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Baja Mining records loss in first quarter

Keywords: Tags  Baja Mining, copper, cobalt, zinc, manganese, Korean Resources

NEW YORK — Baja Mining Corp. remained in the red in the first quarter as its in-development copper-cobalt-zinc-manganese project in Baja California Sur, Mexico, continued to face financing issues.

Vancouver, British Columbia-based Baja, which owns a 15.7-percent stake in the project through its Minera y Metalúrgica del Boleo joint venture, posted a net loss of $17.6 million for the three months ended March 31 vs. a $30.2-million loss in the same period last year. Baja did not report any revenue in either quarter as its flagship mine is still under construction.

Baja, which had owned a 70-percent stake in the project in early 2012, has seen its stake reduced with each funding contribution from its South Korean financiers, led by Korean Resources Corp.

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