About Caribe
Caribe Metals is a developing mining company that has secured title over two significant projects in Cuba.
Longstanding ties and cultivation of Government relationships holds Caribe in good stead for mining.
In 1990 Prior Industries Australia (PIA) was contracted to supply technology and equipment to modify one roaster hearth at the newly commissioned ECECG nickel refinery in eastern Cuba.
The improvements to metal recoveries and the cost savings were so significant that the economic benefits funded the refurbishment of the remaining 23 roaster hearths within a 12-month period. PIA opened an office as a permanent presence in Cuba in 1994, being one of the first 200 foreign companies to receive a local licence to trade. PIA has subsequently worked across nickel and non-nickel mineral processing, oil and gas and the energy and manufacturing sectors.
At a time when the world was not actively engaging in Cuba, since 1996 Kim Prior has actively and successfully lobbied both the Australian and Cuban governments to strengthen diplomatic and trade ties, briefing successive Australian Trade and Foreign Ministers and actively working with DFAT to develop Cuba policy that reflects the interests of Australian businesses and investors.
Key Milestones
Policy Change
2014 - 2015
• June 2014 - New Foreign Investment Act implemented
• 2015 - The Cuba Ambassador to Australia asked Kim Prior to establish the Australia-Cuba Business Council which has made important and significant steps in promoting Australia-Cuba relations.
Approach
2016
• Received an email with portfolio of opportunities open to foreign investment
• The first trade mission to Cuba occurred. The importance placed on Cuba as a potential trading and investment partner was underlined by the participation of Special Envoy for Trade, Andrew Robb, Ambassador for Mexico and Cuba Dr David Engels and Trade Commissioner Chris Rodwell.
Proposal Submitted
2017
• Initial proposal submitted for El Cobre
Revisions to Proposal
2018
• Technical expert visits
• Revised proposal submitted for El Cobre
• Cajalbana concession also offered to CMC
• Cajalbana proposal also submitted
Negotiations and LOI
2019
• Final negotiations commenced in Cuba for El Cobre and Cajalbana projects
Signing
2020
• Approval received by the Ministry of Foreign Investment (MINCEX), for both El Cobre and Cajalbana
• Approval received by Council of Ministers (COM) for both El Cobre and Cajalbana
• El Cobre JV signed and corporate vehicle registered in the Cuban corporate registry, 23 September 2020
• Cajalbana International Economic Association (IEA) contract signed, 23 December 2020
