Antilles Gold Ltd. (ANTMF), an Australian miner developing a gold and copper project in Cuba, has proposed selling a controlling interest in its Cuban joint venture mine to a US investor as it seeks a possible path to lift US sanctions. The company said chairman Brian Johnson submitted a proposal to the US Department of State that would hand control of the joint venture vehicle to an acceptable US investor or investors, with Antilles saying it was encouraged by the Trump administration's response.
Antilles currently owns a 50% stake in Minera La Victoria SA, the vehicle developing the Nueva Sabana gold and copper mine alongside GeoMinera SA, a Cuban state-owned mining partner. The project was forced to shut down after the US sanctioned GeoMinera in June, creating a major setback for Antilles and raising the importance of any structure that could possibly satisfy US concerns while allowing development to resume.
Investors may view the proposal as an early but still uncertain attempt to protect Antilles' Cuban mining exposure, since the next step would require a cornerstone US investor to approach the Department of State directly and secure approval. The plan would also need approval from Antilles shareholders and Cuban authorities, while the move follows similar divestment measures by Sherritt International Corp., another miner with Cuban sanctions exposure, as President Donald Trump's tougher Cuba policy continues to pressure mining ventures tied to the country.