Russia's ambassador to Cuba, Viktor Koronelli, disclosed on Friday that Moscow is considering proposals from the Cuban government to develop the island's mining sector. Of particular interest are nickel, cobalt, and other valuable metals, coinciding with the 66th anniversary of the reestablishment of diplomatic ties between the two nations.
In a conversation with the state-run Canal Caribe, Koronelli explained that this topic was a major focus of cooperation during the 23rd session of the Russian-Cuban Intergovernmental Commission held in late March and early April in St. Petersburg, Russia.
"They also reviewed several Cuban proposals related to the mining sector... I'm referring to nickel, to cobalt, to some other precious metals," Koronelli clarified.
The ambassador noted that in April, multiple delegations of Russian business leaders and ministry representatives visited Cuba to assess the Cuban proposals. He expressed hope for "some concrete results in the near future."
Russia's interest emerges at a critical juncture for Cuba's mining industry, following Sherritt International's recent announcement to cease its direct involvement in all its joint ventures on the island. This decision came in response to secondary sanctions imposed by the Trump administration on May 1st.
Sherritt's departure leaves a significant gap in the sector since the Canadian company had been operating the Moa mine in Holguin since 1994 in a 50/50 joint venture with the Cuban government. Additionally, its subsidiary, Energas S.A., contributed between 10% and 15% to Cuba's national electricity capacity, equivalent to about 506 MW.
Cuba possesses around 6% of the world's nickel reserves, ranking fifth globally, and holds the third largest reserves of cobalt, with an estimated 500,000 metric tons. These minerals are crucial for the battery and high-demand technology industries.
Production in 2025 was already showing signs of decline, with 25,240 tons of nickel and 2,728 tons of cobalt produced, representing a 17% and 15% decrease respectively from 2024, according to Sherritt's data.
Expanding Bilateral Ventures
Beyond mining, Koronelli discussed other ongoing bilateral projects. He mentioned the continuation of the Antillana de Acero project and highlighted the beginning of the Moskvich taxi park construction in Havana, with 50 vehicles ready to be shipped from Russia.
These initiatives are part of a bilateral investment package exceeding $1 billion, as agreed upon in the St. Petersburg Intergovernmental Commission, co-chaired by the deputy prime ministers of both countries.
However, the rhetoric of cooperation stands in stark contrast to Cuba's energy reality. While Russia reaffirmed its support for the Cuban regime and promised additional aid, Russian Foreign Minister Sergey Lavrov admitted on April 15th that such oil assistance "will likely last a couple of months."
The only successful Russian oil shipment to Cuba in 2026 was from the tanker Anatoly Kolodkin, delivering 100,000 metric tons on March 31st, enough for just seven to ten days of national consumption.
Questions About Russia's Involvement in Cuban Mining
Why is Russia interested in Cuban nickel and cobalt?
Russia is interested in Cuban nickel and cobalt due to their strategic importance in the battery and high-demand technology industries. These minerals are essential components for various technological applications.
What impact did Sherritt International's exit have on Cuba's mining sector?
Sherritt International's exit has left a substantial void in Cuba's mining sector. The company had been a major player in the industry, operating the Moa mine and contributing significantly to the country's electricity capacity through its subsidiary Energas S.A.
What other bilateral projects are Russia and Cuba pursuing?
In addition to mining, Russia and Cuba are engaged in several other bilateral projects, including the Antillana de Acero project and the construction of the Moskvich taxi park in Havana. These projects are part of a larger investment package exceeding $1 billion.