The Cuban Nickel industry closed the year 2024 without fulfilling the plans in concepts of production, export and contributions to the state coffers; Nor did he manage to promote investment strategies.
Leonardo René Rosel López, General Director of Cubaniquel, confirmed that the production of this mineral was 83.3 % of the planned, according to statements in the RadioTelevisive program Round table, reviewed by the agency Latin press (PL).
|| The nickel is a great relevance for the world economy used in various industries and Cuba is considered the fifth reserve of the world, said the mining director of the Ministry of Energy and Mines (Minem), Juan Ruiz. https://t.co/bfmpsgfevm
– Latin press (@prensalatina_cu) February 12, 2025
As for export sales, the figures were even more discreet, standing at just 68 %, while the income committed to the country remained at 75.6 %. The managers, however, did not mention the numbers collected in the annual projection.
The manager explained that in this complex situation he has influenced “the fall in nickel prices and cobalt at the international level, as well as the three disconnections of the national electroenergetic system.”
He also emphasized that during the past year the mixed company, with the participation of the Canadian firm Sherrit International, “had an austerity process that slowed its growth and the investments” projected.
“It was necessary to be able to sustain costs and stay operating,” said Rosel López, before highlighting that in the other completely Cuban plant another “contingency plan” was also implemented to reduce costs and sustain industry operations.
When addressing this issue, Juan Ruiz, mining director of the Ministry of Energy and Mines (Mindem), said that “it is influenced by the geopolitical situation and at the moment there is an impact for the supply and demand of the mineral.”
According to independent media, Sherritt International’s operations on the island go through a bad time due to the energy crisis, the stampede of personnel and the non -payment of the Cuban government.
In this way, the main fears of the Canadian company are fulfilled, which through a release At the end of October he maintained his forecasts with respect to 2024, although he warned that “a series of factors could cause real results, conditions or events to differ materially from the objectives, expectations, estimates or intentions expressed.”
Sherritt with “full operational capacity” in Moa, but warns of “risks” and “uncertainties”
In that sense, he mentioned the power cuts, the fluctuations of the stock market, environmental and regulatory laws in Cuba, as well as the volatility of prices and the level of liquidity.
Cuba has lateritic deposits, rich in iron, and also contain lithium and cobalt, located mainly in the eastern area in the regions of Moa, Nicaro, Mayarí and in the province of Camaguey.
The nickel is a great relevance for the world economy used in various industries and the country is considered the fifth reserve of the orb, according to the expert criteria.
The main deposits are located in Holguín territory and the exploitation is concentrated in the Pedro Sotto Alba plants, operated by the Mo -company Moa Nickel SA, between Cuba and Sherrit International, and Ernesto Che Guevara, completely with Cuban capital.
Figures managed in the middle of last year by the IPS agency indicated that since 2012 the production of nickel in Cuba has been descending year after year due to lack of investments.
In 2016 there were around 50 thousand metric tons of nickel, while currently 30 thousand tons are reached.
