Location

(Reuters) – Baja Mining Corp’s largest shareholder, Mount Kellett Capital Management LP, said it will not provide debt or equity financing for the Canadian miner’s Boleo copper-cobalt-zinc project in Mexico.

Mount Kellett Capital, however, said it would consider providing permanent financing for the company and the project, if Baja was willing to tie up with a strategic investor that has experience in managing such projects.


Baja, which has been struggling with cost overruns at its flagship Boleo project, last month said lenders agreed to a 45-day standstill for the project financing.


Spending at the Boleo project, which is 70 percent owned by Baja and rest by a Korean consortium, is expected to be $246 million more than the $1.14 billion estimated in 2010, Baja said in April.


Mount Kellett Capital, which holds about 20 percent stake in Baja, said it would continue its due diligence review of the company, it said in a regulatory filing.


Privately held Dreyfus, Baja’s second-largest shareholder, last month sought an independent investigation into the cost overruns at the Boleo project. France-based Dreyfus also sought removal of some officers and directors.


Shares of Baja closed at 19 Canadian cents on Wednesday on the Toronto Stock Exchange. The stock has lost more than 80 percent of its value in the past one year.

SHARE THIS POST?

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Email
Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.

This new application brings the paper map online.

Up to date information of:

  • Resources.
  • Production.
  • Endowment.
  • Technical Reports.
  • Geology.
  • And More…

Check the Mining State Panoramas

The promotion and dissemination as essential elements to understand and disseminate our Mineral resources, that is why today it is pleased to make the document “Mining Panorama” available to society, by state.

Get to know GeoInfoMex in 3D

GeoInfoMex, is the consultation system of the Mexican Geological Service that allows users to know geoscientific information and make decisions with savings in time and resources, helping to promote mining activity.

 

México Minero is a non-governmental organization that promotes sustainable mining.

The DOF is the organ of the Constitutional Government of the United Mexican States, which has the function of publishing in the national territory, to so that they are properly observed and applied in their respective areas of competence.

Learn about the current situation of the mining industry as well as the activities carried out by Camimex.

Mexico Mining Center © 2019 / All Rights Reserved