HudBay Minerals Searching for Partners

The Canadian company seeks partner to develop their nickel mining project called "Fenix", located in Guatemala.

Friday, March 11, 2011

David Garofalo, HudBay´s CEO, told Mining Weekly that the search began in January and they are already looking at potential candidates.

Feasibility studies conducted by the former owner of the project estimate annual production of the mine at 85.000 tons of copper, 1.400 tons of molybdenum and 69 tons of silver.

Investment required for the project is an estimated $ 920 million.

More on this topic

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."

HudBay delays Guatemala mine

November 2008

Weak metals prices and global economic uncertainty has forced zinc and copper producer HudBay Minerals Inc. to delay construction of the Fenix nickel project in Guatemala.

But its large cash position could make it a takeover target.
The company has long been the subject of M&A speculation, but its shares could trade higher with a buyout premium from names like Teck Cominco Ltd., Lundin Mining Corp.

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.

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.

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