Former owners seek compensation for seized Cuba nickle mines

Cuba

Former owners seek compensation for seized Cuba nickle mines  2

Cuba’s most well-known exports may be cigars, rum and sugar, but its nickel deposits are earning the country more than all those combined.

Now Cuba’s, biggest nickel mine has also become one of the biggest compensation claims from its former American owners.

CCTV America’s Michael Voss has just returned from the first authorized foreign press trip the Cuban authorities have ever allowed to the mines.

Former owners seek compensation for seized Cuba nickle mines

Former owners seek compensation for seized Cuba nickle mines

Cuba's most well-known exports may be cigars, rum and sugar, but its nickel deposits are earning the country more than all those combined.

Moa, near the eastern tip of Cuba is home to the country’s largest open cast mines.

Nickel is one of Cuba’s few natural resources and it’s long been one of the country’s top export earners.

But global nickel prices are at a five year low; this has impacted not just on revenues but also delayed much needed modernization of the processing facilities which could help boost production. A new acid production plant is finally nearing completion, financed by the Canadian joint venture partner, Sherritt International.

But plans to extend the oldest section were put on hold when Nickel prices fell.

Nickel is an important component in the manufacture of stainless steel. The Moa mine also produces cobalt, used to make alloys for jet engines.

The U.S. is a major importer of both metals. Its nearest supplier could, in the future, be Cuba.