Name and Location
Boleo copper/cobalt/zinc/manganese mine, Baja California Sur, Mexico.

Client
Minera y Metalurgica de Boleo, a joint venture lead by a group of Korean companies headed by Korean Resources Corporation with 90% ownership and Baja Mining retaining a 10% stake.

Project Description
The Boleo project is an advanced-stage polymetallic (copper, cobalt, zinc, manganese) project, located near Santa Rosalía, on the tidewater of the east coast of the Baja peninsula. It is one of the largest copper deposits under development in North America.

The Boleo property covers about 11 000 ha of mineral concessions and 7 000 ha of surface occupancy rights. It will be developed as a series of underground mines and small opencut mines feeding a central processing plant.

The project contains 265-million tons of measured and indicated resources, grading at 1.5% copper equivalent, with a further 159-million tons of inferred resources, grading at 1.15% copper equivalent.

Over the mine’s 22-year life, MMB expects to produce 51 000 t/y of copper cathodes of 99.99% purity, 1 700 t/y of metallic cobalt and 25 000 t/y of zinc sulphate.

Net Present Value/Internal Rate of Return
Not stated.

Value
$2-billion.

Duration
Not stated.

Latest Developments
The much-delayed and over budget Boleo project produced its first copper in January 2015.

The $2-billion project entailed the biggest-ever investment by a company in the Baja California Sur state, and contains one of the largest deposits in North America.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Since 2012, the Boleo project has teetered on the brink of failure, when it reported a budget blowout of between $200-million and $400-million more than the $1.14-billion estimated in 2010.

Contact Details for Project Information
Baja Mining, tel +1 604 685 2323 or fax +1 604 629 5228.