John Kral 9 a.m., July 29
Baja Mining Corp. hoping for more Korean bailout money
A copper-cobalt-zinc-manganese mine located near the town of Santa Rosalia, Baja California Sur is hoping for more money from Korean investors in order to continue with the ongoing project. Baja Mining, which is in charge of the project named Boleo, is owned by Canadian and Korean investors while operating through its Mexican subsidiary Minera y Metalurgica del Boleo S.A. de C.V. (MMB).
Mining has occurred in the Santa Rosalia area since the 1860’s. Various attempts at successfully mining the pit have gone bankrupt over the last century. Construction of the $1.4 billion and counting project hopes to be far enough along to begin copper production in 2013.
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