Australia and Cuba Discuss Opportunities in Mining and Oil

Cuba and Australia recently held an international seminar to discuss business opportunities in the mining and oil sectors of Cuba. Juan Ruiz Quintana, General Director, Mining at the Ministry of Energy and Mines (MINEM) said the two countries are interested in strengthening relations in the sectors.

Representatives from Cuba Petróleo (CUPET), Geominero-Salinero (GEOMINSAL), and Cubaníquel, met with Remo Moretta, Australia’s ambassador to Mexico and Cuba; Kim Prior, director of Prior Industries; and Andrew Purcell, Executive of Melbana Energy Limited, and others took part.

In 2020, despite the problems associated with the COVID-19 pandemic, two Joint Ventures and an International Economic Association in ​​mining with Australian investment took place for exploration and potential exploitation of gold, copper and nickel deposits in Cuba.

Last December, the Cuban trading company Commercial Caribbean Nickel S.A. and the Australian company Caribe Metals Corporation Pty Limited (CMC) signed an International Economic Association contract to study the feasibility of a mining project in western Cuba which is estimated to hold 51 million tons of lateritic nickel and cobalt mineral.

MINEM said the agreement, valid for three years, includes pre-investment studies on the exploitation of nickel, cobalt, iron, chromium and other metals of commercial value found in western Cuba. The establishment of a Joint Venture to execute the project, will follow Cuban environmental standards.

CMC which operates several mines around the world is aware of the importance of fostering good working relationships with local governments and communities.

CMC intends to continue this policy. The company expects to work together with qualified Cuban professionals to carry out a standard JORC (International Classification System for Ore Resources and Mineral Reserves) geological survey and drilling program in western Cuba.