Global Value Investing

[Drexion2004]

Baja Mining: Figured this post was informative and i'd spread it here (http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=BAJ&t=LIST&m=30974574&l=0&pd=2&r=0)

"To say the least

Just got off the phone with BAJ IR after about a 30 minute call and this is the info I got.

1) $246 million is what they consider a worst case scenario, they can't swear on it but they wont come back to us with a worse number in 6 months time

2) Greenslade is off to Korea tomorrow to talk to the partners and then they are all getting together with the lenders in 2 weeks in washington DC


3) Thody resigned because this was too much work and he doesnt have the time - the other two resigned because Thody left

4) they've been on the phone with Louis Dreyfuss this morning and they have put fwd their support and offered to help if needed

5) They have not spoken with MK

6) They have spoken with all of the analysts and we can expect reports tomorrow - majority of the analysts were not suprised

7) looking at either deferring cobalt/zinc circuits and funding those out of future cash flow, potentially geting the lenders/partners to extend more credit, potential JV partner, and lastly going to the equity market to raise funds

8) moral was very low last week when they finally got the number, they said moral today isnt bad and that in no way did they know the number would be this high during the special meeting. Some cost overruns were expected."

Personally I am trying to contact IR myself to ask some questions, will call them in a few minutes.

-Fernando