Related videos:
The Australian mining company Antilles Gold Limited confirmed this Tuesday that it is in preliminary talks with a U.S. investment group with ties to Cuba, in an effort to reactivate its mining projects on the island following the sanctions imposed by the Donald Trump administration.
The company informed the market that the initiative is part of the strategy presented to the United States Department of State to have the sanctions against Minera La Victoria S.A. (MLV) lifted, the joint venture that develops gold and copper extraction projects together with the Cuban state.
According to Antilles Gold, Washington's initial response has been positive enough to move forward with negotiations with a potential U.S. investor, whom the company describes as a group with experience in Cuba and knowledge of the island's mining sector potential.
A change of control to comply with Washington
The proposal submitted by the company includes a thorough restructuring of its shareholding.
The plan involves ensuring that at least 51% of Antilles Gold Inc. (AGI) —the Cayman Islands-registered subsidiary that holds the Australian stake in Minera La Victoria— is transferred to a U.S. investor deemed acceptable by Washington.
If finalized, the new partner would need to negotiate directly with the State Department to obtain the necessary authorization before any business agreements can be concluded.
However, the operation would also require the approval of the shareholders of Antilles Gold and the Cuban government itself, as it would involve a change of control over the joint venture.
The sanctions paralyzed the project
The strategy arises after the Office of Foreign Assets Control (OFAC) , including it in the list of Specially Designated Nationals and Blocked Persons.
The decision came just two weeks after the Cuban regime officially announced the 20-year mining concession granted to the company.
After the sanctions, Antilles Gold suspended financing and direct management of the joint venture, in addition to temporarily halting the trading of its shares on the Australian Stock Exchange while it evaluated its options.
Subsequently, Washington expanded the measures to also include GeoMinera S.A., the Cuban state company that is a partner in the project, as well as other entities connected to the military conglomerate GAESA.
Two strategic projects in Cuba
Minera La Victoria is currently developing two of the main mining projects promoted by the Cuban regime:
Nueva Sabana, in Baraguá, Ciego de Ávila province, designated for the extraction of copper and gold, and La Demajagua, in the Isle of Youth, with reserves of gold, silver, and antimony.
The works in Nueva Sabana had begun in late 2025 through a contract worth 29.5 million dollars with the Chinese company Xinhai Mining Technology & Equipment, and the start of commercial production was scheduled for 2027, a timeline that was put on hold following U.S. sanctions.
A new landscape for foreign investment
The proposal from Antilles Gold responds to a change in Washington's policy.
In March 2026, the Trump administration eased certain restrictions to allow U.S. investments in the Cuban mining sector under specific conditions, a window that the Australian company is trying to take advantage of by bringing in an American partner.
The process is unfolding, however, in a context of increasing withdrawal of foreign investors from Cuba. In May of this year, the Canadian company Sherritt International, considered for decades the largest foreign investor in the island, suspended its operations and repatriated its staff following the new sanctions imposed by the United States.
Filed under: