Guatemalan Nickel Company SA (CGN) is a subsidiary of Solway Investment Group, a firm that acquired the company in September 2011.
CGN has two Mining Exploration Licenses in the department of Izabal, granted to the projects FeNix and Montufar. The FeNix project is located in the municipality of El Estor, it has an operating license and environmental studies approved by the Ministry of Environment. The operating license for the Montufar project, located in the municipality of Amates, is currently pending.
The company owns a nickel plant, also located in El Estor, built in the late 70’s, and it was closed in 1980 due to a decrease in nickel prices and an increase in fuel prices for electricity production.
Solway ensures that the plans for FeNix are promising and contemplates a start of the detailed engineering phase and production as soon as possible. The development plan is provided in three phases. During the first 18 months, they expect to reach an output of 35 thousand tons of ferronickel (12 thousand tons of nickel). After 30 months, production is estimated at 75 thousand tons of ferronickel (25 thousand tons of nickel) and between the fourth and fifth year of operation, the figure will be of 150 thousand tons (50 thousand tons of nickel).
The primary objective of CGN is the efficient and responsible use of nickel, contributing to the progress and development of the municipality of El Estor and its communities and to ensure the protection of the natural environment of the basin of Izabal.
Solway Investment Group Limited is a private group of companies with mining, basic metals, nonferrous metals and real estate. The group’s main business is conducted in the countries of the European Community (CIS), Central and Eastern Europe, Latin America, Africa and Australia.
