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.