Support The Moscow Times!

Solway Buys Guatemala Mine

Canadian miner HudBay Minerals said it would sell its Fenix ferro-nickel project in Guatemala to Solway Group for $170 million in cash.

The Fenix project does not fit HudBay's strategy of focusing on volcanogenic massive sulfide and porphyry deposits, the company said in a statement.

HudBay said Friday that it expects to record a non-cash charge of about $212.7 million related to its investment in Fenix, in its financial results for the three months ended June 30. Solway will pay the company $140 million in cash at the closing of the deal and $30 million after certain conditions are satisfied, the company said. HudBay expects the transaction to close in the third quarter of 2011.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.