News Release #04/2012
2012-01-18
Baja Mining Announces Further Draw of US$ 100 Million of Senior Debt for Boleo Vancouver, January 18, 2012 - Baja Mining (TSX: BAJ-OTCQX: BAJFF) today announced that its 70 per cent-owned Mexican subsidiary, Minera y Metalurgica del Boleo S.A de C.V. (MMB) drew a further US$ 100 million on January 17, 2012, the third draw on its senior debt facilities to date.
This brings the total debt drawn, including capitalized
interest, to US$ 328 million. Senior and subordinated debt
facilities total US$ 823 million.
The funds will be used to continue construction and
development of the Boleo copper-cobalt-zinc manganese project
located near Santa Rosalia, Baja California Sur, Mexico.
"We are very pleased to announce the third draw from our
senior debt facility," says Baja President and CEO John
Greenslade. "This draw shows further support from our lenders
as we continue to stay on schedule and on budget."
1.3 billion (8 per cent discount rate), and an average
life-of-mine cash cost of negative US$ 0.29/lb Cu. Metal
Prices are based on SEC pricing (2010 report including
$2.91/lb Cu, $26.85/lb Co and
$1,175/tonne ZnSO