NEW YORK Baja Mining
Corp. has not yet heard whether its Minera y Metalurgica del
Boleo SA de CV (MMB) subsidiary will receive an $80-million
bailout from Korean investors that would ensure its flagship
Boleo Mine in Baja California Sur, Mexico, remain in
Baja was originally due to find
out Tuesday whether MMB, which is 49-percent owned by Baja and
51-percent owned by a Korean consortium of investors, would
receive the financial injection, interim chief executive
officer Tom Ogryzlo told AMM Monday.
However, it hadnt heard as
of Thursday afternoon, Ogryzlo said.
"(Talks are) still ongoing. Were expecting news in the
next two or three days," he told AMM late Thursday.
"Im hoping this will be the icing on the cake."
If the $80 million arrives from
the Korean consortium, which includes Korea Resources Corp.
(Kores), LS-Nikko Copper Inc., Hyundai Hysco Ltd., SK Networks
Co. Ltd. and Iljin Materials Co. Ltd., Baja would see its stake
in MMB fall to just 10 percent from its current 49 percent,
Ogryzlo said. If it doesnt receive the funding, Ogryzlo
has said development of the Boleo copper-cobalt-zinc-manganese
project will cease (
amm.com, Oct. 19).
The Korean consortium already
contributed $90 million for the survival of the company in
August, but overrun costs have risen to $440 million from $400
million, Ogryzlo said.
The Vancouver, British
Columbia-based company has $20 million in place to conduct an
orderly shutdown if necessary, Ogryzlo said earlier this