control of MMB, CEO of KORES, Dr. Jung-Sik Koh, has reorganized its operational structure and dispatched mineral prospecting, grade control, mining, hydrometallurgy, and construction specialists to normalize operations at the project. With respect to construction of the project, a team of Korean construction monitoring team, led by KORES appointed COO at MMB, has been carrying out site construction supervision, inspection and expediting EPCM work since November 2012. Additionally, to optimize mining efficiency and secure additional tonnage at the site, MMB has been working closely on updating the geological model and mine design in cooperation with SRK and AAI. With respect to the project financing, a portion of MMB’s 2010 project financing facilities (the “2010 Project Financing”) provided by the Export‐Import Bank of the United States (“US EXIM”) to MMB was renegotiated under Korean leadership. In September 2010, US EXIM, the largest lender in the 2010 Project Financing, agreed to provide MMB with an approximately US$419 million loan facility for the construction and development of the Boleo project (the “Original US EXIM Facility”). The Original US EXIM Facility was terminated in late 2012 and KORES negotiated a new approximately US$419 million facility with US EXIM, to be used to finance further construction and development of the Boleo project. In January 2015, production started in El Boleo, after the Canadian Baja Mining Corp fought hard to find investors to keep the project running. The industrial complex was delivered 18 months late, and the budget went off limit by $750 million. In 2017, the output of the site was much lower than predicted, which led the company to lower its future production expectations. Geology The ore (mineralization) occurs in a strata bound form known as mantos in El Boleo Formation which is a range of clastic sedimentary rocks from siltstone to sandstones, with some claystone. They were deposited in the late Miocene in deltas and near-shore shallow marine basins. Resting unconformably above the El Boleo Formation are the Gloria, Infierno and Santa Rosalía Formations of the Pliocene and Pleistocene. Incidents In 2014, Hurricane Odile hit the shores of Baja California Sur. The Korean manager of the El Boleo mining company, Kyong Jim Park, was killed when his vehicle was swept away by a river, and another Korean executive of the company was reported missing. References Baja California Sur Copper mining companies of Mexico Surface mines in Mexico History of Baja California Sur