Cuba thanked the confidence of Canadian businessmen

Cuba thanked the confidence of Canadian businessmen doing business with the island despite the economic, commercial and financial blockade imposed by the United States, an official source said today.

A note from the Ministry of Foreign Trade and Foreign Investment (Mincex), published on its website, states that Havana’s ambassador to Ottawa, Josefina Vidal, received Leon Binedell, the company’s new president and CEO. Sherritt International Corp., and David Pathé, who previously held this position.

Mincex reports that the diplomat expressed her gratitude to both for their contribution to the economic development of the Caribbean country.

On Sherritt Island, it has had a joint venture with the state since 1995 to develop deposits and other investments in the energy sector.

The Comandante Pedro Sotto Alba-Moa Nickel SA plant, managed by the Canadian entity, has achieved its plans to extract nickel and cobalt at 101% in 2020, while compensating for the limitations of another similar plant, have national authorities reported last December.

Currently, the Caribbean nation ranks ninth in the world for nickel production and is the world’s fifth largest reserve of this metal and third for cobalt.

The Toronto-based company maintains its activities in Cuba despite the intensification of the American blockade, with the activation of Title III of the Helms-Burton Act under the Donald Trump administration.

This measure, intended to curb foreign investment, made it possible to claim before the American courts compensation for the properties nationalized on the island territory during the triumph of the Revolution in 1959.

However, the Cuban government has affirmed that foreign companies enjoy full legal certainty on the basis of Law 80 on the Reaffirmation of Cuban Dignity and Sovereignty, as well as other provisions adopted to guarantee foreign investments in the country, underlines the Mincex note.

Source: PL.