Canadian miner HudBay Minerals Inc (HBM.TO) said it would sell its Fenix ferro-nickel project in Guatemala to Russia's Solway Group for $170 million in cash. The Fenix project does not fit HudBay's strategy of focusing on volcanogenic massive sulfide (VMS) and porphyry deposits, the company said in a statement. HudBay said on Friday 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 Minerals Inc. (HudBay) is a Canada-based diversified mining company, with assets in North, Central and South America. Shares of HBM fell by 0.79% or $-0.0964/share to $12.10. In the past year, the shares have traded as low as $11.84 and as high as $18.98. On average, 35449 shares of HBM exchange hands on a given day and today's volume is recorded at 76135.
