Lee & Ko Represents Korean Sponsors in Project Finance for Major Copper Mine in Mexico

Lee & Ko has successfully represented a consortium of five Korean companies (Korea Resources Corporation, LS-Nikko Copper, Hyundai Hysco, SK Networks and Iljin Copper Foil) in the project financing for a major copper mining interest located at Baja California Sur, Mexico (El Boleo Project). The mine has an estimated reserve of 1.1 million tons of copper, 63,000 tons of cobalt, 470,000 tons of zinc and other minerals.  When the production facilities are completed, it is expected to yield 41,000 tons of copper cathode, 1,800 tons of cobalt cathode and other valuable minerals.  The sponsors for the project are the Korean consortium and Baja Mining Corporation, a major Canadian mining company.  The credit facilities in the aggregate amount of USD 759 Million will be extended by multi-lateral agencies, ECAs and commercial banks; namely, US Eximbank, Export Development Canada, Korea Development Bank and a syndication of international banks.  The financing and security documents were signed in September 2010.  Partners Eun Jai Lee led the advisory team for Lee & Ko.