BAJA MINING CORP.
Management Discussion and Analysis
QUARTERLY REPORT – March 31, 2010
This Management Discussion and Analysis (“MD&A”) of Baja Mining Corp. provides analysis of Baja
Mining Corp.’s financial results for the quarter ended March 31, 2010. The following information should
be read in conjunction with the accompanying interim unaudited consolidated financial statements, notes
to the interim unaudited consolidated financial statements and with the audited consolidated financial
statements for the year ended December 31, 2009 and accompanying notes, all of which are available on
the SEDAR website at www.sedar.com . Expressed in Canadian dollars, unless stated otherwise. This
MD&A is current as of May 11, 2010.
Nature of Business
Baja Mining Corp. (the “Company” or “Baja”) is engaged in the exploration and development of its mineral
properties in Mexico, focusing on the financing and development of its El Boleo copper-cobalt-zinc-manganese
deposit (the “Project”, “Boleo Project” or “Boleo”) located at Santa Rosalia, Baja California Sur, Mexico.
The Company owns its 70% interest in the Boleo Project through its wholly owned subsidiary, Mintec Processing
Ltd., which owns 100% of a Mexican subsidiary, Invebaja S.A. de C.V. (“Invebaja”), which in turn owns 70%
of the shares 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”), which
acquired their interest from Invebaja in June 2008.
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 deposit contains seven mineralized seams, called “mantos”,
stacked within a single formation, all dipping gently to the east towards the Sea of Cortez in a step-like fashion,
due to post depositional faulting.
The Boleo Project consists of roughly 12,000 hectares of mineral concessions and 7,000 he