Baja Mining gets approval for $823 million in project financing

By Lisa Kerner

Charlotte, N.C., Sept. 8 - Baja Mining Corp. said its project company, Minera y Metalurgica del Boleo SA de CV, received all necessary credit approvals for $823 million in debt financing, the total amount needed to develop its Boleo project in Mexico.

The project financing facilities are being provided by commercial lenders, Korea Development Bank and export credit agencies Export-Import Bank of the United States and Export Development Canada, a company news release said.

The commercial banks include Barclays Capital, Standard Bank plc, Standard Chartered Bank, UniCredit Bank AG and WestLB AG.

Of the $823 million, commercial lenders provided $100 million of the financing, while the Export-Import Bank of the United States provided $419 million. Export Development Canada provided $150 million, and Korea Development Bank provided $154 million.

Drawdown on the financing is subject to implementation of a hedging program and expenditure by Baja and its Korean partners of their required equity contributions, as well as other standard conditions.

Based in Vancouver, B.C., Baja is a mineral exploration company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.