Baja Mining Corp. (TSE:BAJ), a junior Canadian miner, jumped in midday trade after saying it has settled disputes with Louis Dreyfus Metals Commodities (Suisse) SA, or LDCMS, over a Mexican property.
Baja shares leaped 50 percent to 4.5 Canadian cents at 1:31 p.m. in Toronto.
Baja and LDCMS agreed to settle their disputes relating to the Boleo project in Baja California in Mexico, the Vancouver-based company said in a statement today.
LDCMS, which holds a stake in the Boleo project, started arbitration proceedings against Baja in May 12 in the London Court of Arbitration, and in June 2012 in the Supreme Court of British Colombia. In response, Baja filed a counterclaim against LDCMS in the London arbitration proceedings.
Baja and LDCMS now agreed to fully and finally withdraw all known claims made or which could have been made in the London arbitration proceedings and the proceedings in the British Columbia court.
On Dec. 20, the Toronto Stock Exchange said it was reviewing the common shares of Baja with respect to meeting the continued listing requirements. Baja was granted 60 days to regain compliance with those requirements.
