Running at a loss, it cannot afford its share of a recent cash call to continue funding the Minera y Metalúrgica del Boleo mine in Mexico
Baja Mining Mining News
Red metal output at the mine, over 18 months behind schedule and $750 million over budget, is expected to ramp-up by July.
Vancouver-based Baja Mining Corp. (TSX: BAJ) announced this morning that it has landed two extensions of a standstill agreement with lenders to its Minera y Metalúrgica del Boleo S.A. de C.V. subsidiary.
Canadian Baja Mining (TSX:BAJ) shareholders continue to be anxious about the future of the company’s flagship Boleo project in Mexico, as its South Korean partners were unable to decide on the second stage of financing for the copper-cobalt-zinc mine development, the miner said Tuesday.
Baja sued for $260 million in class action. Vancouver co is worth only $18 million, down 93% in 2012
Baja Mining dropped by almost a third on Friday after announcing class action proceedings seeking $260 million in damages for misrepresenting the true state of affairs at its Boleo project in Mexcio since 2010. It is now worth a paltry $18.7 million on the Toronto big board. During the heady days of 2007 Baja Mining was valued at $836 million.
The Canadian mining company continues to struggle with cost overruns at its flagship Boleo mine in Mexico, the company has not yet received any funding proposals for the project and only has enough money to run it until August 1.
Besieged Baja Mining suffered another setback on Thursday after Mount Kellett Capital Management, the company’s largest shareholder, announced it wouldn’t provide debt or equity financing for the Boleo project in Mexico.
Friday's complication is just the latest setback for Vancouver-based Baja which has now lost almost 70% of its value this year.
Baja Mining stock was up 10% today after the embattled junior miner announced its CEO has resigned.
Canadian miner Baja Mining Corp (TSX:BAJ) said on Monday it won’t be able to continue with its copper/cobalt/zinc project in Mexico beyond mid-June, unless it finds a way to fund cost overruns quickly.
A recent turn of events in an escalating fight between Baja Mining and dissident shareholder, Mount Kellett Capital Management, might seem to share a little of the plot from William Shakespeare's Julius Caesar: Faithful directors once opposed to this very dissident group that has demanded a shakeup of management and directors suddenly cross the line to support the very force trying to oust incumbents to which they were once loyal.
Mount Kellett Capital Management, a 20% shareholder in Baja Mining (TSX:BAJ), has escalated the war of words between the two companies by demanding the resignation of Baja CEO John Greenslade following a damning announcement of cost overruns at Baja's Boleo project.
aja Mining Corp. (TSX:BAJ)(OTCQX:BAJFF) today announced that it has filed and is mailing a third and final letter to shareholders regarding the proxy contest initiated by dissident Mount Kellett Master Fund II A L.P. Baja has scheduled a vote to take place at a special meeting of shareholders on April 3, 2012 and urges shareholders to vote the GOLD proxy against Mount Kellett.
Baja Mining advises shareholders: Don't trust the Mount Kellett wolf in sheep's clothing; only shareholders can protect the company from Mount Kellett's creeping takeover
Baja responds to misleading statements by dissident shareholder Mount Kellett Master Fund II A L.P., and highlights Mount Kellett's failure to address seven critical facts in its dissident circular. Baja cautions shareholders not to trust the Mount Kellett wolf in sheep's clothing.
Baja board battle: Mount Kellett says Greenslade, family and friends busy setting up $50 million payday
Mount Kellett calculates that Greenslade, his daughter Denby Greenslade and two directors "would realize $49,193,285 of value through their Baja stock, regardless of whether Catalyst proves successful or not."