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Cuban mining signs more deals

Regional 22 Mar, 2021 Follow News

Cuba’s expanding mining industry helps the economy

Cuba’s mining industry is in line for millions of dollars’ extra revenue following recent partnership deals.

Cuba has signed several agreements with overseas companies in the past six months, despite COVID-19 challenges. While mining remains a state-controlled activity in Cuba, foreign companies have been active in the sector for decades.

Partnerships include the Moa mine in a deal between Canada’s Sherritt International and Cuba’s state-run General Nickel Company, which produces huge quantities of nickel and cobalt. Australian mining companies have sealed two deals in Cuba in recent months.

In September, Caribe Metals Corporation and Cuban state-run miner Geominera formed the Minera del Sur deal, focused on tailings at historical copper mine El Cobre.

Meanwhile, Cuban President Miguel Díaz-Canel has taken steps to overhaul the economy, which has struggled amid a slump in tourism during the pandemic.

These include scrapping the US dollar-pegged convertible peso and updating the list of activities self-employed Cuban nationals are allowed to undertake.

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