HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Re: This will be done with loan from / Korea
Baja Mining did it by agreeing to offtake of future production from their copper mine now being built in Mexico.
This e mail, in response to an enquiry from a retail shareholder doesn't get into the 'nitty gritty' but does give you the gist of the the deal and maybe food for thought on the options out there.
This e mail also shows their respect for the small shareholder.One of the reasons I bought into this company.
You can find more info. on the Agoracom BAJ forum.
April 17/2008
In response to: Re: Kores inks deal with BA... by mouser
Very quick response - always impressed by the management here:
Hi*******,It’s always nice to hear from you!First, let me say that the management team at Baja is so excited that this project is 97% financed with such a small portion left to complete. This is great news for our company, the project and shareholders. The project financing market is a very difficult one and with the crises in financial institutions what they are today, to have been able to arrange all of these financings for the project is a major accomplishment. I am disappointed in the market and frustrated, just as many other shareholders are. We have managed to raise a total of $910million by debt (out of a needed $991 million) and a minute amount by equity ($52 million) – unbelievable! And we only have 29 million left to go! We listened to shareholders and did not dilute the stock. To have issued enough shares (in Baja) at the current prices to complete financing would have diluted the stock immensely and that dilution would have been forever. Debt can be repaid…and at current metal prices, we repay it very quickly. This project is moving forward…and it disappoints me that that fact is being lost in the details right now. The Capex has gone up – is it significant? Sure it is. Is it larger than many of the other projects out there now? Absolutely not. We have seen a 50% increase – Nova gold and others have seen 100%+ increases making their projects not fundable and not economic to build at current metal prices. Remember that to build the project we must us $4 copper, to finance it we are only allowed to use $1.25 (that is a huge disconnect). The details of the Korean transaction are incredibly complex and to break them down individually would not be in context and is not available at this time. What people have to realize also is that the Koreans are purchasing into the Mexican sub so no dilution of Baja occurs with this transaction. I was in Washington on Thursday for the ceremony with the Minister of economy knowledge of South Korea. It was a proud day for our team and for management as we have an excellent partner in the Korean consortium and Kores. As you know, our senior team is competent and experienced – and to be honest, we would not be completing such a major funding if our management team and the project were not both excellent. As more information is available, it will be given to shareholders. I’m sorry to ramble on a bit – I hope this helps to put your mind at ease even slightly. We will be coming out with a video podcast for shareholders in the coming 7 days – that will show the signing, and have comments from John and possibly from our financial advisors, Endeavour. I am back in the office on Monday – have a great weekend!CheersKendraDid You Know?
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