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April Thursday

Cuba and Australia discuss business opportunities



HAVANA, Cuba, Feb 24 (ACN) Cuban and Australian professionals will hold today an international seminar on business opportunities in the Cuban mining and oil industry of great interest to Australian investors, said Juan Ruiz Quintana, General Director of Mining of the Ministry of Energy and Mines (MINEM).

Cuba will be represented by the enterprises Cuba Petróleo (CUPET), Geominero-Salinero (GEOMINSAL) and Cubaníquel, whereas the Australian side will include Remo Moretta, Australia's ambassador for Mexico and Cuba; Kim Prior, director of Prior Industries; and Andrew Purcell, Executive of Melbana Energy Limited, among others.
Both countries will state their political will of the two nations to strengthen trade relations in this important sector. Last December, the Cuban trading company Commercial Caribbean Nickel S.A. and the Australian company Caribe Metals Corporation Pty Limited (CMC) signed in Havana an International Economic Association contract to study the feasibility of a mining project in western Cuba which holds 51 million tons of lateritic nickel and cobalt mineral, used to make marketable products.
MINES remarks that the said agreement, valid for three years, entails pre-investment studies on the exploitation of nickel, cobalt, iron, chromium and other metals of commercial value found in this part of the country and the establishment of a Joint Venture in charge of executing the project, always observing all Cuban environmental standards.
The private company CMC has built and operated several of its own mines around the world and is aware of the importance of fostering good working relationships with local governments and their communities.
CMC intends to continue this policy and its team 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.

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