HudBay Minerals Announces Sale of Fenix Project

HudBay Minerals Inc. (TSX:HBM,NYSE:HBM) reports it will sell its interest in the Fenix ferro-nickel project in Guatemala to the Solway Group.

The press release is quoted as saying,

Pursuant to the terms of the agreement, HudBay will receive US$140 million in cash at closing and US$30 million upon the satisfaction of certain conditions during the course of Solway’s development of the project.

HudBay’s President and CEO, David Garofalo says,

We believe that the sale proceeds will further strengthen our balance sheet as we develop our Lalor and Constancia projects. We are also pleased to see the project in the hands of an experienced ferro-nickel operator, such as the Solway Group, which is committed to the development of Fenix

For the complete press release, click here.