Cuba has begun to shut down its nickel industry in preparation for Hurricane Irma, state-run television said on Thursday.
Cuba Mining News
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.
Cuba plans to produce 54,500 tonnes of nickel and cobalt sulfides this year, state-run television said at the weekend.
Tragedy struck Canadian company Sherritt (TSX:S) on Tuesday, with news that a bridge collapsed, killing four workers.
Cuba, the world’s sixth largest nickel producer and one of the top 10 nickel mining countries, also holds significant deposits of other minerals and oil, new U.S. Geological Survey report shows.
Sherritt International (TSX:S), the natural resources company with extensive operations in Cuba, saw a whopping 42.9 percent gain between last Monday and Friday, resulting from an announced thaw in US-Cuba relations.
But natural resource industry exempt.
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Toronto-based Sherritt International had a rough quarter, revealing on Wednesday a 50% drop in earnings from $63 million to $32 million when measured against the same quarter of 2011.
Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) today announced changes to the leadership of its senior management team, effective February 1, 2012.
Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.
Canadian mining and energy company Sherritt is expecting production declines in Cuba in 2011, Cuba Standard reported: Sherritt, Cuba’s largest foreign investor, said in its fourth-quarter financial report that it expects moderate production declines in […]