Cordoba Minerals has secured a $10 million bridge loan from JCHX Mining Management to advance its Alacran copper-gold-silver project in Colombia, paving the way for construction expected to begin in the second quarter of 2025.
Cordoba Minerals (TSXV: CDB) announced on Friday that it has secured a $10 million bridge loan from JCHX Mining Management to advance its Alacran copper-gold-silver project in Colombia . The loan will support a detailed engineering design work program for the project. The Alacran project is expected to become Colombia 's next major copper-gold mine, with construction slated to begin in the second quarter of 2025, contingent upon financing.
The Colombian National Mining Agency has approved the project. JCHX, a China-based mining construction company, is currently a joint venture partner on the project, having acquired a 50% stake in December 2022 for $100 million in milestone-based payments. To date, Cordoba has received $80 million, with the remaining $20 million contingent on approval of the project's environmental impact assessment. Alacran is located within the larger San Matias property in Puerto Libertador, Córdoba. It is the most advanced deposit on the property, with a feasibility study outlining a potential 14-year mine that would produce 797.2 million lb. of copper, 550,000 oz. of gold, and 5.35 million oz. of silver. According to the feasibility study published late in 2023, Alacran has an after-tax net present value (at 8% discount) of $360 million and an internal rate of return of 23.8%, representing a 3-year payback. Initial capital expenditures to build the open pit mine are estimated at $420.4 million. 'With the support from our joint venture partner, JCHX, the Alacran project continues to moving forward with our targeted timeline,' commented Sarah Armstrong-Montoya, CEO of Cordoba, in Friday’s press release. 'With a shared vision with our partner, the Alacran project is steadily advancing to be the next copper mine in Colombia in the near future.' Copper developer Ivanhoe Electric (TSX: IE), as a majority shareholder of Cordoba, is also backing the Alacran project.
Mining Copper Gold Silver Colombia
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Future Minerals Forum 2025 to Redefine the Future of MineralsThe Future Minerals Forum (FMF) returns in 2025, bringing together government representatives, industry leaders, investors, research institutes, and media to address the critical challenges and opportunities facing the minerals sector. The three-day event will feature high-level discussions, CEO panels, and a government-led meeting, focusing on issues like global mineral supply, critical minerals, market and political challenges, technological advancements, and sustainability.
Read more »
US eyes railway project in Angola to tap African minerals, counter ChinaDespite President Biden's repeated pledges to be 'all in on Africa', US influence in Africa has declined during his term in office.
Read more »
China Blocks Shipment of Rare Minerals to US: What To KnowChina's ban on critical minerals include gallium and germanium and metalloid antimony, all used to manufacture semiconductors.
Read more »
China announces ban on rare minerals to US: What that means for youThe Chinese Commerce Ministry made the move after the U.S. expanded a list of Chinese companies subject to export controls like computer chip-making equipment and software.
Read more »
China’s trade reprisals may extend to minerals like rare earthsNo 1 source of global mining news and opinion
Read more »
The 45X tax credit makes a difference for US critical mineralsNo 1 source of global mining news and opinion
Read more »