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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
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I think what these Mexicans need is to hire a bunch of opinionated gringos to tell them exactly what it is they're doing wrong. Their problems could
all go away if they'd just listen as we criticize the hell out of them. 
The most laughable part was saying the mine is bad for Santa Rosalia.  Just
incredible...
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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+10...As usual too many experts...Cananea is in Sonora, just South of Bisbee Az....which I think is the deepest open pit mine in the .....How many of
the experts have been to Bisbee, Cananea, or Santa Rosalia?....At this point in time using the USA as a Model for other countries economies is
somewhat questionable, as is our environmental record....
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rts551
Elite Nomad
Posts: 6699
Registered: 9-5-2003
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| Quote: | Originally posted by chuckie
+10...As usual too many experts...Cananea is in Sonora, just South of Bisbee Az....which I think is the deepest open pit mine in the .....How many of
the experts have been to Bisbee, Cananea, or Santa Rosalia?....At this point in time using the USA as a Model for other countries economies is
somewhat questionable, as is our environmental record.... |
I have. but not an expert, onky curious and living in proximity to all 3 sites. Grupo Mexico's biggest problems in the US have been with Union
support of the striking Cananea miners and court battles over environmental/bankrupsy problems of ex-parent company ASARCO. We got it the Tucson news
constantly.
for an excellent chronology...check out
http://www.theirminesourstories.org/?p=1225
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Skipjack Joe
Elite Nomad
Posts: 8084
Registered: 7-12-2004
Location: Bahia Asuncion
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| Quote: | Originally posted by chuckie
+10...As usual too many experts...Cananea is in Sonora, just South of Bisbee Az....which I think is the deepest open pit mine in the .....How many of
the experts have been to Bisbee, Cananea, or Santa Rosalia?....At this point in time using the USA as a Model for other countries economies is
somewhat questionable, as is our environmental record.... |
You mean we can only talk about what we do and not what we read? Why?
Who claimed to be an expert?
Is this your way of putting down those who speak on a subject that you have better knowledge?
That's a really poor attitude.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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Really?
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wilderone
Ultra Nomad
Posts: 3814
Registered: 2-9-2004
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3-9-10: "Certain cash flows arising from changes in project vendors' deposits were incorrectly presented as part of changes in working capital within
operating activities."
That was a clue - no suprise then:
"A little cost overun and a few more board members resigned. My stock is taking a beating this morning."
The sutff of stock fraud suits.
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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| Quote: | Originally posted by Skipjack Joe
Would love to hear anyone confirm or deny Beto's assertions.
I don't know if it's a biosphere. |
Yes, the whole area from Santa Rosalia north and clear across the peninsula is part of the Vizcaino Biosphere.
http://www.parkswatch.org/parkprofile.php?l=eng&country=...
[Edited on 4-24-2012 by Pescador]
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
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| Quote: | Originally posted by chuckie
Really? |
Don't feed the trolls, chuckie. That's the advice they gave me. Maybe you'll be better at it than I have been so far. 
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Thats why the one word response....
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
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From: Baja Mining Corp. <info@bajamining.com>
Subject: [Baja Mining Corp.] Announces Update on Progress of Funding Solution
To: "leads@list.bajamining.com" <leads@list.bajamining.com>
Date: Monday, May 7, 2012, 5:39 AM
Baja Mining Announces Update on Progress of Funding Solution
Vancouver, May 7, 2012 – Baja Mining Corp. (TSX:BAJ - OTCQX: BAJFF) today provided an update on the progress of its efforts to develop a funding
solution for the recently announced capital cost overruns at its Boleo Project.
The Company met in Seoul, South Korea last week with the members of the Korean consortium who are Baja’s partners in the Boleo project (the
“Consortium”). During the meetings Baja discussed the Boleo project capital cost increases and various potential minimally dilutive funding
alternatives, including a subordinated debt financing to fund a significant amount of the cost overruns. A written proposal has been prepared for
presentation to the Consortium, subject to the approval of Baja’s reconstituted Board.
The Company has also delivered confidentiality agreements to several third parties for their possible participation in the project. In addition, the
Company has also initiated preliminary discussions with members of the brokerage industry, however equity markets remain difficult.
Any decisions on funding will be subject to the approval of the reconstituted Board of the Company.
While discussions with the Consortium have been positive and the Consortium members remain supportive of the Company and the project, the Company is
concerned that an approval process in regards to the potential funding solutions being investigated may not be completed as quickly as required even
if approved by the Consortium.
Swift approval is important because no further funds will be available from Baja’s senior loan facilities until an acceptable funding solution is
provided to the Company’s primary lenders. The Company’s project subsidiary has a May 4, 2012 cash position of US$41 million with access to a further
US$24 million in its restricted intermediary account. The Company’s projected burn rate is US$60 million in May, US$75 million in June and US$60
million in July.
Baja has implemented an aggressive cash flow management strategy, but the project will not be able to proceed without a cash injection by
approximately mid-June 2012. The Company is assessing its current obligations and what steps will be required if it cannot come to a timely financing
arrangement.
Further cost saving measures continue to be reviewed in an effort to reduce or defer costs. The Company is looking at the benefit of deferral of the
cobalt and zinc circuits and believes deferral could result in upfront savings of $85 million.
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
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From: Baja Mining Corp. <info@bajamining.com>
Subject: [Baja Mining Corp.] Announces Resignation of Greenslade, Appointment of New Chairman and Interim CEO and Appointment of Special Committee
To: "leads@list.bajamining.com" <leads@list.bajamining.com>
Date: Monday, May 14, 2012, 5:31 AM
Baja Mining Announces Resignation of Greenslade, Appointment of New Chairman and Interim CEO and Appointment of Special Committee
Vancouver, May 14, 2012 – Baja Mining Corp. (TSX:BAJ - OTCQX: BAJFF) today announced the resignation of John Greenslade as a director of Baja. Mr.
Greenslade has also resigned from his positions as Baja’s CEO and President.
Baja’s Board has commenced the search for a new CEO. Tom Ogryzlo has been appointed as interim CEO to replace Mr. Greenslade while that search is
underway, and with Baja’s Chief Financial Officer Rowland Wallenius and Chief Operating Officer Adam Wright, forms Baja’s leadership team.
Lorie Waisberg, who joined the Board of Directors on May 6, 2012, has been appointed as the chairman of the Board of Directors, replacing Giles
Baynham, who served as Baja’s chairman since January 2012. Mr. Baynham continues to serve as a director of Baja.
Baja’s reconstituted Board is assessing Baja’s financing needs and is actively engaged in seeking a solution. A special committee of the Board which
does not include Mount Kellett nominee Stephen Lehner has been formed to consider Baja’s financing alternatives. Further information will be provided
on the status of Baja’s efforts as it becomes available.
Mount Kellett has withdrawn the petition announced in its press release of May 4, 2012, and is among the parties who have entered into confidentiality
agreements with Baja permitting them to conduct due diligence on Baja and the Boleo Project.
For further information please contact Tom Ogryzlo at 604-685-2323 or via email info@bajamining.com.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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rts551 ... good link... and of note... it's not even the "parent" company ...
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
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The most understandable part is the Management Discussion and Analysis for the First Quarter Ended March 31, 2012, see http://www.bajamining.com/investors/financials/2012. Still on the same theme of a need for additional financing by mid-June at the latest.
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
Member Is Offline
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From: Baja Mining Corp. <info@bajamining.com>
Subject: [Baja Mining Corp.] Provides Update on Liquidity and Corporate Developments
To: "leads@list.bajamining.com" <leads@list.bajamining.com>
Date: Wednesday, May 30, 2012, 5:17 AM
Baja Mining Provides Update on Liquidity and Corporate Developments
Vancouver, May 30, 2012 – Baja Mining Corp. (“Baja”) (TSX:BAJ - OTCQX: BAJFF) provides the following update on liquidity and recent corporate
developments.
As of May 29, 2012, Baja held directly US$27 million in cash and cash equivalents. On May 24, 2012, Baja’s 70% owned subsidiary, Minera y Metalurgica
del Boleo S.A. de C.V. (“MMB”), made an equity cash call of US$21 million which is due June 23, 2012. Baja intends to use US$14.7 million of its
US$27 million to meet its pro rata share of the cash call, and the Korean Consortium which owns 30% of MMB be required to meet its pro rata obligation
of US$6.3 million. Lender approval is a condition to the injection of the capital into MMB, and is being sought.
As of May 29, 2012, MMB held US$41 million of cash, which includes US$23.9 million which was released from the project account on May 17, 2012.
Together with the proceeds of the US$21 million cash call, Baja expects MMB to have adequate cash to fund its operations at a reduced level through
mid-July 2012, subject to change based on a variety of factors including, without limitation, actions by creditors, vendors, contractors, lenders and
other stakeholders.
Baja continues to evaluate the potential suspension of the construction of the cobalt and zinc circuits and is in discussions with the project lenders
and the Korean Consortium regarding this possibility. Baja believes suspending completion of the of the cobalt and zinc circuits will reduce copper
commissioning risk, improve the ramp-up of copper production, reduce construction man-hours worked during 2012, and defer approximately US$85 million
in capital expenditures until after the completion of the copper circuit. In view of the funding shortfalls at the Boleo Project, Baja is unable to
provide a definitive estimate of the expected copper circuit commissioning date at this time, and withdraws all previous timing guidance.
Baja has engaged SRK Consulting (“SRK”), an internationally recognized mining consultancy, to provide an independent review of Baja’s plans and assess
the cost to complete the Boleo Project, a schedule for project completion (assuming the availability of sufficient financing) and projected operating
costs. This work will provide the basis for assessing financing options and for Baja seeking to raise its share of funds necessary to complete the
Boleo Project. Senior SRK personnel have visited the Boleo site but their work is not sufficiently advanced to permit any conclusions at this time.
Baja expects to receive SRK’s report before the end of June.
Baja has also engaged Turner & Townsend, an international construction management consultancy, to identify and implement improvements in Baja’s
project management capability. This work will focus on project controls, schedule, and EPCM management.
Baja has engaged BMO Capital Markets (“BMO”)to assist in considering financing options and possible sources of funding. A data room has been
established and is being made available to parties who execute the required confidentiality agreement and which Baja considers, with the advice of
BMO, to have the resources and inclination to transact. A Special Committee of the Board made up of independent directors has been constituted with
the assistance of independent legal counsel to work with BMO on interested party transactions which may involve related parties.
While there is encouraging activity, there can be no assurances that Baja will be successful in finding requisite financing to complete the Boleo
Project. The funding for cost overruns required under the project's financing documents is unlikely to be obtained by the mid-June 2012 deadline, and
accordingly Baja is seeking a standstill or waiver from its project lenders for sufficient time to enable the necessary diligence to be completed and
a realistic financing plan for the Boleo Project to be completed. In the interim, Baja has tightened expenditure authorizations and reporting
requirements and reduced project and head office expenditures. These steps will assist Baja in monitoring and preserving its limited cash resources.
In an effort to preserve cash, Baja announces a workforce reduction at its Vancouver, BC office of approximately 40% of the staff and consultants
effective May 25, 2012. Baja management and the Board of Directors thank each affected person for their service. Baja recognizes that this is a
difficult development for the staff and consultants and is a decision made by management, in consultation with the Board, in the best interests of
Baja and its stakeholders.
Baja’s management and Board, with the assistance of Endeavour Financial, are working with lenders to the project and Baja’s 30% joint venture partners
to ensure that such parties remain fully informed of developments and to seek their support to complete the project.
A number of questions regarding disclosure and other governance matters have been raised by regulators and shareholders. These matters are being
investigated by the Board of Directors with the assistance of independent counsel, Fasken Martineau, a leading Canadian law firm.
Baja’s Annual General Meeting will be held in Vancouver on June 21, 2012. In addition to the election of directors and the appointment of auditors,
shareholders will be asked for a temporary suspension of the shareholders’ rights plan (“SRP”) and to create a class of preference shares. The
request for shareholder approval of the suspension of the SRP and the authorization to create preference shares are being taken to provide the Board
of Directors, and its Special Committee, with maximum flexibility and speed of execution as financing solutions are considered over the next few
months. The suspension of the SRP, assuming shareholder approval, is limited to the acquisition of securities directly from the Company and approved
by the Board of Directors. The suspension would not permit any single shareholder to acquire more than 20% of the outstanding shares in market
transactions without triggering the SRP, subject to the existing exceptions under the SRP.
For further information please contact Baja’s Interim CEO Tom Ogryzlo at 604‐685‐2323 or via email info@bajamining.com.
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--------------------
Baja Mining Corp. | BAJ:TSX - BAJFF TCQX
T 604 685 2323 | F 604 629 5228 |
500-200 Burrard Street | Vancouver | BC | V6C 3L6 | Canada | www.bajamining.com
This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not
disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete
this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted,
lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the
contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. Baja Mining
Corp., 500-200 Burrard Street, Vancouver, BC, V6C 3L6 Canada www.bajamining.com.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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Uh Oh!
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
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From: Baja Mining Corp. <info@bajamining.com>
Subject: [Baja Mining Corp.] Obtains Standstill Agreement from Lenders, Funds Cash Call
To: "leads@list.bajamining.com" <leads@list.bajamining.com>
Date: Wednesday, June 20, 2012, 5:49 AM
Baja Mining Obtains Standstill Agreement from Lenders, Funds Cash Call
Vancouver, June 20, 2012 – Baja Mining Corp. (“Baja”) (TSX:BAJ - OTCQX: BAJFF) today announced that the lenders to its 70% owned subsidiary, Minera y
Metalúrgica del Boleo S.A. de C.V. (“MMB”) have agreed to a 45-day standstill in relation to the Boleo Project financing.
The lenders agreed to refrain from exercising rights and remedies under the Boleo Project financing agreements until August 1, 2012 with respect to
certain defaults and events of default that are currently outstanding or that may arise during the standstill period.
MMB recently made a US$21M cash call to its shareholders. Baja provided its 70% share (US$14.7M) and the Korean Consortium provided its 30% share
(US$6.3M). This cash injection will enable MMB to continue its current level of critical path activities at the Boleo Project, including all
contractors continuing to work on the copper circuits. Cash forecasts indicate that this level of effort can be maintained through August 1, 2012.
As a result of the standstill and the funding of MMB by its shareholders and with the support of lenders, project partners, financial advisors and
vendors, Baja has additional time to identify and evaluate potential financing options and possible sources of funding. The Company’s advisors,
including SRK Consulting, continue to work to complete their due diligence on the Boleo Project, and BMO Capital Markets continues to actively canvass
potential strategic and financial interested parties.
For further information please contact Baja’s Interim CEO Tom Ogryzlo at 604‐685‐2323 or via email info@bajamining.com.
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bajario
Nomad
Posts: 260
Registered: 1-7-2008
Location: Cardiff
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Today's the annual shareholders meeting. Maybe some good news will be blurted out.
I'm wondering if construction stops what will happen to the city os Santa Rosalia. I'm not sure if most of the work force is from town or from all
over. When Loreto Bay shut down work there were alot of transplants kind of waiting around to see if it was going to restart. Hope all these people,
especially if local, don't end up out of work for an extended amount of time. This project was porbably a nice shot in the arm for this area during a
diffficult time.
And my stock rebounds.
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
Member Is Offline
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As of August 28, 2012. Baja Mining Corporation has completed stage I financing with a Korean consortium contributing U.S. 90 million dollars to its
subsidiary Minera y Metalurgica del Boleo S.A. de C.V., which already was invested in the mine in Santa Rosalia, and bringing their interest to 51%.
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David K
Honored Nomad
Posts: 64749
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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Work on the new loading pier/dock just north of Santa Rosalia was ongoing last July...
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LancairDriver
Super Nomad
Posts: 1592
Registered: 2-22-2008
Location: On the Road
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Baja Mining Corp. BAJ.TO
52 week high- $1.15
52 week low - $0.04
Today - $0.15
All Mining is way down worldwide as demand falls. Hope for the Baja economy's sake the mine hangs on.(Also for the stockholders)
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