Archive for the ‘MINERALS METALS’ Category

Michelangelo’s unrealized marble dream becomes reality in Italian quarry

Saturday, August 5th, 2017

By Alessandro Bianchi

QUERCETA DI SERAVEZZA, Italy, Aug 2 (Reuters) – In 1517, Michelangelo climbed Mount Altissimo in Tuscany and found the marble of his dreams.

It was, the Renaissance master wrote, “of compact grain, homogeneous, crystalline, reminiscent of sugar”. He deemed it perhaps even more precious than that from nearby Carrara, where he had obtained marble for some of his most famous statues.

With the blessing of Pope Leo X, Michelangelo designed a path that could get blocks of the white marble down from the mountain to be transported to Florence to be used to decorate the facade of the church of San Lorenzo.

In exchange for getting a quarry operation going, Florentine authorities granted Michelangelo the right to take as much marble as he wanted from Altissimo – which in Italian means both “most high” and “God” – for his use for the rest of his life.

“There is enough here to extract until Judgment Day,” he wrote to a contemporary.

But it was never to be.

After several years of work to carve out a road, Pope Leo, who was of Florence’s Medici family, relieved Michelangelo of his commission and the project was abandoned. The church of San Lorenzo still has no facade.

Today, the quarries of 1,589-metre-high (5,213-feet) Altissimo, in Italy’s Apuan Alps, buzz with the kind of activity that even a genius like Michelangelo probably could not have foreseen.

Carving out Michelangelo’s marble dream

Pietrasanta, Italy

Modern cutting and extraction techniques have produced a surreal landscape similar to some Cubism paintings, a dizzying array of upside down staircases and sugar-cube structures looking heavenward.”The primitive technology consisted of human labour and beasts of burden,” said Franco Pierotti, director of extractions.

“The primordial instruments such as levers, chisels and hammers later evolved with the introduction of helical wires in the 19th century and now we have diamond-tipped wires and saws and heavy earth-moving equipment,” he said.

Before the extracting begins, experts known as “tecchiaroli” hang on ropes from the sides of the mountain and pick at its sides with pointy iron bars to remove loose rock that could fall and hurt workers in subsequent phases of the extraction.

In the three centuries following Michelangelo’s time, the Altissimo quarries went through cycles of abandonment and re-discovery.

In 1821, Marco Borrini, a local landowner, teamed up with Frenchman Jean Baptiste Alexandre Henraux to start a new company and it has been active in the area ever since.

The venture brought new life to the economically depressed area, employing hundreds of quarrymen, squarers, sled men, stone cutters and cart drivers, who guided oxen trains.

In the 19th century, the tsars of Russia chose Altissimo marble for the construction of St. Isaac’s Cathedral in St. Petersburg and more recently, it was used in the Sheikh Zayed Grand Mosque in Abu Dhabi, which opened in 2007.

Today, the Henraux company owns the entire mountain, employs about 140 people and extracts marble from five active quarries.

Over the years artists such as Auguste Rodin, Henry Moore, Joan Miro and Isamu Noguchi have used Altissimo marble for their sculptures.

Michelangelo would be proud.

(Writing by Philip Pullella; Editing by Andrew Heavens)

Henry Sapiecha

Company Investors going wild for world no 1 commodities player

Friday, December 11th, 2015

Copper-Smelter-Altonorte-Glencore-333-300x250

At the end of trading in London on Thursday shares in Glencore plc (LON:GLEN) was priced at 89p, up 7.4% in colossal volumes of more than 134 million shares traded.

In New York Glencore’s (GLCNY) over the counter stock advanced by more than 10% in equally busy trade bringing the company’s market value back to within shouting distance of $20 billion.

The reason behind the surge is the Swiss mining and commodities trading giant’s announcement that it has increased its debt reduction target and cut spending plans. Again.

That these type of corporate initiatives (which are now a common feature of the industry) can inspire such a frenzy is a good indication of just how much turmoil and uncertainty there is in the mining sector.

The Baar-based company said it now aims to reduce its debt load by $13 billion from the previous target of just over $10 billion. Some $8.7 billion has been cut under the plan. By the end of next year Glencore wants the pile down to $18 billion to $19 billion.

Down 70% just this year despite today’s bump, Glencore is now worth $15 billion less than before the Xstrata takeover

Glencore CEO Ivan Glasenberg also announced its capital expenditure for 2015 will come in at $5.7 billion, $300 million below previous targets while next year’s outlays will be cut to $3.8 billion from $5 billion.

Apart from idling copper mines in central Africa, cutting coal production in Australia, reduce lead and zinc production in central Asia and inking streaming deals for its precious metals byproducts in South America, Glencore is also putting up assets for sale to cut costs and raise money.

In October, Glencore said it began the sales process for its Australian copper mine New South Wales and its Lomas Bayas copper mine in the Atacama desert in Chile. The company expects initial bids by mid-December and completion some time during the first half of 2016. Glencore has the same timeline to sell a stake in its agriculture business.

Glencore was first floated in May 2011 and two years later the company acquired coal giant Xstrata, turning it into the world’s fourth largest miner. Down 70% just this year despite today’s bump, Glencore is now worth $15 billion less than before the Xstrata takeover.

Image supplied by Glencore show Anibal Contreras clearing slag at the company’s Altonorte metallurgical facility, northern Chile.

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Henry Sapiecha

 

China’s steel giants lost $11 billion in first 10 months of 2015

Saturday, December 5th, 2015

china-poster-industry-image www.www-globalcommodities.com

Chinese steelmakers, determined to keep their world’s leadership in the sector, have been neglecting profits to the point that they churned out a combined $11 billion (Rmb72bn) from January to October this year, or more than double the profits reaped in 2014.

As domestic demand began waning, the country’s exports of the metal went the opposite way — they increased 25% to 92 million metric tons in the same period. But, as Financial Times reports, the boost in shipments was not enough to offset the effects of a declining local market. This, as Beijing has only cut 50m tonnes of steel manufacturing capacity this year, or a mere 4% of its total 1.14 bn tonnes of capacity, the paper said quoting data from HSBC:

The bank calculates China would need to cut an additional 120m to 160m tonnes of capacity next year for the industry-wide utilization rate to reach a “relatively healthy” level of 80 per cent.

“The problem with China is that they want to sell at any price, not withstanding the losses that they are incurring

“The problem with China is that they want to sell at any price, not withstanding the losses that they are incurring,” Seshagiri Rao, chief financial officer at JSW Steel, India’s third-largest steelmaker, told Bloomberg. That’s an “unfair trade” strategy, Rao said.

The slump in steel prices is, as expected, adding more pain to the already troubled iron ore market. The steel-making ingredient fell to a 10-year-low of $39.40 a tonne, the lowest ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008. Meanwhile, the most-active iron ore futures in Singapore also sank below $40 a tonne this week for the first time ever.

The decline in Chinese steel consumption is accelerating with use falling almost 6% to 590.47 million tonnes in the January to October period, industry group China Iron and Steel Association said in November. That’s tracking way below estimates by the World Steel Organization, which forecasts steel demand in China will shrink by 3.5% before the end of the year.

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Henry Sapiecha

WORLDS LARGEST ZINC MINER MAY EXIT THE MINING INDUSTRY

Wednesday, November 11th, 2015

Mexico’s Campo Morado zinc mine image www.www-globalcommodities.com

Debt-laden European zinc producer Nyrstar (EBR:NYR) said Monday it plans to raise up to $296 million (€275m) through a share offering to pay down debt and has appointed bankers to explore a total exit from mining.

The Belgian company, which is the world’s No.1 zinc producer, laid out a package of measures it is putting in place to try repaying a $447 million bond that matures in 2016 and also address ongoing problems with it mining division.

Nyrstar also announced a number of commercial supply agreements with Trafigura, the world’s second-largest metals trader and its main shareholder.

Nyrstar also announced a number of commercial supply agreements with Trafigura, the world’s second-largest metals trader and its main shareholder.

The commodity trader has agreed to buy as much as $135 million (€125m) of shares in a first-quarter rights offer totalling $270m to $296m. As part of the deal, Trafigura won’t raise its stake to more than 49% from over 20%, according to Nyrstar. Should the rights offer boost Trafigura’s holding above 30%, it won’t be obliged to make an offer for the rest of the stock, the company added.

Nyrstar shares jumped up as much as 9.4% in Brussels on the news and were trading 5.5% higher at €1.62 mid-afternoon.

They took a huge dip on Oct. 22, falling 27% in a matter of hours, after new chief executive Bill Scotting said the company was considering selling stock to meet its debt obligations.

On Monday, Scotting noted Trafigura’s involvement in the refinancing was not a “takeover by stealth”.

Nyrstar has been hit quite hard by the rout in commodities, with zinc down 24% this year on declining demand from top consumer China. The company said it’s mulling reducing zinc production from its mines by as much as 400,000 metric tons if prices stay depressed. That would almost match the 500,000 tonnes that Glencore, another leading zinc producer, recently cut.

The company has already suspended operations at its Mexico’s Campo Morado and Canada’s Myra Falls mines.

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Henry Sapiecha

True giants of mining: World’s top 10 iron ore mines

Saturday, September 19th, 2015

Vladimir Basov | September 17, 2015

The price of iron ore  on Thursday turned positive amid new signs that China, which dominates the seaborne trade in the steel making raw material, will be pushing ahead with stimulus programs to boost its slowing economy.

The benchmark 62% Fe import price including freight and insurance at the Chinese port of Tianjin added 1.4% to $56.80 a tonne. Iron ore reached a 10-week high last week according to data provided by The SteelIndex and is trading up some 28% from record lows for the spot market hit early July 8.

While today’s price is nowhere near record highs above $190 a tonne reached in February 2011, it is worth noting that iron ore traded for less than $20 a tonne for 40 years before China’s rapid expansion transformed the industry at the turn of the century and made iron the second most traded commodity after crude oil.

Due to rapid global urbanization the world steel consumption nearly doubled over the past decade, from about 800 million tonnes in 2000 to more than 1,500 million tonnes in 2014. China is the leader in both steel production (50% of world total) and iron ore mining (47% of global output in terms of tonnage). China is also the biggest iron ore importer and, as of April 2015, consumed more than 80% of the 1.3 billion tonne seaborne trade.

Steel-consumption-in-China-and-the-world-graph image www.www-globalcommodities.com

Steel consumption in China and the world. Source: LKAB Annual Report

Given that iron is the fourth most abundant element on Earth, comprising about 5% of the Earth’s crust by weight, global iron ore market is highly competitive.

These factors led to a significant increase in the supply of iron ore from new mines in recent years, with a number of lowest-cost production centers commissioned mainly in Australia.

Iron-ore-supply-and-demand-graph image www.www-globalcommodities.com

Iron ore supply and demand relationship. Source: LKAB Annual Report

An oversupply of iron ore combined with China  adding more steel-making capacity than it needed, resulted in a slump in the iron ore spot prices over the past two years, including a staggering 47% decline in 2014 and a further 18% retreat so far this year.

Spot-market-iron-ore-price-indiex-fines-graph image www.www-globalcommodities.com

Spot iron ore prices. Source: Vale’s website.

As a result, a number of high-cost iron ore mines have been closed and suspended throughout the world in 2014, with up to 30% of low-grade iron mines shut down in China in 2014 alone.

Some experts argued that higher-cost producers, mainly from China, are falling victim to a strategy pursued by the biggest producers of iron ore, namely BHP Billiton, Rio Tinto and Vale.

Along with Fortescue, these companies account for more than 60% of global iron-ore exports.  Those iron behemoths have been relentlessly increasing lowest-cost production output.

Cumulative-Mt-we-as-delivered-graph image www.www-globalcommodities.com

China’s 2015 Iron Ore Supply CFR Costs (including royalties & ocean freight). Published in Fortescue’s investor presentation

As can be seen from this chart, nearly all iron ore production in China is uneconomic under current market conditions, and many local mines have been recently closed / suspended.

Because of the massive scale of closures of iron ore mines, current supply growth is lower than expected. This, combined with recently announced infrastructure spending boost in China, are believed to be the main reasons behind a revived iron ore market.

Our iron ore ranking is based on data from IntelligenceMine:
Search, organize and map a global database of more than 45,000 mining company and property profiles

Having driven out smaller inefficient producers, the world’s giant iron ore centers are best positioned to capitalize on a rising price environment.

Who are those global leaders in iron ore mining?

The following analysis covers those iron ore production centers that have two main distinctive features: disclosure of production numbers by the owner/operator and separate production units running as a single operation. Therefore the iron ore operations ranked here be individual mines or a complex of clustered mines.

The top 10 iron ore mining centers, ranked by ore mined in 2014 calendar year

Top-10-iron-ore-mining-centers-raned-by-iron-ore-mined-in-2014-calendar-year-table.2 image www.www-globalcommodities.com

Source: IntelligenceMine

  1. Hamersley.

The biggest iron ore mining center is the Rio Tinto’s Hamersley Mines that incorporates nine mines in Western Australia. These assets are run as a single operation managed and maintained by Pilbara Iron, and produced a total of 163Mt iron ore. Being the biggest iron ore production center in the world, Hamersley is also the lowest-cost operation.

Mount-Tom-Price-mine-part-of-Hamersley-mine-complex-Rio-Tinto image www.www-globalcommodities.com

Mount Tom Price mine, part of Hamersley mine complex, Rio Tinto. Photo: Wikimedia commons.

  1. Carajas

Vale’s Carajas Mine Complex is the second biggest iron ore production center, which consists of three open-pit mines, namely Carajas N4E, N4W and N5, and operated as the Serra Norte Mining Center. In 2014, Carajas mines produced 120Mt of iron ore. With an average iron ore grade in reserves of about 66%, this is believed to be the highest grade iron ore center in the world.

Ponta-de-Madeira-Terminal-Carajas-Mine-Complex-image www.www-globalcommodities.com

Ponta de Madeira Terminal – Carajas Mine Complex. Reclaimers and stackers can be seen. Photo courtesy of Vale.

  1. Chichester Hub

Fortescue’s Chichester Hub consists of Christmas Creek and Cloudbreak iron ore mines. In 2014, it is believed that Chichester Hub has achieved its annual production capacity of 90Mt of iron ore. For only five years since its commissioning in 2008, Chichester Hub became one of the biggest iron ore producing centers globally.

Christmas-Creek-mine-Chichester-Hub-image www.www-globalcommodities.com

Christmas Creek mine – Chichester Hub. Image courtesy of Fortescue Metals Group.

  1. Yandi

BHP Billiton’s Yandi mine, located in Western Australia, is the biggest single-pit open-cut iron ore in the world in terms of annual production. In 2014, 80Mt of iron ore were produced there.

Yandi-iron-ore-mine-image www.www-globalcommodities.com

Yandi iron ore mine. Image courtesy of Flickr.

  1. Mt Whaleback

Another BHP Billiton’s operation, the massive Mt Whaleback mine, is the biggest single-pit open-cut iron ore mine in the world in terms of pit size. This mine is more than 5 kilometres long and nearly 1.5 kilometres wide. 77Mt of iron ore mined here in 2014.

Mt.-Whaleback-iron-ore-mine-image www.www-globalcommodities.com

Mount Whaleback iron ore mine. Photo courtesy of Flickr.

  1. Solomon Hub

Fortescue’s Solomon Hub that comprises Firetail and Kings producing mines. Together, Firetail and Kings have an annual production capacity in excess of 70Mt.  In 2014, Solomon Hub is believed to produce about 58Mt of iron ore.

Solomon-Hub-operations-image www.www-globalcommodities.com

Solomon Hub operations. Photo: Fortescue’s website.

  1. Area C

The Western Australia’s Area C mine, led by POSMAC JV with major BHP Billiton’s ownership, is seventh with 57Mt of iron ore produced in 2014.

Area-C-mine-image www.www-globalcommodities.com

Area C mine. Source: fastjv.com.au.

  1. Hope Downs

Eighth biggest operation is Hope Downs mine in Western Australia, operated by the Hope Downs Joint Venture, a 50 / 50 joint venture between Hope Downs Iron Ore, led by Australia’s richest person and iron ore tycoon Gina Rinehart, and Rio Tinto Iron Ore.  In 2014, iron ore output at this mine achieved 43Mt.

Hope-Downs-Mine-stockyard-machines-image www.www-globalcommodities.com

Hope Downs Mine. Stockyard Machines. Photo courtesy of P&J Project Services.

  1. Mariana Hub

Vale’s Mariana mining hub in Brazil consists of three mines, and produced roughly 39Mt of iron ore in 2014.

Alegria-Mine-Mariana-Hub-image www.www-globalcommodities.com

Alegria mine – Mariana Hub. Photo courtesy of International Mining

  1. Sishen

Anglo American’s flagship’s Sishen iron ore mine in South Africa is tenth in terms of iron ore output with 36Mt of iron ore mined out in 2014. Being some 14km long, Sishen mine is one of the largest open pit mines in the world.

Sishen-Mine-image www.www-globalcommodities.com

Sishen mine. Photo courtesy of Anglo American.

Seven out of the top 10 biggest iron production centers are located in Western Australia, and with whopping 697Mt of iron ore produced in 2014. This Australian state is believed to be the biggest jurisdiction in the world in terms of iron ore output.

IntelligenceMine is global mining market intelligence for Researchers, Investors and Suppliers. Get access to more than 45,000 company and property profiles, a powerful multi-faceted search with comparative result grids, sorting and download capabilities, an online interactive mapper and much more. Find out more at www.IntelligenceMine.com.

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Henry Sapiecha

New variety of almost extinct mineral found in England

Tuesday, August 25th, 2015

Vein of Blue John in Treak Cliff Cavern (Image from Wikimedia Commons)image www.www-globalcommodities.com

A vein of a legendary semi-precious mineral was discovered this week in Derbyshire, England, about 150 years after the last discovery.

The vein of Blue John Stone — which is only found in the Peak District — has been named the Ridley Vein after miner Gary Ridley, who discovered it by accident, while testing a new stone chainsaw.

He told The Independent he could not “believe his eyes” when he came across the Blue John, a form of fluorite.

The stone was fashionable during the Regency period in the early 1800s and graced the tables of Buckingham Palace and Chatsworth House

Cliff_Blue_Vein_Bowl_-_image www.www-globalcommodities.com

Historically there have been 14 distinct veins of Blue John, with the Ridley Vein now entering the record books as variant No 15.

The last Blue John vein was discovered in the XIX century, but in 2013 a team rediscovered a “lost vein” that was first found in 1945.

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Henry Sapiecha

Romania opens door to new gold, copper project with Canadians at the forefront

Saturday, May 30th, 2015

 romania-opens-door-to-new-gold-copper-project-led-by-canadians image www.www-g;obalcommodities.com

Romania’s National Agency for Mineral Resources has granted Canadian explorer Carpathian Gold Inc. (TSX:CPN) a 20-year mining license for its Rovina Valley gold and copper project, strategically located about 20 km west of Gabriel Resources’ (TSX:GBU) debated Rosia Montana.

This is first time Romania grants a mining license without the involvement of a state-owned enterprise.

Carpathian’s stock soared on the news. It was up 200% to 0.0150 at 11:00 am ET.

The Toronto based company, through its wholly-owned subsidiary, Samax Romania S.R.L., will now work on updating the Preliminary Economic Assessment of 2010, to provide revised project costs and evaluate scalability options, Carpathian said in a statement.

The Rovina License lies within the Metalliferi Mountains, in the southern part of the Apuseni Mountains, in the area known as the Golden Quadrilateral, one of Europe’s most prolific mining districts for over 2,000 years.

romanian-golden-quadrilateral mines map image www.www-globalcommodities.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Henry Sapiecha

The Lunar Gold Rush: How Moon Mining Could Work [infographic]

Tuesday, May 26th, 2015

Humans are already going to extremes to get natural resources. Gold and platinum mines in South Africa go as deep as almost 4 km into the Earth’s crust, which is about twice the depth of the Grand Canyon.

Meanwhile, up high in the Andes are some of the biggest copper and gold operations in the world. In Peru, La Rinconada is the world’s highest permanent settlement at 5,100 m, and it is situated strategically between many artisanal gold deposits in the mountains.

However, there are two frontiers that humans are still exploring in their early stages: the deep sea and spacial bodies such as asteroids, planets, and the moon. Today’s infographic covers the prospect of moon mining.

While we often think of the moon as a pretty barren landscape, it turns out moon mining could take advantage of many natural resources present on the lunar surface.

moon mining image www.www-globalcommodities.com

Water is vital in space for a multitude of reasons, such as for use in human consumption, agriculture, or hydrogen fuel. It’s also cost prohibitive to transport water to space anytime we may need it from earth. Scientists are now confident that the moon has a variety of water sources, including water locked up in minerals, scattered through the broken-up surface, and potentially in blocks or sheets at depth.

Helium-3 is a rare isotope of helium. Currently the United States produces only 8kg of it per year for various purposes. Helium-3 is a sought-after resource for fusion energy and energy research.

Lastly, rare earth elements (REEs) are also at high concentrations on the moon. KREEP (Potassium, REEs, and Phosphorus) is a geochemical mixture of some lunar impact breccia rocks and is expected to be extremely common on the moon. This mix also has other important substances embedded, such as uranium, thorium, fluorine, and chlorine.

If a lunar colony is indeed in our future, moon mining operations may be an important component of it.

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Henry Sapiecha

moon mining infographic image www.www-globalcommodities.com

 

 

 

 

 

Aluminum – the metal extraordinaire see the infographic

Friday, May 8th, 2015

Aluminum (or aluminium) is the world’s most common metal by crustal abundance, making up 8.2% of mass. It’s more common than iron (5.6%) and a whopping 1200x more abundant than copper.

However, it wasn’t discovered until 1827, and it was too expensive to isolate the metal. That all changed in 1886 when a college student in the US did an experiment in his woodshed

aluminum-infographic

Courtesy of: Visual Capitalist

Aluminum (or aluminium) is the world’s most common metal by crustal abundance, making up 8.2% of mass. It’s more common than iron (5.6%) and a whopping 1200x more abundant than copper.

Despite its prevalence, aluminum was not isolated all the way until 1827. This is because it occurs only in compounds, and never in a free form. It also turns out that removing aluminum from these compounds is quite difficult, and an inexpensive process wasn’t discovered until 1886 by a college student in the United States. Charles Martin Hall was interested in the problem, and ran an electric current through a molten mixture of cryolite and aluminum oxide in a wood shed behind his house.

That dropped the price of aluminum drastically, and it became a household metal. Behind iron, aluminum is now the second most used metal in the world. Aluminum can now be found in everything: transportation (planes, cars, and more), buildings, machinery, consumer durables, packaging, and electrical uses.

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Henry Sapiecha

Over 240 mining and energy projects waiting for investors in Cuba

Wednesday, April 22nd, 2015

cuba waiting for investors image www.www-globalcommodities.com

Cuba, the world’s sixth largest nickel producers and one of the top 10 nickel mining countries, is experiencing a sudden, but still modest, investment rush triggered by an ongoing reconciliation between the Caribbean nation and the U.S.

The country, which also holds significant deposits of other minerals as well as oil, has 246 projects hoping to attract capital and be developed, according to a new U.S. Geological Survey report published earlier this month.

“Cuba’s geology is complex, and the country has a variety of mineral commodity and energy resources,” said Steven Fortier, Director of the USGS National Minerals Information Centre.

While mineral production is largely state-controlled, the government has taken steps to change its old mining laws.

As a result, Canadians companies already have a presence in Cuba’s mining sector. One of them is Calgary-based miner Sherritt International (TSX: S), the Latin American country’s largest foreign investor, with nickel mining, oil-and-gas and electricity interests.

The ore the Toronto-based firm extracts there — under a joint venture with the country’s government — is refined in Fort Saskatchewan, Alberta, but because of the U.S. embargo, none of that refined nickel is allowed south of the border. Nickel remains one of the country’s main sources of foreign income, along with tourism.

Despite such barrier, the USGS report shows that nickel remains one of the country’s main sources of foreign income, along with tourism.

It also highlights a value increase for the country’s industrial manufacturing sector, which jumped 88% between 1993 and 2013. However, the sector’s share in the GDP decreased by 3% percent during the same period reflecting economic growth in other sectors of the economy.

Oil and industrial minerals

Industrial minerals and manufactured industrial mineral products produced in Cuba include ammonia and ammonia by-products, bentonite, cement, feldspar, high-purity zeolite minerals, gypsum, kaolin (a type of clay), lime, high-grade limestone, marble, sand, sulphuric acid, steel and urea. In 2013, an estimated 4,500 metric tons of zeolites was exported neighbouring Latin American countries and Europe. Last year Cuba exported the majority of its ammonium nitrate, the USGS report shows.

In terms of oil reserves, the body released an assessment in 2004 that estimated the total amount of undiscovered technically recoverable resources at 9.8 trillion cubic feet of undiscovered natural gas, 4.6 billion barrels of crude oil, and 0.9 billion barrels of natural gas liquids.

The full report “Recent trends in Cuba’s mining and petroleum extraction industries” is available here.

Figure from the U.S. Geological Survey report.

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