Antilles Gold (ASX:AAU) has issued the notice to proceed to Xinhai Mining for its engineering, procurement, and construction contract for the Nueva Sabana Copper-Gold Project in central Cuba.
The contract holds a fixed price of US$29.5 million to conduct the remaining 85% of development costs, which totals US$35 million ($52.38 million).
Earthworks, high tension power connection, water supply, construction management, and contract administration is being undertaken by Minera La Victoria, balancing out the remaining US$6.5 million of development costs. Work began in December 2025.
Xinhai Mining will provide a US$17.1 million credit facility for mine construction through partially deferring its monthly progress claims until up to 18 months after commissioning.
As reported by Mining.com.au, Antilles signed off three primary transaction documents of the development of Nueva Sabana before Christmas 2025, including the binding memorandum of understanding with Xinhai Mining.
Antilles Gold is developing two previously explored deposits in Cuba, focusing on gold, silver, antimony, and copper concentrates.
Write to Maddison Elliott at Mining.com.au
Images: Antilles Gold
