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Boleo Mine gets fund injection from Korea Resources

Keywords: Tags  Boleo, Baja Mining, Korea Resources, copper, cobalt, manganese, zinc, Minera y Metalúrgica del Boleo

NEW YORK — Baja Mining Corp.’s Minera y Metalúrgica del Boleo (MMB) copper-cobalt-manganese-zinc mining unit has received $65 million in construction funds from Korea Resources Corp., Baja said May 13.

The Seoul-based company’s latest contribution will reduce Baja’s interest in MMB to 15.7 percent from 20.9 percent.

Once Vancouver, British Columbia-based Baja gets all second-phase funding contributions, its stake in the flagship Boleo project will be 10 percent vs. 70 percent in early 2012 (, Feb. 12).

MMB also is still in talks with the remaining 2010 project finance lenders, except the Export-Import Bank of the United States, over an extension of the standstill deal that expired April 19, Baja said.

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