hard currency out of circulation.

Pathe and other top Sherritt officials are already barred from entering the U.S. under a different section of Helms-Burton and the company has deliberately avoided any American ties because of the sanctions. It had $170 million in overdue receivables on its books in the first quarter, Pathe said, noting that balance has climbed as high as $240 million in the past, only to be paid eventually. “The Cubans have had a foreign currency access issue for the last 50 or 60 years. It’s something they’ve always muddled through on.”

In addition to the nickel mine it’s operated in partnership with the Cuban government since 1994, Sherritt generates electricity at a plant outside Havana and has oil operations near Varadero. “At the moment we’re actually drilling on a new block, which will be a big source of our future production,” Pathe said.

Cuba is particularly keen on the latter project. “Any barrel they can produce in country is one less barrel they need to spend hard currency importing,” he said.