Awww… what a shame. Nickel prices have plummeted, so the unethical Canadians who run the nickel mines in Cuba and the Castros and their feudal lords have seen a decline in income.
Low prices take toll on Cuban nickel revenues
HAVANA, Sept 10 (Reuters) – Cuban nickel industry revenues were well below expectations in the first six months of the year, mainly because of low international prices, official radio reported this week.
The provincial radio station of Eastern Holguin province, Radio Angulo, reporting on a visit to Moa municipality by provincial Communist Party leader Luis Torres Iribar, said the municipality’s exports were short 26 percent, or $90 million, for the period.
Cuba’s only two nickel plants, the Cubaniquel-owned Ernesto Che Guevara plant and the Pedro Soto Alba, a joint venture between Canadian mining company Sherritt International and Cubaniquel, are both located in Moa.
The report said that the Ernesto Che Guevara plant’s earnings were 15 percent below expectations, and the Pedro Soto Alba plant was down 25 percent, “mainly due to the low price of the mineral on the world market.”
Cuba plans to produce around 62,000 tonnes of unrefined nickel plus cobalt in 2013, according to local and foreign company reports.
Sherritt International has said it expects the Pedro Soto Alba plant to produce 38,000 tonnes, similar to 2012. An Ernesto Che Guevara manager said earlier this year the plant would produce 23,700 tonnes.