Over 240 Mining Projects Waiting for Investors in Cuba

Mining.com reported that there are 246 mining and energy projects hoping to attract capital and be developed in Cuba, which is the worlds sixth largest nickel producer, according to the US Geological Survey.

As quoted in the market news:

While mineral production is largely state-controlled, the government has taken steps to change its old mining laws.

As a result, Canadians companies already have a presence in Cuba’s mining sector. One of them is Calgary-based miner Sherritt International (TSX: S), the Latin American country’s largest foreign investor, with nickel mining, oil-and-gas and electricity interests. The ore the Toronto-based firm extracts there — under a joint venture with the country’s government — is refined in Fort Saskatchewan, Alberta, but because of the U.S. embargo, none of that refined nickel is allowed south of the border.

Nickel remains one of the country’s main sources of foreign income, along with tourism. Despite such barrier, the USGS report shows that nickel remains one of the country’s main sources of foreign income, along with tourism.

Click here to read the full Mining.com report.