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.
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.
The Fenix project, which mines nickel, closed a deal for $50 million with FLSmidth to improve their installations.
The Canadian mining company will sell the nickel mining project to the Solway Group, for approximately $170 million.
Russian firm Solway Investment Corporation plans to invest about $1.5 billion in the FeNix ferronickel mining project.
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