Baja Mining Corp. officials have announced securing backfinancing via a $50 million loan with subsidiary Mineray Metalurgica del Boleo, S.A. P.I. de C.V. (MMB) and Korea Resources Corp. for the Boleo project in Mexico. MMB owns 10% of the copper-cobalt-zinc-manganese project in Baja California Sur, which is currently under construction.

The loan is repayable by Q3 2015 and bears a LIBOR interest rate plus 0.8%. MMB, company representatives added, is further working to secure financing up to $200 million to complete Boleo construction while financing working capital pending normalized production.

 

Resource Center Whitepapers, Videos, Case Studies

Let's stay in touch!

All of the latest mining news and our digital edition sent to your inbox once a week.

We'll never share your email address, and you can opt out at any time, we promise.