The Mineral Industry Of The Islands Of The Caribbean

Limited geographically by size and geo-logically by origin, smaller countries and territories of the Caribbean are nonetheless engaging in efforts to encourage the initiation of mineral and mineral-related industries. Petroleum dominates the minerals sector, which otherwise consists principally of minor quantities of construction-oriented materials, usually for local consumption. The increased cost of petroleum has adversely affected most of the world, but these islands with their economies precariously balanced on the uncertainties of agriculture and tourism are especially vulnerable to petroleum's direct and indirect costs. In 1975, the Government of Antigua acquired the financially troubled West Indies Oil Company refinery at St. Johns. The refinery ceased operations in 1976. In 1979, negotiations were underway to sell Ashland Oil Co. an interest in the small, 20,000-barrel-per-day refinery for $6.6 million. In 1977, Antigua granted petroleum exploration rights to the Antigua Mineral Exploration Company, which planned to drill in an undefined offshore area, possibly between Antigua and Barbuda. The company expected to spend about $200,000 per year through 1982. There have been no reports on its activity.