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 Canadian mining company will sell the nickel mining project to the Solway Group, for approximately $170 million.
The Fenix project, which mines nickel, closed a deal for $50 million with FLSmidth to improve their installations.
Skye Resources shareholders approved the merger and stock takeover by HudBay Minerals in exchange for a shareholding stake worth $396 million.
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.
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