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Cuba: More Canadian investment in nickel and cobalt mines to come

Cuba: More Canadian investment in nickel and cobalt mines to come

2022-04-20

Cuba: More Canadian investment in nickel and cobalt mines to come

According to Cuba's Latin American news agency (Prensa?Latina), Canadian mining company Sherritt International will increase investment in Cuban nickel and cobalt mines. At present, the annual production of nickel and cobalt mines in Moa and Holguín mines in Cuba is about 35,000 tons, and the output value is expected to increase by 20% after increasing investment.

According to Bloomberg, the demand for nickel and cobalt ore (durable battery electrode material) is also growing with the rapid rise of the electric vehicle market that requires more durable batteries. Leon Binedell, the new president of Sherritt International, visited Cuba in October 2021. Binedell expressed his hope to improve the country's nickel and cobalt mines and said the company would seek low-cost, low-risk investments Way to continue to increase production profit.


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