Guatemala: HudBay Minerals takes over the Fenix project

Skye Resources shareholders approved the merger and stock takeover by HudBay Minerals in exchange for a shareholding stake worth $396 million.

Wednesday, August 20, 2008


The merger will allow the HudBay Minerals mining company to take over the Fenix project located in El Estor, Isabal, Guatemala, which is considered to be the world’s fifth largest reserve of nickel.
Engineering works at the Fenix plant are 50% completed and Skye plans to begin ferronickel production in the last quarter of 2010.

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HudBay Minerals invests $100 million in Guatemala's Project Phoenix

June 2008

With the injection of 100 million dollars in capital from HudBay Minerals Inc., the nickel mine at El Estor, Izabal has been given new life.

At the end of January, the Guatemala Nickel Company, a subsidiary of the Canadian mining company Skye Resources Inc., suspended operations to look for a new partner to provide more capital.

$50 million expansion for nickel mine in Guatemala

October 2008

The Fenix project, which mines nickel, closed a deal for $50 million with FLSmidth to improve their installations.

FLSmidth will provide the engineering to update existing equipment and will provide new industrial machinery.

The expansion should double the current production capacity.

Guatemala: HudBay Minerals to sell Fénix Mining Project

August 2011

The Canadian mining company will sell the nickel mining project to the Solway Group, for approximately $170 million.

David Garofalo, manager of HubBay Minerals, referring to the sale said, "although we believe that Fénix is a solid project whose investment is justified, it does not fit with our strategy of focusing on porphyry deposits and massive volcanogenic sulfides."

Investment in Nickel Production in Guatemala

November 2011

Russian firm Solway Investment Corporation plans to invest about $1.5 billion in the FeNix ferronickel mining project.

The project is operated by the Compañía Guatemalteca de Níquel (CGN), which was purchased by Solway from its former owner HudBay Minerals Inc.

Dimitry Kudryakov, new president of CGN, detailed the company’s three stage investment plan.

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Corzel S de RL

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Phone: (504) 2565 3070 - (504) 2565 3073

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