Investing in Mineral Rich Cuba


Antilles Gold Limited


Antilles Gold Limited is an Australian mining company operating in mineral rich Cuba where its joint venture with the Government’s mining company, GeoMinera SA, is focussed on developing three near term mid-sized open pit mines to produce gold, silver, copper, and zinc concentrates.

In addition, a preliminary drilling program has commenced on the large, previously explored El Pilar copper-gold porphyry deposit, and its high grade gold-copper oxide cap. This will be expanded to a major exploration program in 2023-24 on both the El Pilar deposit, and the extensive New Horizons VMS style polymetallic mineral belt with past production of copper and zinc. Both of these concessions are located in central Cuba and are held within an Exploration Agreement with GeoMinera.

Drilling La Demajagua Gold-Silver Deposit

Joint Venture

The strategy of the joint venture company, Minera La Victoria SA, is for part of the surplus cash generated by its first mine at La Demajagua, to be applied to funding two subsequent low cap-ex mines, and the exploration of major targets, which should result in growth of the value of Antilles Gold’s investment in Cuba while minimising dilution of its shareholders.

Why Antilles Gold is
Investing in Cuba

Cuba has been extensively explored, but development prospects have been substantially overlooked by the international mining sector for decades, and now presents significant opportunities for exploration and mining developments.

Antilles Gold first approached GeoMinera with respect to investing in the Cuban mining sector in 2015, and subsequently over a 4 year period from early 2018 reviewed more than 30 previously explored mineral deposits.

This resulted in a joint venture being established with GeoMinera in August 2020 to develop an open pit mine on the country’s largest known gold-silver deposit, La Demajagua.

An Exploration Agreement was also formalised in February 2022 which allows Antilles Gold to investigate selected previously explored and highly prospective mineral deposits for gold, silver, copper, and zinc before nominating which deposits should be incorporated in a joint venture for development.

Antilles Gold has a 49% minority shareholding in the joint venture company, Minera La Victoria SA. 

However, GeoMinera’s 51% shareholding in the joint venture company does not allow it to control decisions at Board or Shareholder Meetings as votes are cast by each of the three appointees of the two shareholders, on an individual basis.

If a dispute should arise between the shareholders it must be resolved at the International Court of Arbitration in Paris.

The joint venture agreement with GeoMinera requires any project that is developed to deposit all loans and sales proceeds in a jointly controlled foreign Bank account from where funds will be remitted directly to contractors and suppliers, and for servicing of loans, and payment of dividends, with the only transfers to Cuba being for local expenses.

The Mining and Environmental Laws are realistic, and the 15% company tax rate has been waived for 8 years from incorporation of the joint venture. Import duties, withholding tax, and GST are not applicable. Royalties on metal sales are at an industry standard 3%.

Antilles Gold nominates all senior management to the joint venture and benefits from its partnership and excellent relationship with GeoMinera with respect to rapid project permitting, and their continuing offerings of extensive, previously explored mineral concessions for possible inclusion in the existing Exploration Agreement.

Antilles Gold is a First
Mover in Cuba’s Emerging Mining Sector

As a first mover, Antilles Gold, has gained access to exciting gold, silver, copper, and zinc exploration and development projects through its agreements with GeoMinera at a minimal cost of entry.

Other than Trafigura’s 49% owned EMINCAR joint venture which commissioned the US$300 million Castellanos base metals mine in 2017, only Antilles Gold is currently investing in mine developments in Cuba.

Capitol Building Havana

Near Term
Mine Developments

The joint venture company plans to develop the La Demajagua gold-silver open pit mine on the Isle of Youth in south west Cuba between April 2023 and December 2024 to produce approximately 85,000 oz Au equivalent in two sulphide concentrate products (one gold rich, and one antimony rich) for around 7 years, with underground operations to follow for 10 years.



Minera La Victoria also expects to develop the high grade gold-copper oxide deposit overlying the El Pilar porphyry deposit as a low cap-ex open pit mine by early 2025 to produce gold and copper concentrates.

The third project that will be considered is the re-opening of up to four old mines with remnant ore within the New Horizons polymetallic mineral belt which previously produced copper and zinc concentrates.

Exploration Activities

The Los Llanos International Economic Assessment (Exploration Agreement) between subsidiaries of Antilles Gold and Geo Minera includes the El Pilar and New Horizons Concessions in Central Cuba with an additional significant concession in south east Cuba expected to be added in the near future.

El Pilar Concession

The initial exploration focus will be on the 17,800 ha El Pilar concession which covers copper-gold porphyry deposits at El Pilar, Gaspar, and San Nicholas.

The upside for Antilles Gold and its shareholders will be if copper grades from historic shallow drilling of the El Pilar porphyry deposit are replicated at depth. This is currently being tested by a preliminary 2,000 m drilling program with results expected by the end of 2022.

A 15,000 m program will be undertaken in 2023 to a depth of 300 m, or around one third of the expected depth of the porphyry deposit.

New Horizons Concessions

The second priority will be on the 31,700 ha New Horizons concession, a +40km long VMS style polymetallic mineral belt which hosts four previously operated copper-zinc mines, including the Antonio mine, which all have remnant ore, and 16 identified outcropping deposits with copper, zinc, and silver mineralisation. Exploration of the New Horizons concession could result in a long term project for copper and zinc production.