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A drill rig at the Alacran project completing the 25,000-metre initial phase of the in-fill drilling program. Credit: Cordoba Minerals
The Colombian National Mining Agency approved the mining technical work plan filed in November 2021. Cordoba plans to complete detailed mine engineering this year for the project it’s developing with China-based partner JCHX Mining Management. Designated a ‘project of national interest,’ the Alacran open-pit, set to be Colombia’s largest copper mine, anchors Cordoba’s San Matias package. JCHX’s $100 million stake, secured in 2022, includes a final $20 million payment tied to the approval of the feasibility study and environmental impact assessment.
A December feasibility study for Alacran outlines a $420.4 million cost for the 14.2-year project. The mine plan yields an after-tax net present value of $360 million and an internal rate of return of 23.8%.
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