Baja Mining stocks surge 77% on Korean consortium's $90mln payment
Shares in Vancouver-based Baja Mining Corp. (TSX:BAJ) have surged following confirmation from the company that a Korean consortium has paid USD$90 million to become a 51% owner of Baja subsidiary Minera y Metalurgica del Boleo S.A. de .C.V. (MMB)
Baja's share price gained a whopping 76.92% in Tuesday trading to close at CND$0.12, after concluding the previous trading session at CND$0.07.
According to the Baja press release a Korean consortium of investors has now become a majority owner in MMB, although formalities for transfer of equity and control are not yet complete.
Baja has been searching for financing since April when the company announced that the cost for its copper-cobalt-zinc project in Baja California Sur had ballooned beyond expectations by $246 million