- Title: Cuba seeks to revive mining sector with new lead and zinc mine
- Date: 22nd July 2017
- Summary: PINAR DEL RIO, CUBA (JULY 20, 2017) (REUTERS) MINING VEHICLES WORKING ON CASTELLANOS METALS MINE PROJECT MINING VEHICLE BREAKING EARTH AT PROJECT VARIOUS OF EARTHMOVING VEHICLES MOVING ROCKS AND MINERALS (SOUNDBITE) (Spanish) EMINCAR (CARIBBEAN MINING COMPANY) GENERAL DIRECTOR, JOSE VILA, SAYING: "The main objective and our interest is in the deposits of lead and zinc." MORE OF MINING VEHICLE BREAKING EARTH AT SITE VARIOUS OF VEHICLES CARRYING HEAVY ROCKS AND MINERALS (SOUNDBITE) (Spanish) EMINCAR (CARIBBEAN MINING COMPANY) GENERAL DIRECTOR, JOSE VILA, SAYING: "$278 million (US) will be the final cost of the direct investment to get 100,000 tonnes of zinc in the year and about 50,000 tonnes of lead in the year for export." VARIOUS OF COLLECTION OF MINERS VARIOUS OF ROCK-CRUSHING MACHINE (SOUNDBITE) (Spanish) MECHANIC OF MINING MILL, GUILLERMO FAVELO GARCIA, SAYING: "This is a step forward for the town, the biggest (step forward). The workers here are poor so economically it is a big step forward for the economy of this town." VARIOUS OF VEHICLES CARRYING EARTH AND MINERALS MINING VEHICLES WORKING AT SITE
- Embargoed: 5th August 2017 16:49
- Keywords: October facility mining project mining industry zinc mine Cuba new mine production market industry
- Location: PINAR DEL RIO, CUBA
- City: PINAR DEL RIO, CUBA
- Country: Cuba
- Topics: Economic Events
- Reuters ID: LVA0016QSS11F
- Aspect Ratio: 16:9
- Story Text: A new lead and zinc mine in northwestern Cuba is on track to start production in October as part of the Caribbean island's attempt to breathe fresh life in its mining sector, the joint venture Emincar overseeing the project said this week.
While nickel exports are already one of Cuba's main foreign currency earners, the cash-strapped country has untapped potential in other mineral deposits, according to the U.S. Geological Survey.
The $278 million dollar Castellanos mine will produce annually 100,000 tonnes of zinc concentrate and 50,000 tonnes of lead concentrate, said executives at Emincar, the venture between Swiss-based commodities giant Trafigura and Cuban state firm Geominera.
Many mines, including a gold mine at the site of the new Castellanos mine, were abandoned in the 1990s and 2000s in the wake of the fall of then key-ally the Soviet Union, the collapse of the economy and low commodities prices.
The Castellanos mine holds reserves for 11 years of exploitation, while the nearby Santa Lucia deposit has enough for another 10 years, Vila said. Emincar will go on to exploit that deposit, tweaking its factory accordingly, once the Castellanos mine is exhausted.
Cuba hopes foreign investment will boost its economy that managed to climb out of a recession in the first half of 2017. The island is under severe strain due to lower exports and a drop in cheap oil shipments from ally Venezuela. - Copyright Holder: REUTERS
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