Cuba’s new mine marks first foreign joint venture in 20 years

A new zinc and lead mine has opened in Cuba. It’s the

first foreign financed mining joint venture on the island in more than

20 years.

The 300 million dollar Emincar mine and

processing project is a joint venture between the Cuban government and

Trafigura, a Singapore-registered, Swiss-headquartered mining and oil

trading conglomerate of Dutch origin.

“The Russians

took a look at it but never developed it. Then Trafigura came along

through a feasibility study and revised economics and a new way of doing

the project. We managed to make it an economical project and brought it

into production,” Daniel Vanin, Trafigura Chief Operating Officer said.

Ore

extraction from the open cast mine began in July. The downstream

processing plant, which will turn the rock into zinc and lead

concentrate for export, is still under construction. The plant is due to

become fully operational in October, providing jobs for almost 500

people.