Baja Mining slumps after saying even more delays expected at Boleo
Baja Prospecting is a mine development enterprise with a 70% interest in the Boleo copper mineral cobalt zinc manganese project located next to Santa Rosalia, Baja California Sur, Mexico. A Korean syndicate props up remaining 30%. Baja is the project user.
The target date for commissioning Boleo will be 2012. The project has proven and also probable reserves that assistance a mine life of a lot more than 25 years. Anticipated cash expenditures in the first five years tend to be US$0.27 per pound involving copper, net of by product credits for cobalt plus zinc, and with no credit score for manganese.
Baja Mining Corp. (CVE:BAJ)), a jr Canadian miner operating in South america, fell in midday trades after unveiling a $20 zillion bridge loan and predicting further delays at Boleo job in Baja California Nike Air Max 2014 Ebay Sur. in Toronto, paring this year's gain so that you can 43 percent.
Baja said inside a statement today that it continues to be advised by Minera y Steel del Boleo, (MMB) and Korea Assets Corporation (KORES) that KORES has provided some sort of US$20 million bridge loan to help MMB to fund the continuing construction with the Boleo project.
The Bridge Mortgage loan is intended to provide interim capital to MMB while the company functions to secure additional external funding of up to $200 million required for finishing of construction and working capital until production reaches a settled down level.
The Bridge Bank loan is repayable within six months as well as bears interest at a rate involving 10 percent per annum.
MMB has also advised that further delays may occur to the completion of construction along with production of first copper and thus it has reported to Baja Prospecting that it is expecting production of first copper before the end in the fourth quarter of 2014.
Proactive Investors North America Corporation, trades as "Proactiveinvestors USA Canada".
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