VANCOUVER (CP) -- It blamed the impact of the financial crisis on short-term metal prices for copper, cobalt, zinc and manganese, hedging prices and the shutdown of the global bank syndication and equity markets, for forcing it to revise its construction schedule.
"Bayerische Hypo- und Vereinsbank AG have agreed to proceed with their syndication on a best efforts basis," it stated Wednesday.
Some activities at Boleo will continue, including completion of a construction camp but other activities "will be suspended until market conditions improve."
Baja plans to discuss a revised construction schedule with its Korean partners with a view to obtaining credit facilities and accelerating development of the Boleo project during 2009.
"It is premature to determine the impact these delays will have on the start-up date of the mine," as Baja said..
(c) The Canadian Press