October 9, 2016 - A Vancouver junior miner that developed a $2 billion copper mine in Mexico has been reduced to a penny stock company with dwindling prospects and may now have to walk away from the mine it helped build.  Baja Mining Corp. (TSX-V:BAJ) has announced a 1-20 share rollback and a name change. Baja’s share value fell 33%, from $0.015 to $0.01, October 6, following the announcement on October 5.  Running at a loss, it cannot afford its share of a recent cash call to continue funding the Minera y Metalúrgica del Boleo mine in Mexico, the company says.  The announcement comes after nearly a year of the company’s stock languishing at around $0.01 per share.  Founded by Vancouver’s John Greenslade, Baja had partnered with Korean investors to develop the Boleo copper mine in Mexico, but lost control of the project after it was discovered that the mine would cost about $750 million than expected to build.  Greenslade staked the property on the Baja California peninsula of Mexico in the 1990s and in 2010 Baja raised $1 billion.  Greenslade was forced to resign as CEO after it was discovered that the project’s capital costs had been dramatically underestimated.  Baja ended up losing its majority stake in the mine project to a consortium of Korean investors. And now it appears Baja could lose its remaining 10% stake in the mine, which went into production in early 2015, 18 months behind schedule.  In its most recent management and discussion analysis, Baja says it has told Minera y Metalúrgica del Boleo – controlled by a consortium of Korean investors – that it won’t be able to cover its 10% of a recent $40 million cash call to continue fund operations.  “This may result in a further decrease in Baja’s ownership of the Boleo Project,” the company states.  In the first half of 2016, Baja recorded a net loss of $1.6 million, and the company says the Boleo mine has provided no source of income, only losses. With working capital of just $54,000 at the end of the first half of 2016, Baja now appears to be bailing on the Boleo project.  The company plans to change its name to Camrova Resources Inc. and plans to consolidate its 340.2 million common shares to 17 million in a 1-20 rollback.

September 29, 2010 - Baja Mining Corp. (“Baja”) is pleased to announce that its 70% owned project company, Minera y Metalurgica del Boleo S.A. de C.V. (“MMB”), has finalized and signed US$858 million of financing facilities for the construction and development of the Boleo project (the “Project”) located in Baja California Sur, Mexico. The financing facilities comprise US$823 million of project financing facilities (the “Debt Facilities”) and a US$35 million equity cost overrun support facility (the “Equity Cost Overrun Agreement”).  “The closing of the Boleo debt financing and the cost overrun funding are major milestones for Baja and for the mining industry in Mexico,” said John Greenslade, President & CEO. “The closing of these facilities is a testament to the compelling economics of the project and to the strong effort of our team. It also means full-scale construction activities at Boleo can commence imminently.” Tom Ogryzlo, Chair of the Board, stated, “being associated with the creation of the Boleo project has been one of the most memorable events of my long career in the mining industry. I am very proud to be working with such an outstanding management team.”   The US$823 million of Debt Facilities, representing the entire amount of debt financing required to develop the Project, will be provided to MMB by the Export-Import Bank of the United States (“EXIM”); Export Development Canada (“EDC”); the Korea Development Bank (“KDB”); and by a group of commercial banks comprised of Barclays Capital (the investment banking division of Barclays Bank PLC), Standard Bank Plc, Standard Chartered Bank, UniCredit Bank AG and WestLB AG (together, the “Commercial Lenders”).

February 3, 2009 - Following the previously announced slowdown in Project construction the Company has been devoting significant time to progressing detailed engineering. Work also continues at Boleo to complete certain infrastructure on site, such as the phase 1 construction camp and desalination plant. The Company has also commenced a capital and operating cost review, as it believes that one positive outcome of the global financial crisis and the related easing of the construction market, is the potential for a reduction in capital and operating costs in the near term. The slowing of the original construction schedule now enables the Company to take advantage of the reduced cost environment. The re-costing estimate is being undertaken in Vancouver together with the assistance of Baja's Korean partners.
The Company has been working closely with its suppliers and contractors to defer commitments.  Baja and its Korean partners are working together closely to develop a new Project schedule that will incorporate new cost estimates and expected timing of full re-engagement in Project construction.

October 29, 2008 - Baja Mining advises that due to the current global financial crisis, it has elected to delay construction activities at the Boleo Project, Mexico.  While project economics remain robust even at low metal prices, the impact of the current financial crisis on short term metal prices and hedging prices, coupled with an effective shutdown of the global bank syndication and equity markets, require Baja to revise its constuction schedule.  On going baselining and engineering activities at Boleo will continue, as will completion of the Boleo construction camp and certain other on-site infrastructure activities.  However, other activities at Boleo will be suspended until market conditions improve.