Hu signs US$500m Cuba nickel deal

Continuing his state visit to Cuba, President Hu Jintao signed a deal to invest US$500m in Cuba's nickel industry. The agreement was part of a raft of 16 trade and investment deals overseen by Hu on a visit designed to boost business links between the two countries. Nickel, used to make stainless steel, is one of Cuba's most important natural resources, although its mines are badly in need of new investment. China is already Cuba's third most important trading partner after Venezuela and Spain, and represents 10% of Cuba's foreign commerce.