The Russian ambassador to Cuba, Víktor Koronelli, revealed on Friday that Moscow is studying proposals from the Cuban government to exploit mining on the island, with a particular interest in nickel, cobalt, and other precious metals, as part of the 66th anniversary of the reestablishment of diplomatic relations between the two countries.
In an interview with the official Canal Caribe, the diplomat detailed that the topic was discussed as one of the main areas of cooperation during the XXIII session of the Russian-Cuban Intergovernmental Commission, held in late March and early April in the Russian city of St. Petersburg.
"They also studied several proposals from the Cuban side related to the mining sector (...) I'm referring to nickel, cobalt, and some other precious metals," Koronelli detailed.
The ambassador specified that in April several delegations of Russian businessmen and ministry representatives visited Cuba to analyze the Cuban proposals, and he hopes "that in the near future we will have some concrete results."
Russian interest arrives at a critical moment for Cuban mining, as the company Sherritt International recently announced the suspension of its direct participation in all its joint ventures on the island, following the secondary sanctions imposed by the administration of President Donald Trump on May 1.
The exit of Sherritt leaves a huge gap in the sector, considering that the Canadian mining company had been operating the Moa mine in Holguín since 1994, in a joint venture 50/50 with the Cuban state, and also contributed between 10% and 15% of the national electricity capacity through its subsidiary Energas S.A., equivalent to about 506 MW.
Cuba holds about six percent of the world's nickel reserves (ranking fifth globally) and is third in cobalt reserves, with an estimated 500,000 metric tons, both of which are strategic minerals for the battery industry and high-demand technologies.
By 2025, production was already showing a decline: 25,240 tons of nickel and 2,728 tons of cobalt, representing a decrease of 17% and 15% respectively compared to 2024, according to data from Sherritt itself.
Beyond mining, Koronelli reviewed other ongoing bilateral projects. He mentioned the continuation of the Antillana de Acero project and highlighted that the construction of the Moskvich taxi park in Havana has already begun, with 50 vehicles ready to be shipped from Russia.
All of this is part of a bilateral investment package that exceeds 1 billion dollars, agreed upon in the Intergovernmental Commission of St. Petersburg and co-chaired by the deputy prime ministers of both countries.
However, the rhetoric of cooperation contrasts with the island's energy reality. Russia reaffirmed its support for the Cuban regime and promised more aid, but Russian Foreign Minister Serguéi Lavrov admitted on April 15 that this oil assistance "will probably last a couple of months."
The only shipment of Russian crude that successfully reached Cuba in 2026 was from the tanker Anatoly Kolodkin, carrying 100,000 metric tons on March 31, enough for barely seven to ten days of national consumption.
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