Baja Mining’s partners indecisive on further funding for Mexico project
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.
The Asian consortium, which injected $90 million in the first phase of financing, was still assessing whether additional funds were necessary to complete the project, added the company.
Baja has been searching for financing since April, when the company announced that the cost for Boleo in Baja California Sur had ballooned beyond expectations by $246 million.
The Vancouver-based firm has extended the deadline for the consortium to complete its diligence for the second phase of financing to Sept. 15.
The company’s shares were down almost 8% at the Toronto Exchange early afternoon, down to 12 Canadian cents