Mula
Super Nomad
Posts: 1656
Registered: 8-16-2011
Location: San Nicolas y Lopez Mateos
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Boleo stock
What happened at Boleo yesterday that it had a 4.5 cent jump in stock?
BAJ.TO
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bajario
Nomad
Posts: 260
Registered: 1-7-2008
Location: Cardiff
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The Koreans threw another $84 million into the project. How I see it is Boleos ownership gets smaller and smaller every time they throw in $$$ but
keeps the project moving ahead and will hopefully allow investors such as myself recoup or get back to even once production starts.
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Mula
Super Nomad
Posts: 1656
Registered: 8-16-2011
Location: San Nicolas y Lopez Mateos
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Thanks. I've been watching it all summer. Interesting!
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Alm
Ultra Nomad
Posts: 2745
Registered: 5-10-2011
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Don't forget to sell it immediately when production starts. China consumes any kind of resources incredibly fast, so it won't last long. This was the
very reason for the abandoned mine to re-open - demand from China and resulting depletion of world resources, with prices rising.
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bajario
Nomad
Posts: 260
Registered: 1-7-2008
Location: Cardiff
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Looks like the town will stay busy.
Korean Consortium Provides Phase 2 Funding Commitment, Baja Interestin MMB Adjusted to 26.2 Percent
Feb 12, 2013 08:31:52 (ET)
VANCOUVER, BRITISH COLUMBIA, Feb 12, 2013 (MARKETWIRE via COMTEX) -- Baja Mining Corp. (the "Company") (otcqb:BAJFF) is pleased to announce that on
behalf of the Korean Consortium, Korea Resources Corporation ("KORES") has confirmed that it will provide the Phase 2 Funding Requirement to Minera y
Metalurgica del Boleo, S.A.P.I. de C.V. (formerly, Minera y Metalurgica del Boleo, S.A. de C.V., "MMB") as described in the Company's News Release
dated July 26, 2012.
Pursuant to receipt of the definitive commitment by KORES on behalf of the Korean Consortium and as contemplated in the July 2012 Interim Funding
Agreement, the Company has agreed to a framework for the transfer of its MMB equity and shareholder loans to a KORES appointed entity based on the pro
rata contributions made by the Korean Consortium and/or KORES toward the total Phase 2 Funding Requirement of US$443,390,000. Based on Phase 2
contributions made to date of US$259,026,906, representing 58.4% of the Phase 2 Funding Requirement, a further 22.8% equity interest in MMB has been
transferred to the Korean Consortium, reducing the Company's equity interest in MMB from 49% to 26.2%. The Company has also transferred to KORES
$67,313,147 of its shareholder loans to MMB plus associated accrued interest to adjust the shareholder loans owed by MMB to the Company so they
correspond with its proportionate equity interest in MMB as provided for under the July 2012 Interim Funding Agreement.
The framework agreed between the parties provides for three further pro rata transfers of equity and shareholder loans plus accrued interest to the
KORES appointed entity upon contributions being made by the Korean Consortium or KORES to MMB of US$60,000,000, US$60,000,000 and US$64,393,094, which
will dilute Baja's equity interest in MMB to 20.9%, 15.7% and 10%, respectively. No fixed schedule has been set out for the timing of the further
funding contributions to be made by the Korean Consortium or KORES.
Further to the Company's news release of December 3, 2012, the remaining 2010 Project Financing lenders (which no longer include the Export-Import
Bank of the United States, as discussed in the December 3, 2012 release) continue to temporarily forbear exercise of rights and remedies under the
2010 Project Financing pursuant to a third standstill agreement which expires on March 31, 2013. MMB has informed the Company that it continues to
actively engage the remaining 2010 Project Financing lenders in a renegotiation of the original project financing in an effort to normalize the loan
facilities. The Company is hopeful that the fact of the Phase 2 Funding Commitment having been made will assist MMB in these efforts.
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