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 FCO to get their latest news instantly.

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