FeNix
In the 1950’s, 60’s and 70’s there were identified potential nickel deposits to the south and north of Lake Izabal in eastern Guatemala. In 1974, the Canadian company INCO built a plant to process ore and turn it into nickel matte from the mine they called the Glory Mine. However, because of the market conditions the mine remained inactive for almost 30 years, until the project was taken up by Skye Resources, sold to HudBay and then sold to the Solway Investment Group, the new owner.
After two feasibility studies and several drilling campaigns the mineral potential of the area for a period longer than 27 years was confirmed. Currently the project, re named Fenix, has an Operating License approved for 25 years and an Environmental Impact Study approved by the Ministry of Environment. Solway plans are to resume operations with the reconstruction of the existing plant considering an environmentally friendly pyrometallurgical process.
For Solway, the key to a successful operation that can provide long term benefits to local communities, country and investors is to ensure access to large inventories of high quality resources. Both FeNix and Montufar (in the Municipality of Amates) are considered potential projects with the support required for nickel mining in Guatemala.
El Estor, Izabal
The municipality of El Estor is located in the northwestern department of Izabal, Guatemala. The population is made up of different cultural and social groups, with the Q’eqchi’ who account for 91 percent. The National Statistics Institute established in 2002 that El Estor had 42,984 inhabitants, and its projection for 2011 is of 72 thousand 444 inhabitants. The population is concentrated mainly in rural areas.
The economic basis of the municipality of El Estor is sustained by agriculture, three quarters of the economically active population is involved in this sector. It is also important to mention the increase of women in the workforce, in agriculture, livestock, trade and services) this is due to the fact that they represent a lower cost than the male labor force.
INE data indicates that the majority of the labor sector consists of agriculture, hunting, forestry and fishing, followed by the commercial sector and hotel and restaurant services with a 7.5%.
