Recent Trends in Cuba’s Mining and Petroleum Industries
On December 17, 2014, President Obama announced that the prohibition of U.S. public and private investments in Cuba, the United States would begin discussions to restore diplomatic including investments in mining (U.S. Department of Justice, relations with the Government of Cuba and embark on a longer 1972, p. 71). term process of normalization of relations between the two coun- On January 15, 2015, the U.S. Departments of Commerce tries. The U.S. Government had officially severed diplomatic and Treasury published regulatory amendments to the Cuba relations with Cuba in 1961 in response to political changes and sanctions in accordance with President Obama’s December 2014 economic measures taken by the Cuban Government upon the policy announcement (The White House, 2014; U.S. Depart- instatement of a Revolutionary Administration on January 1, ment of the Treasury, 2015). These amendments, however, did 1959. Among these measures were Cuba’s cancellation of all not include changes to restrictions regarding U.S. investments U.S.-owned mining contracts in Cuba and expropriation of U.S.- in mining. This Fact Sheet provides information regarding the owned mining concessions. In 1962, President Kennedy declared current supply of and demand for mineral commodities produced an embargo on all trade between the United States and Cuba, in Cuba (fig. 1) and information on the structure of its minerals including a total freeze of Cuban-owned assets in the U.S., and sector in 2014 (table 1).
86° 84° 82° 80° 78° 76° 74°
USA Gulf of Mexico ATLANTIC OCEAN
THE BAHAMAS 24° 14 Havana LA HABANA 20 13 PINAR ^ 16 DEL RÍO 6 5 15 1 26 VILLA 12 24 MATANZAS ARTEMISA 18 CLARA 2 3 MAYABEQUE 22° 21 22 1,4 CIENFUEGOS ISLA DE LA SANCTI CIEGO CAMAGÜEY SPÍRITUS DE 2 MEXICO JUVENTUD ÁVILA 25 28 HOLGUÍN CUBA 11 10 8 LAS TUNAS GRANMA GUANTÁNAMO 1 20° 23 CAYMAN ISLANDS SANTIAGO U.S. Naval Station (United Kingdom) DE CUBA UNITED STATES Guantánamo Bay OF AMERICA (USA) Map area Caribbean Sea N HAITI CUBA JAMAICA 18°
Maritime boundaries and Cuban Exclusive Economic Zone derived from National Oceanic and Atmospheric 0 100 200 300 KILOMETERS Administration data as of November 2014; political boundaries are not necessarily authoritative and are derived from Esri and open-source shapefiles; Mercator projection, datum is World Geodetic System of 1984 0 50 100 150 MILES