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The Cuban regime has declared the termination of several mining concessions in the country, according to what is published in the Official Gazette of the Republic of Cuba.
The Executive Committee of the Council of Ministers made the decision at the beginning of this month, declaring "the ground open" for several mining operations and inviting new applications for their use.
Among the revoked concessions are those granted to the commercial companies COMMERCIAL CARIBBEAN NICKEL S.A., GOLD CARIBBEAN MINING S.A., Geominera Camagüey, and Metal-Mecánica Varona.
The agreement is based on Law 76 "Mining Law," dated December 21, 1994, which allows the Council of Ministers to terminate mining concessions once the geological exploration periods have expired.
Article 60 of that regulation justifies the decision based on the grounds of expiration of term.
Affected companies and granted areas
-COMMERCIAL CARIBBEAN NICKEL S.A.:
It operated in the San Felipe III area, in the municipalities of Camagüey, Florida, and Esmeralda.
It extracted minerals such as limonite and serpentine containing iron, nickel, cobalt, aluminum, chromium, and magnesium.
The concession, in effect since 2013, was extended until its expiration in November 2024.
-GOLD CARIBBEAN MINING S.A.:
I was conducting geological research in the Florencia-Maclama-Golden Hills area, in the municipalities of Guáimaro (Camagüey) and Jobabo (Las Tunas).
His activity focused on the study of gold, silver, copper, lead, and zinc.
Its concession, granted in 2021, expired without the possibility of renewal.
- Geominera Camagüey Company:
I was exploring and prospecting for gold in the Guáimaro-Las Tunas area, with a presence in Guáimaro (Camagüey), Colombia, Jobabo, and Las Tunas (Las Tunas).
Its concession, which was extended twice, expired in December 2024.
-Varona Metal-Mechanical Company:
He was dedicated to the research of metallic minerals in the Iron-Scandium area, in Moa, Holguín.
He was analyzing processing queues at the "Comandante Ernesto Che Guevara" plant. Its concession came to an end in December 2024.
Consequences and new stakeholders
With the revocation of these permits, the affected companies must fulfill their outstanding tax and environmental obligations before their final withdrawal.
On the other hand, the regime has opened the possibility for new mining concession applications, which could imply a restructuring of the extractive sector in Cuba.
It has not yet been confirmed whether the government intends to award these concessions to new entities or if it will prioritize foreign investment, in a context of economic crisis and a lack of financing for mining exploitation on the island.
In response to the criticism and skepticism regarding the stability of mining investments in Cuba, Fabio José Raimundo Paz, an executive of the Camagüey Geominera Company, has come to the defense of the government's decision.
"The revocation of the concessions has been carried out in accordance with the law, due to the lack of interest by the concessionaires to execute the agreed-upon work, and always after multiple extensions granted to the interested parties.", apuntó.
The executive added that it is "a normal attitude of the individuals who receive the concessions."
He also noted that "some projects advance to stages that allow for studies in new, more promising areas, others end without the expected results, while several are also revoked due to the concessionaire's abandonment for not providing the financing or resources to continue the work."
As of the closing of this note, there are no other details regarding the announcement of the termination of several mining concessions in Cuba.
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