Mount Kellett Capital filed SEC 13D on December 5th for its 19.9% activist stake in Baja Mining Corp (BAJ.TO). According to the filing, Mount Kellett Capital invested in Baja in early 2011 and now takes 67.42 million shares in the stock. The firm intends to discuss with the issuer regarding the appointment of a representative – Stephen Lehner – to Baja’s board. BAJ.TO has lost 24% in 2011, and is now trading at $0.82.
According to Mount Kellett Capital’s official website, “Mount Kellett Capital Management LP (“Mount Kellett”) is a multi-strategy investment firm focused on global distressed, special situations and opportunistic investing. The firm has approximately 100 employees with offices in New York, Hong Kong, London, and Mumbai. The firm closed its first fund, Mount Kellett Capital Partners, in December 2009 and currently manages $6 billion. Mount Kellett was founded in 2008 by Mark McGoldrick and Jason Maynard. Mark McGoldrick was the co-founder and head of Goldman Sachs Global Special Situations Group from 1997 to 2007. Jason Maynard, who heads Mount Kellett’s Asia business, was previously the head of the Goldman Sachs Asian Special Situations Group. Nick Weber, head of Mount Kellett’s European business, was previously the co-head of the Goldman Sachs European Special Situations Group.”
Per Google Finance, Baja Mining Corp. is “engaged in the exploration and development of its mineral properties in Mexico. The Company owns its 70% interest in the Boleo Project through its wholly owned Luxembourg subsidiary, Baja International S.a r.l., which owns 100% of a Luxembourg subsidiary, Boleo International S.a r.l., which in turn owns 70% of the interest of Minera y Metalurgica del Boleo S.A. de C.V. (MMB). MMB holds all mineral and property rights for Boleo. The remaining 30% of Boleo is owned by a Korean Consortium (the Consortium). The Boleo Project is located on the east coast of Baja California Sur, Mexico, near the town of Santa Rosalia, some 900 kilometers south of San Diego. The Boleo Project consists of roughly 12,000 hectares of mineral concessions and 7,000 hectares of surface occupancy rights, each assembled as part of a contiguous titled block.”