Cuba's national grid collapsed on Friday, leaving the entire population of 10 million people without electricity and underscoring the precarious state of the Communist-run country's. Contact online >>
Cuba''s national grid collapsed on Friday, leaving the entire population of 10 million people without electricity and underscoring the precarious state of the Communist-run country''s...
Sherritt International Corp.''s new boss sees the electric-vehicle revolution stretching all the way to Cuba, with the Canadian miner planning to boost output of battery-grade nickel and cobalt.
With support from EDF, 45 low-income homes received solar photovoltaic panels and battery storage systems as part of a community-led solar energy project in Culebra, Puerto Rico, a small island municipality whose residents and energy infrastructure suffered heavily in the wake of Hurricanes Irma and Maria in 2017.
Petrol supply to Cuba plummeted from 100,000 barrels a day to about 56,000 barrels per day on average in 2021. Like a fridge. But electricity supply, too, is a concern. For weeks now, Cubans have had to deal with regular cuts, sometimes lasting hours at a time, due to generation failures and maintenance work on thermoelectric plants.
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In its first major move under Chief Executive Officer Leon Binedell, the Toronto-based company wants to increase production at its Moa joint venture in Cuba by 15 per cent to 20 per cent from the 34,876 metric tons produced last year.
"Going after essentially the lower risk, lowest capital opportunity for Sherritt is a meaningful way of growing cash flows and pursuing growth," Binedell said in an interview.
The plan, unveiled Wednesday in a statement, involves extending the existing mine''s life beyond 2040 and is designed to tap into expected strong demand for metals used in rechargeable batteries as the world weans itself off of fossil fuels.
It''s also meant to mark a turning point for Sherritt, which restructured its debt last year after exiting a costly project in Madagascar. The firm''s next payments are due in five years, by which point Binedell hopes to have completed the expansion.
"There''s a measure of speed required," Binedell said Thursday by phone. "The intent is to have full benefit of the production and the expansion in place prior to our debt maturity."
Sherritt''s stock fell 3.3 per cent to 44 Canadian cents Friday at 11:09 a.m. trading in Toronto, on pace for its fourth straight day of declines. The shares have gained seven per cent this year, lagging the 23 per cent gain of Canada''s benchmark S&P/TSX Composite Index.
While demand prospects for the metals are bright, there are challenges in processing the complex ores found at the island nation, where companies also have to navigate the U.S. trade embargo and work with a government starved of foreign currency.
Binedell''s predecessor, who handed over the reins in June, hoped Joe Biden''s election would ease the political tension between the U.S. and Cuba that saw Sherritt pushed to the brink under Donald Trump. But ties remain fraught, particularly after the government in Havana cracked down further on dissent in response to rare street protests earlier this year. Cuba''s economy is also reeling from the pandemic, which shut down its vital tourism industry.
"The impacts of COVID coupled with the U.S. sanctions have created a lot of pressure on the government," Binedell said, adding that Sherritt and the Cuban leadership have found "great alignment" on the Moa expansion plan.
Sherritt expects to provide an update on the project next quarter as the miner works with its Cuban partners to finalize timelines, capital estimates and financing alternatives. The foundation for one of the new facilities was laid as part of a previously shelved expansion plan, which will help keep construction costs down.
The South Africa-born executive, who took the top job at Sherritt after serving as chief financial officer at Guyana Goldfields Inc., got a first-hand look at the Moa operation during a visit to the island last month. He also met top Cuban officials, including President Miguel Diaz-Canel, who Binedell said offered a personal reassurance that the cash-strapped government would keep paying its bills.
"As they reopen for tourism in less than two weeks, they will start having greater access to foreign currency reserves," the CEO said. "Patience is a virtue and will be needed to deal with this, but I don''t foresee a recoverability issue in the longer term."
People gather on their electric scooters to spend the late afternoon showing off stunts and racing in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
Kiara stands on an electric scooter as people work on their electric scooters after attending a gathering in the capital of stunts and races, outside her caretaker''s home in Cojimar, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
A laptop reads the voltage of an electric scooter after it was used at a gathering in the capital for stunts and races in Cojimar, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
People watch a drag race between two electric scooterists at a late afternoon gathering of electric motorbike owners to show off stunts and races in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
Kiera gets a foot rub at his home by his care taker as people work on their electric scooters after attending a gathering in the capital for stunts and races in Cojimar, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
A youth arrives with this electric scooter to a roadside gathering to spend the late afternoon showing off stunts and racing in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
People take off for a race on their electric scooters as they gather for a late afternoon showing off stunts and racing in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
A biker kicks up dust at a late afternoon gathering by electric scooterists to show off stunts and race in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
Electric scooterists gather on the side of the road to spend the late afternoon showing off stunts and racing in Havana, Cuba, Friday, July 15, 2022. Cuba has been flooded in recent years with "motorinas", as these electric scooters are called on the island, a fad for many, but also a solution to the transportation problems and fuel shortages that overwhelm the Caribbean nation. (AP Photo/Ramon Espinosa)
HAVANA (AP) — The young people come and go on their electric motorcycles at this highway outside Cuba''s capital where they perform stunts and talk about their two-wheelers, which would be largely silent if it weren''t for the music blasting from speakers.
Cuba has been flooded in recent years with "motorinas," as the electric scooters are called on the island, which have been promoted by the government as efficient alternatives amid extreme gas and diesel shortages, and as a solution to the country''s transportation problems.
Authorities permitted their importation last decade – Cubans cannot import motorcycles with gasoline or diesel engines – and since then about 300,000 of them have circulated on the island, said Col. Mario Ríos Labrada, head of vehicle registry at the National Transit Directorate. In comparison there are an estimated 500,000 cars.
The motorcycles can cost between $2,000 and $5,000. Many originate in China and are imported to Cuba through Panama. Cuban officials say a locally made electric motorcycle called the "Minerva" is being produced at an old bicycle manufacturing warehouse in Villa Clara.
"There is an ''outbreak'' of electric motorcycles, everyone likes them," said Ernesto José Salazar, 20, who works in a paint shop. "We got to meet up with 200 motorcycles, honking and listening to music."
Young riders organize through social networks and spend hours discussing the benefits of a battery or where to buy tires or find the best workshop.
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