Troubled Vancouver mining firm Baja Mining (TSX:BAJ) will de-list from the Toronto Stock Exchange and join the TSX Venture Exchange.
According to a Baja press release, the company has already applied to the TSX Venture for a tier-2 listing. Baja’s application is currently being reviewed.
Baja has been at the centre of controversy for years concerning its Boleo project – a copper-cobalt-zinc development located in Mexico. In April 2012, Baja announced the project would cost $1.1 billion to build, about 21% more than it originally anticipated. The news sent Baja’s stock plummeting 37%.
At the time, Baja owned 70% of the Boleo project. Today, its interest is down to 10%, with the rest of the project being owned by a consortium of Korean investors including the Korea Gas Corporation.
In addition to the financial troubles at Boleo, Baja has also been mired in a bitter dispute with Mount Kellet Capital Management, which owns 20% of Baja.
Last year, Kellett accused then-Baja CEO John Greenslade of misusing money invested in the company. Greenslade is no longer with Baja.
