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ALBA Collaboration Projects Revive Gold Productions.

Cuba, 23 May 2011.- Several collaboration projects with the Bolivarian Alliance of the Peoples of Our Americas (ALBA) are expected to favor gold production in Cuba within the next three years. Cuban deputy Basic Industry minister Ivan Martinez told ACN the Gold-Barite mine located in the town of El Cobre, in the eastern province of Santiago de Cuba, and which will start operations shortly, is the result of such collaboration projects. Martinez assured that there are other areas with perspectives of exploitation in the rest of the country. He explained that the use of satellite images and in-depth geological studies have contributed to the development of the industry and the infrastructure needed for the productive process. A researcher with the Research Center for the Metallurgic Mining Industry, Jose Castellanos, said technologies developed by the institution are successfully applied in all the mines and noted they will enable an increase in production. Castellanos said the Center is developing new technologies to be used in the gold mines based on international standards for environmental protection. International analysts of the sector have foreseen good prospects for the development of precious metal mining within the next three years.

According to GFMS Limited, a London- based precious metal advisory, since August 2009, the price of gold has seen a steady increase reaching more than $1,100 per ounce due to the drop in the value of dollars, the increase of the demand from central banks, among other factors. On May 2, this year, the ounce of gold peaked at $1,577.40. (Cubaminrex-ACN)




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