mining products in cuba

mining products in cuba

Cuba: Mining, Minerals and Fuel Resources

The chief mineral resources produced in Cuba, which aided its economy in 2010, were nickel and cobalt. The mining sector also produces other minerals including cement, feldspar, gypsum, iron ore, lime, limestone, asphalt, bentonite, chromite, zeolite, marble, steel, and sulfuric acid. The national map of Cuba. Image Credits: CIA Factbook

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Gold, copper and zinc deposits had been found in the central province of Villa Clara in the 1900s. Reports state that the Delita concession on the Isla de la Juventud has around 1.5 million ounces of gold and that the government is planning to construct an open pit mine. A joint venture was formed between the government of Cuba holding 51% interest and the government of Venezuela holding 49% interest to renovate the 68,000 Mt/yr Las Camariocas ferronickel plant by spending $700 million.

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Cobalt is one of Cubas most important exports. Although the price of cobalt is expected to increase, Cuba predicts that both their nickel and cobalt sulfide production will exceed 50,000 tons in the coming year.

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About 33% of Cubas domestic petroleum demand is met by near offshore and onshore production of extra heavy crude oil. The remaining oil demands for this nation is met through imports from Venezuela. A majority of Cubas petroleum production is conducted east of Havana and along the northern coastlines of the Matanzas and Mayabeque provinces. Sherritt International Corporation, which has acquired 40% to 100% of indirect interest in many of Cubas petroleum production sharing contracts, remains heavily involved in Cubas petroleum production processes at these locations. Cubas government currently has 86 purely petroleum based projects, which is the largest number of products that any industrial sector in this nation has been provided in recent history. By 2030, Cuba hopes to increase their share of electricity produced by renewable resources to 24%, which is comparable to the 4% of renewable energy sources used for this purpose in 2014.

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Cubas mining sector has to be properly upgraded to attract more foreign investments. This rush in investment in Cubas minerals has been further supported as a result of the reconciliation that the Caribbean nation has recently accomplished with the United States of America. There are currently an estimated 240 Cuban mining and energy projects that are anticipated to gain foreign investment in the near future. In February 2012, Repsol YPF, a Spanish oil company began drilling the first well in Cuba. This exploration of Cubas offshore oilfields was much awaited and welcomed by the country. The exploration activities will also include Norways Statoil and ONGC Videsh . The country however will have to provide a more conducive and secure environment for investors. Hopefully, the current efforts taken by the government to relax its policies to a small extent will be favorable for the progress of its mining sector. Disclaimer:The Author of thi...

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Cubas new constitution could reshape government, economy, rights NBC NewsInternational Minerals Statistics and Information USGSRecent Trends in Cubas Mining and Petroleum Industries USGSCuba The United States Central Intelligence Agency

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