To: Ed Pakstas who wrote (7498 ) 9/30/1998 10:25:00 AM From: VAUGHN Read Replies (1) | Respond to of 11676
Hello Ed Article Of Interest ******* Castro says Cuba nickel output barely covers cost Reuters Story - September 29, 1998 17:54 HAVANA, Sept 29 (Reuters) - Cuban President Fidel Castro said Tuesday the Caribbean island's nickel export revenues were barely covering production costs due to lower world prices. "The prices, for producing countries, of basic products have collapsed -- aluminium, copper and nickel, which affects us a bit," Castro said at a congress of pro-government neighborhood groups in Havana. "Nickel is half the price of a few years ago, (we are) scarcely producing the costs, (we are) producing to recover costs." Castro, who gave no production or revenue figures to back up his comments, said Cuba was ready for any crisis in world metals' markets: "If we have to halt the nickel plants, we will halt them, although we do not wish for such a crisis," he said. The veteran Cuban leader made no other references to the nation's metal output in a five-hour speech which concentrated on aid for Cubans affected by a five-month drought earlier this year and by last week's passage of Hurricane Georges. Cuban nickel sector officials have stayed tight-lipped in recent weeks over market rumors that they may be considering a possible temporary scaling-back of output in response to high production costs and low export prices. Cuba has said it produced in 1997 about 60,000 tonnes of nickel, which, like sugar, is an important foreign currency earner for the government. Cuba's nickel production is based in the north-east province of Holguin. One of the mines, at Moa, is controled by Canadian firm Sherritt International Corp . That mine produced 13,588 tonnes of contained nickel and cobalt in the first half of 1998. ((-- Andrew Cawthorne, Havana newsroom, 537 333-488, fax 537 333-976)) Regards