Granma International
November 23, 2004

China to buy 4,000 tons of Cuban nickel per year

Fidel and Hu Jintao attend the signing of 16 cooperation agreements Chinese president received on his arrival by General of the Army Raúl Castro

PHOTO: AHMED VELAZQUEZ

FOUR of the 16 documents signed between Cuba and China in the framework of the visit by President Hu Jintao are linked to nickel, a mineral of which the island possesses one of the principal world reserves.

They highlight negotiations for a Ferro-nickel plant in Moa, with 51% of the shares held by the Cuban side and 49% by the Chinese, the constitution of a joint venture for nickel prospecting and the purchase of 4,000 tons of this metal per year from Cuba in the period 2005 to 2009.

Another significant point is a 10-year postponement of financial obligations on Chinese credits conceded to Cuba from 1990 to 1994.

The signing of cooperation documents closed the first session of the official visit to Cuba by Hu Jintao, president of China, at the invitation of President Fidel Castro.