U.S. Government Had Interest In Mining Company In Cuba, Might Trump-Vance Administration Return U.S. Government To Asset Ownership In Cuba?

FOREIGN CLAIMS SETTLEMENT OF THE UNITED STATES
WASHINGTON DC

PROPOSED DECISION 

This claim against the Government of Cuba, filed under Title V of the International claims Settlement Act of 1949, as amended, in the amount of $42,600,000.00, was presented by NICARO NICKEL COMPANY based upon the asserted loss of certain mining concessions and other assets in Cuba. Under Title V of the International Claims Settlement Act of 1949

In The Matter Of The Claim Of NICARO NICKEL COMPANY  

Claim No. CU-2624 
Decision No. CU-6247 

Appeal and objections from a Proposed Decision entered on June 30, 1971; oral hearing requested. 
Oral hearing held on September 16, 1971 

FINAL DECISION

Under date of June 30, 1971, the Commission issued its Proposed Decision certifying a loss in favor of claimant in the amount of $22,494,708.62 plus interest. 

The Certification of Loss covered certain mining concessions in Cuba in the amount of $22,297,708.62, and other appurtenant property in the amount of $197,000.00.

In determining the value of claimant’s mining concessions, the Commission allowed only the established amount of proven ore, and portions of the claim for probable ore and possible ore were denied. 

The value of the proven ore was determined by the application of a 12% annual discount rate to the yearly valuations of the ore for the period 1961 to 1979 to arrive at the aggregate value of the proven ore on October 24, 1960, the date of loss.

Claimant objected to the denial of the claim for probable ore and possible ore, and to the use of a 12% annual discount rate. In support of the objections, claimant submitted a report of August 1971 from Behre Dolbear & Company, Inc., a firm of mining geological and metallurgical consultants, which contains the conclusion that an 8% annual discount rate should be applied to determine the values of the proven ore, probable ore and possible ore. 

LINK TO CERTIFIED CLAIM FILING IN PDF FORMAT