Cuba close nickel processing plant

Cuba's oldest nickel processing facility, located in the town of Nicaro in the eastern Holguin province, was closed after 70 years of production, leaving only two such plants functioning on the island, report Reuters. Some of the displaced employees are expected to be transferred to a new plant in Moa, a joint venture with Venezuela expected to open in 2013.

According with the latest information available, Cuba produced 69,700 tons of unrefined nickel in 2010.

Cuba is one of the main world's nickel suppliers and produces 10% of all cobalt worldwide, a nickel-smelting by-product.

Cuban nickel is considered Class 2 with an average of 90% of mineral content and it is estimated that the island has about a 30% of the world's known nickel reserves.