Cuba Ranks 4th Globally in Billion-Dollar “Treasure” Reserves
According to Databridgemarketresearch, by 2032, the world will witness robust growth in the demand for cobalt, a hard, lustrous, silver-gray metal.
While the global cobalt market was valued at $12.42 billion in 2024, it is projected to soar to $32.78 billion by 2032, with a compound annual growth rate (CAGR) of 12.90% from 2025 to 2032.
Among the top 5 countries with the largest cobalt reserves, Cuba stands out. With reserves of 500,000 tons (seven times that of the U.S.), Cuba ranks 4th globally in cobalt reserves, as per the 2024 U.S. Geological Survey (USGS) report.
Source: Databridgemarketresearch
The surge in cobalt demand is driven by the global shift toward green energy. This metal is a critical component in lithium-ion batteries, powering smartphones, laptops, electric vehicles, and renewable energy storage systems. Its efficient energy storage capabilities in batteries accelerate the adoption of electric vehicles and renewable energy, significantly reducing greenhouse gas emissions.
Additionally, cobalt’s infinite recyclability makes it a strategic resource for achieving net-zero emissions by 2050.
Cuba’s Cobalt Capital
The International Energy Agency forecasts that long-term cobalt demand will rise from 213,000 tons in 2023 to 454,000 tons by 2040. This global cobalt boom is a significant advantage for countries with substantial reserves of this silver-gray metal.
For Cuba, increasing production from 3,200 tons in 2023 to 3,500 tons in 2024 has propelled Cuba to the 7th position among the top 10 cobalt-producing nations in 2024, as reported by Investingnews in early 2025.
Cobalt is rare and primarily extracted through the refining of copper and nickel ores. Image of raw copper ore. Most cobalt is produced as a byproduct of copper and nickel mining. Image source: iStock
Moa is undoubtedly Cuba’s “nickel and cobalt capital,” boasting vast reserves of laterite ore (weathered ore) rich in nickel and cobalt, formed on the ancient Moa-Baracoa ophiolite rock, dating back to the Jurassic period around 150 million years ago.
Located in the northeastern province of Holguín, Moa’s proximity to the Atlantic Ocean makes it not only a mining hub but also a vital industrial center, contributing significantly to Cuba’s economy (approximately 10-15% of GDP from nickel and cobalt exports).
Cobalt extraction here is primarily a byproduct of nickel mining, facilitated by the Moa Joint Venture (Moa JV) between the Cuban government—via General Nickel Company S.A. (Cuba, 50%)—and Sherritt International (Canada, 50%), operational since the 1990s.
Moa JV is a vertically integrated enterprise specializing in nickel extraction and refining from laterite sources. The joint venture produces high-quality nickel and cobalt products for the international market, primarily in Europe and Asia. [As of September 18, 2025, the selling price is $33,335/ton, according to Tradingeconomics].
Through cobalt and strategic metal exports, Cuba is gradually overcoming economic and energy challenges.
Moa JV’s plant in Cuba. Image: Miningweekly
Moa employs open-pit mining to extract laterite ore, which is then processed into nickel and cobalt sulfide mixtures using high-pressure acid leaching (HPAL).
In a September 2025 press release, Leon Binedell, Executive Chairman and CEO of Sherritt International, announced that refined nickel and cobalt production at the Moa Joint Venture in Q2 2025 reached 3,431 tons, with Sherritt’s share at 389 tons.
According to Mr. Binedell, 2025 year-end production will increase due to the commissioning and acceleration of the sixth filtration system at Moa.
Through expanded international cooperation and technological advancements, Cuba’s mining industry is making promising progress, contributing to the Caribbean island nation’s growth.
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