Friday, 25th January 2008 (1879 views)

Cuba has authorised feasibility studies to determine the extent of gold and zinc-copper reserves in the country, with a view to starting mining operations in the country by 2009.

The studies are being carried out by Central Geo Mining in the Villa Clara province, approximately 160 miles south of the capital Havana.

State news service AIN says the studies are part of an ongoing co-operation programme between Cuba and South American neighbour Venezuela.

Central Geo Mining director Argelio Abad said: "Our aim is to extend existing reserves and start mining underground deposits by next year."

The studies have extra importance because of the high price of gold the demand for copper and zinc on international markets.

Cuba and Venezuela have previously worked together on a $236 million (£118 million) revamp of a Cuban oil refinery at Cienfuegos - which had stopped production in 1991 after the Soviet Union, its supplier of crude oil, collapsed - and a medics-for-oil swap programme which saw Cuban doctors loaned to Venezuela in exchange for cheaper oil.

 

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