Cuba Business

Cuba finds foreign investors for Nickel industry

Posted March 15, 2005 by publisher in Cuba Business.

Cuba is promoting foreign investments in the nickel industry, with an eye to guaranteeing growth in that economic sector.

One of the latest actions taken in that direction is the signing of an agreement with the Canadian firm Sherrit International, with the goal of increasing production at the joint venture Moa Níquel.

The accord includes the technological modernization of a refinery in Canada that will process the mineral supplied by the Cuban company.

The project will require an investment of 450 million dollars, which will be shared 50-50 by Sherrit International and Cuba.

Sources from the sector pointed out that after the signing of the agreement, annual production at the Pedro Soto Alba plant will increase by 16,000 tons of nickel and cobalt.

In addition, production at the Ernesto Che Guevara and Rene Ramos Latour plants will also increase by virtue of an agreement recently signed with a Chinese company, so Cuba’s output of nickel and cobalt will rise to 120,000 tons a year in a medium term.

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