NEW YORK Baja Mining
Corp.s flagship Boleo Mine in Baja California Sur,
Mexico, will receive a new package of loans from its South
Korean financiers, allowing construction on the
copper-cobalt-zinc-manganese mine to continue, the Vancouver,
British Columbia-based company said Tuesday.
Baja, which owns a 49-percent
stake in project joint-venture Minera y Metalurgica del Boleo
SA de CV (MMB), said MMB investor Korean Resources Corp.
(Kores) has negotiated a $419-million loan from the U.S.
Export-Import Bank to finance further development at the mine
site. The new loan includes $126 million previously outstanding
under the original 2010 loan with MMB, the obligations for
which have been assumed by Kores, the sole borrower under the
agreement. Kores, one of a handful companies in the Korean
consortium, has agreed to provide MMB with a new loan facility,
In addition, Kores has advanced another $40 million to MMB
to continue construction on the project. Kores already provided
$104 million in short-term funding in October and November to
address cost overruns at the mine, Baja said.