<P> On 2 August 2011, The New York Times reported that Cuba reaffirmed its intent to legalize "buying and selling" of private property before the year's end . According to experts, the private sale of property could "transform Cuba more than any of the economic reforms announced by President Raúl Castro's government". It would cut more than one million state jobs, including party bureaucrats who resist the changes . The reforms created what some call "New Cuban Economy". In October 2013, Raúl said he intended to merge the two currencies, but as of August 2016, the dual currency system remains in force . </P> <P> In August 2012, a specialist of the "Cubaenergia Company" announced the opening of Cuba's first Solar Power Plant . As a member of the Cubasolar Group, there was also a mention of 10 additional plants in 2013 . </P> <P> Cuba's natural resources include sugar, tobacco, fish, citrus fruits, coffee, beans, rice, potatoes, and livestock . The output of Cuba's nickel mines that year was 71,000 tons, approaching 4% of world production . As of 2013 its reserves were estimated at 5.5 million tons, over 7% of the world total . Sherritt International of Canada operates a large nickel mining facility in Moa . Cuba is also a major producer of refined cobalt, a by - product of nickel mining . </P> <P> Oil exploration in 2005 by the US Geological Survey revealed that the North Cuba Basin could produce about 4.6 billion barrels (730,000,000 m) to 9.3 billion barrels (1.48 × 10 m) of oil . In 2006, Cuba started to test - drill these locations for possible exploitation . </P>

Cuba is one of the world's leading producers of