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Bajahowodd
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CaboRon was referring to a wholly different Canadian project for gold mining that could have negative impact in the Todos Santos area.
http://www.mexidata.info/id2510.html
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Paula
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In CaboRon's original post, he didn't refer to any projuect, he just posted an article that clearly deals with the El Boleo project in Santa Rosalia
north of Mulege. He must have been quite confused, as in his post on page 2 of this thread he mentions mining in "the mountains to the west of Todos
Santos."
Bajahowodd's link is alarming, and coupled with Ron's article, one could reasonable conclude that Canadian mining companies are deceptive,
exploitative, and dangerous, showing total disregard for countries and peoples far from their home offices. Mexico would do well to be wary of both
Baja Mining Co. and Vista Gold.
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Bajahowodd
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Paula- The original post on this thread was a news story not posted by Ron. It did indeed refer to the mining operations at Santa Rosalia. I do think
that your warning about Canadian mining companies should be taken to heart. I'm just guessing here, but I would imagine that Canada, with its vast
expanse of open land and it's relatively small population, just doesn't or hasn't had to come to grips with the potential rape of the land that
uncontrolled mining interests have done and continue to do.
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Paula
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| Quote: | Originally posted by Bajahowodd
Paula- The original post on this thread was a news story not posted by Ron. It did indeed refer to the mining operations at Santa Rosalia.....
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This is exactly what I said. And his later comment showed that he was probably confused when he posted it as to where it was located. He spoke in
his second post of a gold mining operation being done by Visita Gold, apparently in the mountains under the sea "west of Todos Santos"  I will write more clearly next time.
[Edited on 1-19-2010 by Paula]
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CaboRon
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| Quote: | Originally posted by Bajahowodd
CaboRon was referring to a wholly different Canadian project for gold mining that could have negative impact in the Todos Santos area.
http://www.mexidata.info/id2510.html |
Thankyou, you are right
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BajaNews
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Baja Files Updated Technical Report and Amended Financial Statements
© Marketwire 2010
March 9, 2010
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/10 -- Baja Mining Corp. (TSX: BAJ)(OTCQX: BAJFF) today announced that, further to its news
release dated January 15, 2010, it has filed an updated NI 43-101 compliant technical report (the "Technical Report") on the Boleo Project. The
Technical Report can be found on Baja's website at www.bajamining.com and on SEDAR at www.sedar.com .
The "Updated Technical Report" dated February 24, 2010, prepared by Michael Shaw, P.E.; Thomas Gluck, PhD; David Dreisinger, PhD; Scott Britton, P.E.;
Terry Hodson, P.Geo. (all of Baja); and Timothy Ross (of Agapito & Associates), all Qualified Persons, projects an average annual production for
the first six years, of the currently scheduled initial 23 years of plant production, of 56,697 tonnes of copper cathode, 1,708 tonnes of cobalt
cathode and 25,364 tonnes of zinc sulphate. The project has proven and probable reserves that support a mine life of more than 25 years. Average
life-of-mine (currently anticipated at 25 years of mining and 23 years of process plant) cash costs (based on the three year trailing average metal
prices, as of December 31, 2009, in accordance with SEC guidelines) are negative US$0.29 per pound of copper, net of by-product credits for cobalt and
zinc, and with no credit for manganese.
In conjunction with the filing of the base shelf prospectus and related filings in the United States reported earlier today, March 8, 2010, Baja has
filed amended consolidated financial statements for the year ended December 31, 2008 and for the interim period ended September 30, 2009 plus the
amended management discussion and analysis for the period ended September 30, 2009. The financial statements have been reconciled, as required by the
filing of the Registration Statement, to US GAAP Item 18. In addition, during the review for the filing of the amended financial statements for the
prospectus, Baja discovered an error in the cash flow statement of the September 30, 2009 interim financial statements.
Certain cash flows arising from changes in project vendors' deposits were incorrectly presented as part of changes in working capital within operating
activities. The receipts (amounting to $6.6 million) are considered cash receipts from the repayment of advances and should therefore have been
included as part of investing activities, thereby reducing the cash flows invested in mineral properties during the three and nine-month periods ended
September 30, 2009.
As at September 30, 2009 this adjustment had no effect on the Company`s earnings or on the interim consolidated balance sheet. Amended consolidated
financial statements and the Company's management discussion and analysis have been filed and are available on SEDAR at www.sedar.com : www.sedar.com , as well as on the Company's website at www.bajamining.com : www.bajamining.com .
Baja Mining is a Vancouver-based publicly traded mine development company (TSX: BAJ)(OTCQX: BAJFF) with a 70% interest in the Boleo
copper-cobalt-zinc-manganese project located near Santa Rosalia, Baja California Sur, Mexico. A Korean syndicate holds the remaining 30%. Baja is the
project operator. The target date for commissioning Boleo is 2012.
ON BEHALF OF THE BOARD OF DIRECTORS OF BAJA MINING CORP.
JOHN W. GREENSLADE, PRESIDENT
Some of the statements contained in this release are forward-looking statements, within the meaning of the U.S. Securities Act of 1933 and U.S.
Securities Exchange Act of 1934 and forward-looking information within the meaning of Canadian securities laws, such as statements that describe the
anticipated mine life; the Company's expected NPV and IRR of the project; expected future metal prices; expected timing of start-up; expected timing
of a manganese feasibility study; expected timing for construction and other statements. Since forward-looking statements are not statements of
historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks,
uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual results and developments may differ
materially from those contemplated by such forward-looking statements. Material factors that could cause actual revenues to differ materially from
those contained in such forwarding-looking statements include (i) fluctuations on the prices of copper, cobalt, zinc and manganese, (ii)
interpretation of contract terms, (iii) accuracy of the Company's and consultants' projections, (iv) the Company's ability to finance, receive permits
for, obtain equipment, construct and develop the El Boleo Project, (v) the effects of weather; operating hazards; adverse geological conditions and
global warming, (vi) impact of availability of labor, materials and equipment; and (vii) changes in governmental laws, regulations, economic
conditions or shifts in political attitudes or stability.
These forward-looking statements represent the Company's views as of the date of this release. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers
should not place undue reliance on any forward-looking statements. Cautionary Note to U.S. Investors - The United States Securities and Exchange
Commission (SEC) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. We use certain terms in this press release such as "measured," "indicated," and "inferred" "resources", which the SEC
guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the
disclosure in our Form 20-F which may be secured from us, or from the SEC website at www.sec.gov/edgar.shtml : www.sec.gov/edgar.shtml .
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
Contacts:
Baja Mining Corp.
John Greenslade
President
604-685-2323
604-629-5228 (FAX)
www.bajamining.com
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bajario
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A little cost overun and a few more board members resigned. My stock is taking a beating this morning.
Baja Mining Provides Update For Costs of the Boleo Project; Announces Director Resignations
Vancouver, April 23, 2012 – Baja Mining Corp. (TSX:BAJ - OTCQX: BAJFF) today announced the preliminary results of its current capital cost review of
the Company’s 70 percent owned Boleo copper-cobalt-zinc project and three resignations from the Board of Directors.
Capital Cost Review
While the review is not yet complete, Baja has identified a projected cost increase of approximately $246 million after exhausting existing
contingency and cost overrun facilities. Financing for the Boleo project was based on a 2010 projected go-forward funding requirement of US$1.143
billion. The projected $246 million cost increase represents a 21.5% increase over the 2010 funding requirement.
The projected cost increase is attributable to a variety of pressures including change of scope, design improvements and price increases in key
consumables such as steel and fuel. This current estimate exceeds previous forecasts, which were based in part on cost trend analysis. More robust
systems are being implemented to improve forecasts and project controls going forward and the Company will provide further information regarding such
controls shortly. Nevertheless, the increase is consistent with increases experienced by other mining development projects.
The Company is reviewing the updated cost projections for accuracy and is exploring the potential of various options to defer or reduce costs. In
addition, and in consultation with the lenders for the Boleo project and Baja's strategic partners, Baja is considering the most efficient and
non-dilutive options for funding its 70% of the budget shortfall. To date, Baja has been successful in minimizing dilution to existing shareholders by
providing a financing package 70% comprised of debt and non-equity contributions and is committed to providing the most effective funding to complete
the Boleo project.
Under the Boleo project's lending agreements, the projected cost increase requires Baja and its Korean Partners to fund the shortfall. Baja has
initiated discussions with the Boleo project's lenders and Baja's partners to develop an acceptable remedy within the next two months allowing the
Boleo project to continue drawing on available loan facilities. Baja is cognizant that raising additional funding from the Boleo project's lenders may
subject the project to further risk management strategies as required by its lenders including but not limited to additional cost overrun facilities
beyond the $100 million already funded and applied to its projected cost increase.
The Company’s Korean partners continue to support the project and are working with Baja and the project's lenders to develop and execute the funding
plan. Baja also reports that development of the Boleo project continues on a schedule which is consistent with production targets. As previously
disclosed, copper production at the Boleo project is targeted for the first half of 2013.
Director Resignations
Baja also announces the resignations of Graham Thody, Tom Ogryzlo and Wolf Seidler from the Company’s Board of Directors, temporarily reducing the
size of the board to three members, of whom two are independent. The Company is working to appoint new independent nominees to the Board to replace
the departing directors as swiftly as possible and will keep shareholders apprised of progress.
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rts551
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Hope they can get it back on track. Sounds like the Korean investors are still supportive.
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chuckie
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If the shelf life of this project is indeed 23 years, its a good thing. I have toured this mine, tours are available by contacting the PR person, and
it is pretty impressive.Both from a production standpoint and from at least stated concerns about environmental issues. Like many of the subjects on
this forum, there are alot of "Experts" with no first hand knowledge of the subject upon which they are experts. Santa Rosalia is a busy place
now...Thats good...I therefore am qualified as a"knowledgeable person"...I have at least been in the place.....
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Skipjack Joe
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Environmental damage?
This is nothing. Wait until they hook up with El Arco and see what they do to the desert.
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chuckie
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Are they now hooking up with El Arco? I must have missed that part....If memory serves, not long ago (this year) the Mexican government denied permits
for a new mine in Baja, due to environmental concerns....
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Skipjack Joe
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I'm going to relay what Beto told me this summer. For those that don't know, Beto is a resident of El Arco that resides in San Francisquito. A good,
hard working man.
The mining operation at El Arco (don't know if it's Boleo) has bought all the ejido land between El Arco and the Cortez. That's a done deal. The
intent is to build the road to San Francisquito and a dock in the bay. It's my understading that the ores would be driven to the coast where ships
would transport it further. It's my understanding that this conglomerate now owns part of the coastline. My thinking is that the ore would be
transported to Santa Rosalia where further refinement would take place.
Is there any hope of stopping this, I asked.
Why would you want to, replied Beto.
Apparently the only hiccup is that this whole setup would be passing through some environmentally protected area. But he didn't think this would
amount to much.
I'm just reporting it as I heard it. I was sad beyond belief.
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rts551
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| Quote: | Originally posted by Skipjack Joe
I'm going to relay what Beto told me this summer. For those that don't know, Beto is a resident of El Arco that resides in San Francisquito. A good,
hard working man.
The mining operation at El Arco (don't know if it's Boleo) has bought all the ejido land between El Arco and the Cortez. That's a done deal. The
intent is to build the road to San Francisquito and a dock in the bay. It's my understading that the ores would be driven to the coast where ships
would transport it further. It's my understanding that this conglomerate now owns part of the coastline. My thinking is that the ore would be
transported to Santa Rosalia where further refinement would take place.
Is there any hope of stopping this, I asked.
Why would you want to, replied Beto.
Apparently the only hiccup is that this whole setup would be passing through some environmentally protected area. But he didn't think this would
amount to much.
I'm just reporting it as I heard it. I was sad beyond belief. |
The biosphere?
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Skipjack Joe
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Would love to hear anyone confirm or deny Beto's assertions.
I don't know if it's a biosphere.
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rts551
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Interesting Igor. Why wouldn't they just use existing roads and bring it to the Pacific coast at GN.
And on edit: I believe it is part of the Vizcaino Biosphere.
[Edited on 4-23-2012 by rts551]
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goldhuntress
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Grupo Mexico owns the El Arco mine and I heard very soon are doing an open pit mine there. Very sad.
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rts551
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| Quote: | Originally posted by goldhuntress
Grupo Mexico owns the El Arco mine and I heard very soon are doing an open pit mine there. Very sad. |
Why is it sad?
Grupo Mexico has open pit mines in Arizona and New Mexico, and probably some other states. Check out their holdings in Sonora Mexico.
To them Baja Caifornia/Baja California Sur are just other areas with resources to be used.
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Skipjack Joe
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A little research confirmed my fears:
(Reuters) - Latin American miner Grupo Mexico is set to build a major new copper mine at a remote site in northern Mexico now that strong copper
prices justify the development costs of the company's biggest project in decades.
The EL Arco project, at the heart of the Baja California peninsula, will produce 190,000 tonnes of copper from 2012, the Mexico City-based miner said
on Wednesday.
Grupo Mexico has owned the site for years but did not start construction because of high development costs, said Xavier Garcia, chief executive of the
company's Mexican mining unit.
Among those costs, Grupo Mexico will build an electricity plant to power El Arco, and is investing in sea water treatment plants to provide water for
operations.
The company also will build houses, schools and health clinics for El Arco's workers, and will pave existing roads to carry copper to ports like Santa
Rosalia on the Sea of Cortez, Garcia said.
Garcia said shifts in global demand meant copper prices were unlikely to dip below $1.20 a lb in the foreseeable future, making El Arco viable.
"This is one of the few projects in the world totally proven with very reasonable costs of production," Garcia said.
He forecast copper would close 2007 at between $2.80 and $3.00 per lb., and said the mine, when open, could operate comfortably at $1.20 to $1.50 per
pound of copper.
Copper for July delivery ended down 3.75 cents at $3.40 a lb in New York on Wednesday.
The mine will be located halfway between the Pacific Ocean and the Sea of Cortes on the narrow Baja California peninsula, 70 km (43.5 miles) from the
whale watching town of Guerrero Negro.
Garcia said the environmental assessment had been approved, and the company was waiting for permits to begin work. He said the mine would meet high
sustainability standards.
Baja California, popular with U.S. retirees and vacationers, is considered important environmentally for its diverse wildlife and desert ecosystem.
El Arco will produce 50,000 tonnes of copper cathodes and 140,000 tonnes of copper in concentrates.
Garcia said the project had reserves of 1 billion tonnes containing about 0.50 percent copper sulphate and total investment would reach $1.75 billion,
including the power generator.
Grupo Mexico announced on Tuesday it would invest $4.1 billion in Mexican mines and projects over the next five years.
Garcia said that sum included El Arco. He said the company would not need to issue debt to fund the expenditure, except perhaps for the power plant.
Grupo Mexico (GMEXICOB.MX) hopes to double its current global copper output within the next six to seven years to reach about 1.3 million tonnes of
copper per year, Garcia said.
The company also has mines in Peru and owns bankrupt U.S. miner Asarco, currently controlled by a creditors' committee.
Mexico's mine union is threatening to strike over safety conditions at nine Grupo Mexico mines and plants, including the giant Cananea copper mine. On
Wednesday the union postponed the start of the strike by five days until June 15.
Grupo Mexico shares dropped 0.61 percent to 64 pesos on Wednesday.
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rts551
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Date of news. I think those strikes were all resolved. They do have a poor record when it comes to Unions. Oh OH.
Sounds like a lot of investment Water, power etc) in the middle of Nowhere.
| Quote: | Originally posted by Skipjack Joe
A little research confirmed my fears:
(Reuters) - Latin American miner Grupo Mexico is set to build a major new copper mine at a remote site in northern Mexico now that strong copper
prices justify the development costs of the company's biggest project in decades.
The EL Arco project, at the heart of the Baja California peninsula, will produce 190,000 tonnes of copper from 2012, the Mexico City-based miner said
on Wednesday.
Grupo Mexico has owned the site for years but did not start construction because of high development costs, said Xavier Garcia, chief executive of the
company's Mexican mining unit.
Among those costs, Grupo Mexico will build an electricity plant to power El Arco, and is investing in sea water treatment plants to provide water for
operations.
The company also will build houses, schools and health clinics for El Arco's workers, and will pave existing roads to carry copper to ports like Santa
Rosalia on the Sea of Cortez, Garcia said.
Garcia said shifts in global demand meant copper prices were unlikely to dip below $1.20 a lb in the foreseeable future, making El Arco viable.
"This is one of the few projects in the world totally proven with very reasonable costs of production," Garcia said.
He forecast copper would close 2007 at between $2.80 and $3.00 per lb., and said the mine, when open, could operate comfortably at $1.20 to $1.50 per
pound of copper.
Copper for July delivery ended down 3.75 cents at $3.40 a lb in New York on Wednesday.
The mine will be located halfway between the Pacific Ocean and the Sea of Cortes on the narrow Baja California peninsula, 70 km (43.5 miles) from the
whale watching town of Guerrero Negro.
Garcia said the environmental assessment had been approved, and the company was waiting for permits to begin work. He said the mine would meet high
sustainability standards.
Baja California, popular with U.S. retirees and vacationers, is considered important environmentally for its diverse wildlife and desert ecosystem.
El Arco will produce 50,000 tonnes of copper cathodes and 140,000 tonnes of copper in concentrates.
Garcia said the project had reserves of 1 billion tonnes containing about 0.50 percent copper sulphate and total investment would reach $1.75 billion,
including the power generator.
Grupo Mexico announced on Tuesday it would invest $4.1 billion in Mexican mines and projects over the next five years.
Garcia said that sum included El Arco. He said the company would not need to issue debt to fund the expenditure, except perhaps for the power plant.
Grupo Mexico (GMEXICOB.MX) hopes to double its current global copper output within the next six to seven years to reach about 1.3 million tonnes of
copper per year, Garcia said.
The company also has mines in Peru and owns bankrupt U.S. miner Asarco, currently controlled by a creditors' committee.
Mexico's mine union is threatening to strike over safety conditions at nine Grupo Mexico mines and plants, including the giant Cananea copper mine. On
Wednesday the union postponed the start of the strike by five days until June 15.
Grupo Mexico shares dropped 0.61 percent to 64 pesos on Wednesday. |
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Skipjack Joe
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Yes, they were. They delayed the El Arco project by 3 years. That means things will start rolling in 2015:
http://blogs.ft.com/beyond-brics/2010/06/08/strike-broken-gr...
It must have felt like getting back together with a long-lost and much-loved partner. Actually, it probably felt even better: on Monday, Grupo México
finally regained control of its Cananea copper mine after police dispersed a strike that closed down operations nearly three years ago.
Why authorities didn’t act months ago is still a mystery. After all, the country’s Supreme Court ruled as long ago as February that the strike
declared by workers protesting health and safety conditions was illegal.
There is little probability that regaining control will undermine the powerful position labour unions hold in key sectors of the Mexican economy, or
even that this week’s events will significantly weaken union power in the country’s mining sector. The fact that workers were able to carry out a
three-year strike at all against the world’s second-biggest copper mining company is testament to the movement’s abiding strength.
The main point is rather that Cananea, which once produced more than one-third of the country’s copper output, is about to open up again. And that is
good news for the company – and for Mexico.
First off, it means that Grupo México can kick-start production. The company says that the strike resulted in a production loss of at least 530,000
tons of copper – equivalent to more than $3m a day during the almost three years of the mine’s closure. The company estimates that it will need to
invest about $100m to get the mine back to where it was prior to the strike, when output was about 190,000 tons a year. It also believes it can return
to those levels possibly by the end of this year.
Second, the company now appears free to dust off a $3.5bn investment project at Cananea that would more than double production to 460,000 tons in the
coming years. Moreover, uncertainty over the project’s future had also led to delays in another of Grupo México’s expansion plans: El Arco, a copper
mine in Baja California in which the company had intended to sink $2bn. El Arco was held up because the plan was to use processing capacity at Cananea
to handle some of its output.
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