Baja Mining Project Gets Asian Boost

Baja Mining’s Boleo project in Mexico has secured $90m interim financing, it says, from a consortium made up of Korea Resources Corporation, LS-Nikko Copper, Hyundai Hysco, SK Networks and Iljin Materials. The consortium, which took a 30% interest in Boleo in July 2008, raises its stake by 21% when it provides $45m of the $90m. The consortium then has until about August 30 to fund the entire $90m, failing which, its interest would drop back to 30%. If it does commit the $90m, it would have the ablitiy to commit additional funds during a second stage. If the consortium does complete the $90m financing or participate in the second stage, Baja says Boleo’s operations would have to shut down. In the second stage, Baja is able to add a minimum of $10m to its position, up to a maximum of 40%. Canada-based Baja Mining’s only project is Boleo, a copper-cobalt-zinc-manganese project located near Santa Rosalia, in the state of Baja California Sur.