Baja Mining has secured $858m to finance the development of its Boleo project in Baja California Sur, Mexico.

The Boleo project has 265 million tons of measured and indicated resources of copper, cobalt, zinc and manganese and a mine life of 25 years.

Baja Mining holds 70% stake in Boleo, while the remainder is held by a Korean syndicate of industrial companies.

Baja Mining chief executive John Greenslade said the deal meant that full-scale construction activities at Boleo could commence imminently.