Baja Buys Time for Boleo Project Financing

Reuters reported that Baja Mining (TSX:BAJ) has been granted a 45-day standstill from lenders as it looks to secure funding for the Boleo copper-cobalt-zinc project.

As quoted in the market news:

The lenders will refrain from exercising rights until Aug. 1 with regard to certain defaults, Baja said in a statement. The company said a cash injection of $21 million will take care of cash requirements for the project till Aug. 1.

Click here to read the full Reuters report.

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Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with Formation Metals to get their latest news instantly.

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