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

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.

Tuesday, June 24, 2008

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.
HudBay, another Canadian company, will control 79.7 percent of the shares after investing in Skye. That will allow the company to move ahead with Project Phoenix.
Production is expected to get underway in the last quarter of 2010.

More on this topic

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.

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."

$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 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.

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