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.
Cobalt Mining News
On the table at the company's annual shareholder's meeting in Vancouver were cost overruns, operating costs and new funding requirements.
Besieged Baja Mining (TSX:BAJ) added another 14% on Wednesday following good gains the day before to trade at $0.205 after announcing it had negotiated a 45-day standstill agreement with lenders for its Boleo project.
Burundi is slowly entering the global mining economy. Two imminent projects are Muremera nickel, in the target outline stage, and Musongati, targeting nickel, cobalt, copper and platinum.
Baja says it "intends to defend this action vigorously."
The Democratic Republic of Congo’s Ministry of Mines went on the defensive on Monday about allegedly granting mining licenses to companies with close connections to the government. It qualified those accusations as uninformed and a “double standard."
Troubled Vancouver miner, Baja Mining (TSE:BAJ), said that it laid off 40% of its staff to conserve cash and admitted that there is "no assurance" that it will find funding to complete its Boleo project, a $1.143 billion copper-cobalt-zinc project in Mexico.
China could take a page out of Nautilus Minerals' playbook and begin exploring for undersea polymetallic sulphide deposits.
Hal Quinn, President and CEO of the National Mining Association, testified before Congress today on new legislation that would address America's dependence on critical metals.
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 lower copper price and a strike at its Kansanshi mine in Zambia has bit into the bottom line at Africa-focused base metals producer First Quantum Minerals.
Gingko Energy Company plans to spend $100 million over five years to revive production at the Kilembe copper/cobalt mine, which was abandoned in the early 1980s due to political turmoil.
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.
Toronto-based Sherritt International had a rough quarter, revealing on Wednesday a 50% drop in earnings from $63 million to $32 million when measured against the same quarter of 2011.
In a scathing new BBC documentary that includes the first ever television interview with CEO Ivan Glasenberg, commodities trader Glencore is accused of allowing dumping of acid into streams, child labour and deadly underground working conditions at its copper-cobalt mine in the Democratic Republic of Congo.
Liberty Mines Inc. (LBE:TSX) ("Liberty" or the "Company") today announced that its mining and milling operations have restarted in Timmins, consistent with the timelines announced previously by the Company.
At the end of February 2012, construction was 37.2 percent complete with 2,362 people working on the project. We have completed more than 5.8 million cubic meters of earthworks and poured 39,839 cubic metres of concrete. We have commenced erection of structural steel. Marine terminal construction is also on track, with 67 of 180 piles driven to final acceptance.
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.
The following have all combined to limit control of foreign minerals by US companies:
Caledonia, worth $57 million on the TSX, is up 35% so far this year and ten times the usual volume of 131,000 shares changed hands on Monday.
Two of Zambia's largest copper mines, Glencore's Mopani and Xstrata's Kansanshi were shut over the weekend; the former over health concerns and the other after workers downed tools.
Baja Mining is fighting attempts by Mount Kellett, a $6 billion asset manager, to stack the miner's board with its own nominees. Baja is accusing Mount Kellett of a takeover by stealth while MK says Baja is a web of conflicts.
Brazillian miner Vale SA said Tuesday it is gradually resuming mining at its underground nickel operations in Sudbury, Canada.
Augustin Katumba Mwanke, the former governor of copper-rich Katanga province and go-to guy for resource deals, was seen by many as the power behind the throne.