Former owners seek compensation for seized Cuba nickle mines

Former owners seek compensation for seized Cuba nickle mines
Michael Voss@mvosscuba
June 27, 2016

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.

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.

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Source: Former owners seek compensation for seized Cuba nickle mines |
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http://www.cctv-america.com/2016/06/27/former-owners-seek-compensation-for-seized-cuba-nickle-mines