Guatemala may have become the latest battleground in America’s bid to gain a foothold in the race for strategic metals dominated by China amid a remarkable proposed acquisition of a notorious nickel mine worth $1 billion, Newsweek can reveal.
A memo obtained by Newsweek indicates that, with the support of the U.S. government, the Guatemalan assets of the Switzerland-based Solway Investment Group—which were put under U.S. sanctions amid allegations of Russian influence peddling and ecological devastation—are in line for acquisition by a Canadian company for a “substantial discount.”
The Montreal-headquartered Central America Nickel (CAN) corporation reportedly plans to acquire the Fenix Nickel Project, a vast complex located close to the eastern Guatemalan town of El Estor that is valued at up to $1 billion and has been in operation since 1960 despite fierce resistance from local indigenous communities.
The move comes as the U.S. faces intense competition over rare earth metals and other strategic resources that will shape this century’s technological leaps, both in the commercial and military spheres. China, in particular, already dominates the rare earth market, accounting for some 63 percent of global rare earth mining operations, 85 percent of rare earth processing, and 92 percent of rare earth magnet production.
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