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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 ( amm.com, 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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