The Cuban government has officially granted a 20-year concession for the extraction and processing of gold and copper to the Cuban-Australian joint venture, Minera La Victoria S.A., in the area known as Nueva Sabana, located in the municipality of Baraguá, Ciego de Ávila province.
The concession, outlined in Agreement 9902, was adopted on June 3, 2024, but only published recently in the Gaceta Oficial No. 4 Special Edition of 2026. The document bears the signature of Prime Minister Manuel Marrero Cruz.
This agreement gives Minera La Victoria S.A. exclusive rights to exploit and process minerals over a total area of 752.20 hectares, with 751.20 hectares designated for mining and one hectare for processing activities.
Details of the Concession Agreement
Endorsed by the Executive Committee of the Cuban Council of Ministers, the agreement specifies a 20-year duration for the concession, with the possibility of extension as outlined in Chapter VI, Section Two, Article 24 of Law 76 "Mining Law," dated December 21, 1994, pending a properly justified and submitted request by the concessionaire.
Minera La Victoria S.A. is a joint venture between Cuban state-owned GeoMinera S.A. and the Australian company Antilles Gold Limited, which is listed on the Australian Stock Exchange.
Background and Future Prospects
In March 2022, Antilles Gold identified significant copper and gold porphyry deposits within the 212 km² Los Llanos area in Ciego de Ávila and proposed transferring relevant concessions to Minera La Victoria S.A.
The Nueva Sabana project is the most developed initiative of the company. By October 2024, Antilles Gold released a prefeasibility study estimating reserves and outlining a financial plan of $30.9 million, including a $1.9 million loan from a Cuban-Spanish bank and a $27 million prepayment from an international commodity trader.
Market analyses from April 2026 suggested that commercial operations at Nueva Sabana could commence in 2027, contingent on high gold prices.
Environmental and Security Obligations
The concession mandates the holder to comply with environmental, security, and institutional coordination requirements. This includes obtaining an Environmental License with an Impact Study from the Environmental Control Directorate of Ciego de Ávila and notifying the province's Military Region of the project timeline.
The document specifies that the concession area aligns with national defense and environmental interests, located within the Itabo surface basin and the CA-II underground basin, upstream from the Sabana Nueva reservoir.
During the concession's term, the Cuban government is prohibited from granting additional concessions for the same minerals within the specified area.
Sector Restructuring and Other Operations
In February 2025, the Cuban government revoked mining concessions from several companies, including Commercial Caribbean Nickel S.A. and Gold Caribbean Mining S.A., due to expired terms or lack of activity, reflecting a broader restructuring of the mining sector, of which this concession is a part.
Antilles Gold is also engaged in the La Demajagua project on the Isle of Youth, which has an estimated potential of 720,000 ounces of gold. The project's final feasibility is anticipated for 2027, with plans to finance it through cash flow generated by Nueva Sabana.
Understanding Cuba's Mining Concession Policies
What is the duration of the mining concession granted to Minera La Victoria S.A. in Cuba?
The concession awarded to Minera La Victoria S.A. is valid for 20 years, with the possibility of extension upon a properly justified request as per Cuban mining laws.
Who are the stakeholders involved in Minera La Victoria S.A.?
Minera La Victoria S.A. is a joint venture between the Cuban state-owned GeoMinera S.A. and the Australian company Antilles Gold Limited.
What are the environmental requirements for the Nueva Sabana mining project?
The project must secure an Environmental License and conduct an Environmental Impact Study. Additionally, coordination with the provincial Military Region regarding the project's schedule is required.