Baja Mining Corp. (TSE:BAJ)(OTCQX:BAJFF)(PINK SHEETS:BAJFF) announced that its 70% owned project company, Minera y Metalurgica del Boleo S.A. de C.V. , has received all necessary credit approvals from the Export-Import Bank of the United States and Korea Development Bank to provide US$573 million in senior and subordinated project financing for the construction of the Boleo Project in Mexico.
The press release is quoted as saying:
Baja continues to work on obtaining credit approvals from Export Development Canada (“EDC”) (also serving as technical agent for the facilities) and a group of commercial banks for, respectively, the remaining US$150 million and US$100 million of loans, consisting of senior project and cost overrun debt facilities. When combined with the Exim Bank and KDB elements of the facilities, this total of US$823 million will be the entire amount of required debt financing for Boleo.
