On July 26, 2012, Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) announced that its subsidiary Minera y Metalúrgica del Boleo S.A. de C.V. ("MMB") had secured US$90 million of interim financing from a Korean consortium for the Boleo copper-cobalt-zinc project in Mexico.
Funds are being provided by the consortium composed of Korea Resources Corporation ("KORES"), LS-Nikko Copper Inc., Hyundai Hysco Co., Ltd., SK Networks Co., Ltd., and Iljin Materials Co., Ltd. which acquired a 30% interest in MMB in July 2008.
The consortium, subject to the approval of the board of directors and/or senior management of the respective members of the consortium, has committed to contribute US$90 million to MMB on or about August 30, 2012 in Stage I of the financing.
The consortium's obligation to provide the US$90 million of interim financing is subject to the extension by MMB's lenders of the existing standstill period to September 30, 2012. Such extension remains under negotiation.
Gowlings is counsel to the consortium in the structuring, negotiation and execution of this restructuring with a team that includes Yong-Jae Kim (lead - corporate) and David F.W. Cohen (lead - restructuring and structure), Cyndi Laval (corporate finance) and Lilly Wong and Robert Muncaster (project finance).