Tuesday, June 29, 2010

Cuba, Venezuela to build ferronickel plant

Cuba, Venezuela to build ferronickel plant

The USD 700-million project will be built in three years and the plant
will have a production capacity of 68,000 tons of ore per year

Cuba and Venezuela kicked off the construction of a USD 700-million
ferronickel plant in the Caribbean island. The plant is scheduled to be
completed in three years, with total production capacity estimated at
68,000 tons of ferronickel per year, reported on Monday Ramiro Abella,
the head of the project.

The investment will be made by the Venezuelan-Cuban joint venture
Quality S.A. The plant will be located near Moa, more than 700
kilometers east of Havana, Abella told weekly magazine Trabajadores,
reported AFP.

Two other nickel plants are being built in Moa, an area rich in nickel
and cobalt deposits. One of these plants is being built in partnership
with Canadian company Sherritt.

Nickel has been Cuba's top traditional export product. The island's
production amounts to 75,000 tons per year.


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