No Start Date in Sight for Fenix Project

No start date has been set for the reopening of the Fenix nickel project in Guatemala, owned by HudBay Minerals.

Friday, September 18, 2009

The project was acquired by HudBay last year when it purchased Canadian miner Skye Resources. It was then suspended as nickel prices plummeted, in the wake of the global economic crisis.

The mine has a capital cost estimate of around $1 billion, which could change depending on how managers choose to power the plant.

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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.

Guatemala: HudBay Minerals takes over the Fenix project

August 2008

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

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.

$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."

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