Mount Kellett Capital Management LP (“Mount Kellett”), today disclosed that it has filed a petition with the Supreme Court of British Columbia (the “Court”) requesting the appointment of Ernst & Young Inc. (“Ernst & Young”) as an independent inspector of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”). The petition also seeks an order directing Baja not to postpone its annual general meeting scheduled for June 21, 2012 (the “AGM”). Another shareholder, NorTrust Nominees Limited a/c GU149, is also a petitioner in the action. In particular, Mount Kellett is asking the Court to empower Ernst & Young to investigate and produce a report for the Court, available to all Baja shareholders in advance of the AGM, upon the following critical questions:
- What are the actual projected cost overruns in respect of the Boleo copper-cobalt-zinc-manganese mine project and have they been reported accurately to shareholders?
- From October 1, 2011 onwards, what did senior management know about the escalation of the projected cost overruns?
About Mount Kellett Capital Management LPMount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing. The firm has approximately 100 employees with offices in New York, Hong Kong, London, and Mumbai. The firm currently has in excess of $7 billion in assets under management.