Indeed Simc1, it is scary to watch BAJ. I've been following it out of curiousity and for my own education. A lot of folks a while back were calling the bottom for BAJ at 32 cents but it only paused there briefly before sliding further.

It is amazing to think that 70% (BAJ's portion) of a mine so close to production only warrants a $25M market cap. Someone big enough could come in, and take out BAJ for a healthy premium - say even pay BAJ folks $1 a share ($294M) - and finish building the mine (say $500M) and have a great asset at a fire sale price. I don't think that BAJ is looking to sell tho and I think any financing is going to make some further pain for shareholders.

What would happen if BAJ doesn't get money? Would BAJ's portion go to creditors? How would that work? I haven't a clue - hence the educational benefit of watching this train wreck.

The Bolero mine project typifies Elmer Stewarts concerns about going into mining and why I think CUU will do whatever it takes to sell the project.