Baja Mining’s troubled Boleo mine in Mexico has received an additional cash injection from the Korean consortium that now runs the project after rescuing it in January, leaving Baja with a lesser stake in the project. Construction at the Minera y Metalúrgica del Boleo mine started in 2010 and was originally set to cost $1.15 billion. But the project ran into $500 million in cost overruns and construction came to a standstill on the half-finished mine.
Korea Resources Corp. (Kores) will provide an extra $30 million in phase two construction funding; the move will reduce Baja’s Boleo interest to 20.9% from 26.2%. After the project was salvaged in January, the following month Baja’s equity interest in Boleo fell to 26.2% from 49%.
